Cambodia receives 3.16 million foreign tourists in the first half of the year

Economy and Industry

Cambodia receives 3.16 million foreign tourists in the first half of the year Cambodia welcomed 3.16 million foreign tourists in the first half of this year, marking a 22.7% increase from the previous year, according to a Ministry of Tourism report. Thailand led the list with 955,250 visitors, despite a 9.7% decrease from the previous year. Vietnamese and Chinese tourists followed, with 639,549 Vietnamese and 389,360 Chinese visitors. Of the total foreign arrivals, 36.4% entered via airports, while the remainder arrived through land border gates and waterways. Outbound tourism also rose by 2.2%, reaching 905,980 during the January-June period. Additionally, 7.8 million domestic tourists visited local destinations. Last year, Cambodia received 5.45 million foreign visitors, generating a gross revenue of $3.08 billion. (Source: Khmer Times)

Kampot salt production exceeds 90,000 tonnes this year Salt production in Kampot province has surpassed 90,000 tonnes this year, reflecting an increase of over 10,000 tonnes compared to 2023. Renowned for its high-quality salt, Kampot dedicates more than 3,489 hectares to salt production. Kampot provincial governor Mao Thonin reported that the 2024 output is projected to reach 93,906 tonnes, ensuring ample supply for the nation. Salt fields in the region depend on solar evaporation, and favorable weather conditions significantly boost yields. The province actively supports and preserves these salt fields due to their importance to both national identity and the local economy. In 2023, Kampot produced 78,484 tonnes of salt, with the harvesting season running from late December to mid-May. Cambodia's annual domestic salt demand ranges between 70,000 and 100,000 tonnes. According to salt field owner Sok Long, this year's substantial increase in output is attributed to hot, dry weather. However, prices for third-grade salt have declined compared to last year, with prices fluctuating based on purity and crystal size. (Source: Phnom Penh Post)

Cambodia to initiate more 'Knock-On-Door' missions Cambodia plans to launch more 'Knock-On-Door' missions to Europe, the US, and other parts of Asia this year to attract investors. This initiative was announced by Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC), during a meeting with top European officials. The Cambodian delegation engaged with over 40 Spanish and German companies, including Bosch, Acciona Energia, Insud Pharma, Memmert, Uvex, Melia Group, and Talgo. The Cambodian government is targeting investments in sectors such as agriculture, agro-industry, automobiles, electronics, renewable energy, and tourism. Chanthol specifically encouraged Bosch to explore investment opportunities in Cambodia. Memmert GmbH, a leading developer and producer of high-quality laboratory equipment, showcased their business activities and production sites in Southeast Asia. Cambodia's GDP is projected to grow by around 6% next year, bolstered by a strong manufacturing base and recovery in services post-COVID-19. The new Investment Law of Cambodia offers incentives, including income tax exemptions for three to nine years and exemptions from certain customs duties. (Source: Khmer Times)

Corporate News

ACLEDA Securities approved to distribute Cambodia's first official CIS fund ACLEDA Securities Plc has been approved to distribute the BAMC Asia Equity Fund, making it Cambodia's first official CIS Fund Distributor. Granted approval by the Securities and Exchange Regulator of Cambodia (SERC) in February, ACLEDA Securities will now act as a 'Distributor Company' for Collective Investment Scheme (CIS) funds, supporting the Cambodian government's efforts to introduce diverse financial instruments that benefit investors and listed companies. Launched in November by Banjaran Asset Management (Cambodia) PLC (BAMC), the BAMC Asia Equity Fund is Cambodia's first retail fund, investing in a diversified portfolio of companies listed on major Asia Pacific stock exchanges with a minimum investment of $500. This collaboration aims to align Cambodia's capital markets with international standards, allowing investors to access global markets through rigorously regulated CIS funds. (Source: Khmer Times)

Stock Market

CSX index slightly declines as PEPC, PPSP, and GTI post gains On July 24, 2024, the CSX Index closed at 415.4 points, reflecting a slight decline of 0.05% from the previous day. Gains were seen on the main board with PEPC (+3.28%), PPSP (+0.89%), and GTI (+0.30%). However, PAS (-0.33%), PWSA (-0.28%), and PPAP (-0.28%) experienced losses. PPAP, MJQE, and CGSM remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume for the day was 52,073 shares, amounting to a cumulative trading value of KHR 314 million. (Source: YSC Research)

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