Australia pledges to support Cambodian rice exports

Economy and Industry

Australia pledges to support Cambodian rice exports Australia has assured Cambodia of continued support in developing its rice sector and helping local exporters find global markets. During the 7th Cambodia Rice Forum 2024 in Phnom Penh, Australian Ambassador Derek Yip highlighted Australia's longstanding support for Cambodian agriculture, dating back to the 1960s, and reaffirmed Australia's commitment through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED) program. Yip praised Cambodia's progress in the rice export sector, with exports valued at nearly $1.8 billion in 2023. CAPRED, a five-year initiative launched in 2022, focuses on agriculture, trade, investment, and infrastructure to boost Cambodia's sustainable and inclusive growth. The program also addresses policy support, green finance, and gender and social inclusion. The Agriculture Sector Modernization Project (ASMP) under CAPRED aims to enhance productivity, market access, and value addition for Cambodian farmers, establishing Agriculture Technology Demonstration Parks and state-of-the-art Post-Harvest Processing and Packaging Centres in Cambodia and the region. (Source: Khmer Times)

Battambang and Pakistan discuss means to strengthen economic cooperation Battambang Governor Sok Loo hosted a courtesy visit from Pakistan's Ambassador to Cambodia, Zaheeruddin Babar Thaheem, to discuss strengthening economic and tourism cooperation. During the meeting, the governor highlighted Battambang's agricultural and tourism potential but noted the need for more investment in industry and agro-processing. He requested the ambassador's assistance in attracting Pakistani investors. Thaheem praised Battambang's cultural heritage and agricultural capacity, particularly in the rice sector, and committed to relaying the governor's request to Pakistan's leadership. The ambassador emphasized the potential for enhanced cooperation, given the existing MoU between Pakistan and Cambodia on trade and economic collaboration. (Source: Khmer Times)

China's NDRC steps in to speed up the construction of Funan Techo Canal  The National Development and Reform Commission (NDRC) of China has pledged to expedite the construction of the Funan Techo Canal (FTC) in Cambodia, encouraging Chinese companies involved to meet or exceed the project deadline set by the Royal Government of Cambodia (RGC). This commitment was made during a meeting between Cambodian Deputy Prime Minister Sun Chanthol and NDRC Chairman Zheng Shanjie in China. The FTC, a $1.7 billion project aimed at enhancing Cambodia's connectivity by linking the Mekong River to the coastal province of Kep, is expected to be completed by 2028. The canal will significantly improve Cambodia's accessibility to international markets, with the project being split into two sections funded through joint investments by Cambodian ports and Chinese firms. The NDRC's role is seen as critical in ensuring the project's timely completion. The meeting also explored broader transport and logistics cooperation between Cambodia and China, with a focus on technical assistance and expanding Chinese investments in Cambodia's transport sector. (Source: Khmer Times)

Corporate News

Korea's Yura Harness plans to expand operations in Cambodia Yura Harness, a South Korean car electronics assembly plant in Kampong Speu, Cambodia, is considering expanding its operations, which could create more jobs for locals. The company, which invested over $15 million and employed 1,200 people since starting operations last year, discussed the expansion plans during a meeting with Kampong Speu Governor Cheam Chansophoan. The governor highlighted the province's growth potential, noting that 30 new factories opened in the first half of 2024, adding to the 423 existing factories and 1,000 small and medium enterprises employing over 200,000 workers. This expansion reflects the positive impact of Cambodia's stable political environment and strong economic ties with South Korea. (Source: Khmer Times)

Stock Market

CSX index edges up by 0.05% with mixed performances on September 12, 2024 On September 12, 2024, the CSX index rose by 0.05%, closing at 411.9 points. The main board saw gains in PPAP (+1.04%), PEPC (+0.40%), and PAS (+0.17%), while PPSP led the declines at -0.89%. Meanwhile, PWSA, ABC, MJQE, and CGSM remained unchanged. On the growth board, DBDE dropped by 0.48%, while JSL rose by 0.29%. The total trading volume reached 48,480 shares, with a cumulative trading value of KHR 314 million. (Source: YSC Research)

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