Cambodia's furniture industry poised for tenfold growth by 2033

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CSX index falls 2.93% with PEPC, ABC, and GTI lead declines On April 26, 2024, the CSX index concluded trading at 410.5 points, marking a 2.93% decrease from the previous day. All main board stocks declined, with PEPC (-6.67%), ABC (-6.53%), and GTI (-4.39%) leading. Other notable decliners included PPAP (-1.71%), CGSM (-1.62%), PPSP (-1.45%), MJQE (-0.48%), PWSA (-0.28%), and PAS (-0.16%). On the growth board, DBDE and JSL were down 1.89% and 0.80%, respectively. Total trading volume reached 580,182 shares, with a cumulative trading value of KHR 3,721 million. (Source: YSC Research)

Economy and Industry

Cambodia's furniture industry poised for tenfold growth by 2033 A recent report by 'Research and Markets' forecasts a substantial surge in Cambodia's furniture production and trade, projecting a tenfold increase by 2033, to reach a market value of $1.484 billion. Despite a slight decline in furniture export value in 2023, the sector has experienced significant growth over the past five years, with exports reaching $890 million in 2023, representing a compound annual growth rate (CAGR) of 20.7%. The report attributes this growth to various factors, including Cambodia's abundant environmental resources and its attractiveness for industrial transfers from countries like China due to lower labor costs. However, the report cautions that Cambodia's rising minimum wage compared to regional alternatives may impact incoming foreign direct investment in the sector. (Source: Khmer Times)

World Bank highlights impact of Cambodia's Covid-19 cash transfer program The World Bank's recent report underscores the significant role played by Cambodia's Covid-19 cash transfer program in bolstering the economy. Initiated in June 2020, the program has disbursed $1.2 billion as of September 2023, providing crucial aid to poor and vulnerable households. In response to the pandemic, Cambodia implemented preventive measures such as travel restrictions and lockdowns, leading to economic slowdown and job losses. Recognizing the need for economic support, the government launched the Cash Transfer Program to assist 560,000 households nationwide. The World Bank report highlights the program's effectiveness in poverty alleviation and livelihood improvement, emphasizing its status as the country's largest assistance initiative. Additionally, the report acknowledges the expansion of conditional cash transfers, including support for pregnant women and laid-off workers, as vital measures in mitigating the pandemic's impact on Cambodia's labour market and economy. (Source: Khmer Times)

Home Taste Food marks milestone as first Cambodian fish exporter to Australia Home Taste Food, a fish processing enterprise based in Siem Reap province, achieved a significant milestone by exporting its first batch of processed fish to Australia, marking the first instance of a Cambodian firm exporting fish products to a foreign market. Founder Sim Sereyroth expressed pride in the quality of the products and affirmed the enterprise's readiness to scale up production to meet increased demand. The Ministry of Agriculture, Forestry and Fisheries commended the achievement, emphasizing its support for the company's expansion plans, which include targeting the US and New Zealand markets. Training initiatives by MAFF and UNIDO aim to enhance technical capacity in the private sector, ensuring compliance with national and international standards, while the Cambodia Quality Seal certification recognizes enterprises for their commitment to safety, quality, and sustainability in fish processing. (Source: Khmer Times)

Corporate News

Kahilbre CEO advocates for technology and education advancements  Jon Watts, CEO of Khalibre Pte. Ltd, addressed a gathering at the Marina Bay Sands Expo and Convention Centre in Singapore, highlighting the company's endeavors in health and education within Cambodia. Speaking at the seminar "Cambodia: An Overlooked Destination for Business and Investment," attended by over 100 Singaporean entrepreneurs and investors, Jon emphasized Cambodia's potential, particularly in the technological and educational spheres. Endorsed by prominent entities like Khmer Enterprise and Swisscontact, the seminar showcased the growing economic ties between Cambodia and Singapore, fostering optimism for future trade and investment ventures. Khalibre's mission revolves around leveraging technology for social impact and capacity building, with a focus on Cambodia's healthcare and education sectors. He underscored the importance of collaborative efforts and government support in driving progress, while also extending an invitation for philanthropic investment in Khalibre's mission. (Source: Khmer Times)

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