In 2023, 268 new investment projects come to Cambodia, creating over 307,000 new jobs

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CSX index records 0.31% increase on January 4, 2024 On January 4, 2024, the CSX index closed at 471.4 points, marking a 0.31% increase from the prior day. Notable positive movements were observed on the main board, with PEPC (+2.27%), CGSM (+0.77%), PWSA (+0.55%), and PPSP (+0.46%) registering gains. However, PPAP (-0.72%), MJQE (-0.47%), and PAS (-0.32%) faced declines. GTI and ABC maintained their values. On the growth board, DBDE remained unchanged, while JSL saw a 1.83% decrease. Overall, 45,731 shares were traded, with a total trading value of KHR 250 million. (Source: YSC Research)

Economy and Industry

In 2023, 268 new investment projects come to Cambodia, creating over 307,000 new jobs Cambodia attracted fixed-asset investment of $4.92 billion in 2023, marking a 22% increase from $4.03 billion the previous year, as reported by the Council for the Development of Cambodia (CDC) in a news release on Wednesday. The Southeast Asian country approved 268 investment projects last year, expected to create approximately 307,000 jobs. The CDC highlighted that these projects primarily focused on industries, infrastructure, agriculture, agro-industry, and tourism. China, Singapore, and Malaysia were the top three foreign investors in the kingdom, with investment from China accounting for 66% of the total investment. Penn Sovicheat, the Secretary of State and Spokesperson for the Cambodian Ministry of Commerce, stated that the Regional Comprehensive Economic Partnership (RCEP) agreement, the Cambodia-China Free Trade Agreement, and Cambodia's new law on investment are key factors in attracting foreign direct investment to the country. (Source: Khmer Times)

8,513 trademarks were registered in 2023 In 2023, Cambodia's Ministry of Commerce documented 8,513 trademark registrations, marking a 3.87 percent increase from the previous year. The majority of these registrations were made through the Madrid Protocol, with 3,444 filed via the national system and the remainder through the Madrid Protocol. Additionally, the ministry addressed 18 cases of infringement and nullified 30 trademarks. Trademark registrations play a pivotal role in enabling businesses to establish an exclusive product identity, foster customer trust, and safeguard names of origin associated with specific geographical locations. The Madrid System facilitates international trademark registrations, allowing 128 member countries to acknowledge all Cambodian trademarks. Furthermore, the ministry is actively engaged in enhancing public service delivery through automation, aiming to reduce costs and processing time while fostering growth in domestic trade and the private sector. (Source: Khmer Times)

Cambodia's economic strength: projected $21 billion international reserves and 6.6% GDP growth in 2024 Cambodia anticipates a notable surge in its international reserves, projecting them to reach $21 billion in 2024, a substantial rise from the previous year's total of over $19 billion. This increase is regarded as a testament to the country's growing economic robustness and escalating foreign direct investment. The economic growth forecast for 2024 stands at 6.6%, propelling the GDP to approximately $14.957 trillion riel (equivalent to approximately $3.659 billion). The country's international reserves are estimated to reach $21.28 billion, showing an upward trajectory from $19.44 billion in 2023 and $17.8 billion in 2022. While these reserves could sustain imports for 6.6 months, marking a slight decrease from 6.9 months in 2023, it represents an improvement from 6.1 months in 2022. Nevertheless, Cambodia grapples with internal structural challenges that impede economic diversification and competition. Recognizing the pivotal role of international reserves, governments utilize them to ensure social sustainability amid crises, including economic downturns, natural disasters, inflationary pressures, and outbreaks of infectious diseases like Covid-19. (Source: The Phnom Penh Post)

Corporate News

Cambodia Airlines will begin service to Chongqing on January 6 Cambodia Airways is poised to inaugurate direct flights from Phnom Penh to Chongqing on January 6, with the goal of enhancing trade and increasing tourist arrivals from China. The airline is expanding its connectivity to nine Chinese cities, encompassing Beijing, Shenzhen, Chengdu, Macau, Sanya, Jinan, Jieyang, and Haikou. The round-trip direct flight will operate twice a week, specifically on Mondays and Saturdays. Although China lost its position as the primary tourism market for Cambodia to ASEAN neighbors in the wake of the Covid-19 pandemic, the reopening of China on January 8, 2023, has contributed to the resurgence of tourist arrivals. In 2023 alone, at least one million Chinese tourists visited Cambodia. The New Year holiday in China witnessed an upswing in consumer sentiment and tourism, with snow and ice tourism sites emerging as the most popular destinations. (Source: Khmer Times)

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