Extended tax relief for Preah Sihanouk projects

Economy and Industry

Extended tax relief for Preah Sihanouk projects The Royal Government will maintain property tax exemptions for delayed construction projects in Preah Sihanouk province under the 'Special Program to Promote Investment in Preah Sihanouk province 2024,' according to a statement from the Ministry of Economy and Finance (MEF) on Wednesday. This program covers projects initiated since 2016 and will be in place until the close of 2028. This decision aims to revive unfinished developments and attract new investments to the region. The tax relief includes exemptions on income tax, property tax, and other fees, providing a financial cushion for developers. The initiative is part of a larger plan to transform Preah Sihanouk into a key economic hub, focusing on industrial and tourism development. (Source: Khmer Times)

Cambodia's new strategy for U.S. market access Cambodia is working on a new framework to enhance its access to the U.S. market, aiming to strengthen trade relations and boost exports. To protect the interests of producers and exporters in the Kingdom, the Ministry of Commerce (MoC), in coordination with related ministries and institutions, is formulating a new procedure for exporting goods to the United States. This specialized trade framework aims to enhance monitoring systems for local content usage and value addition, ensuring adherence to the agreed-upon rules of origin and promoting transparency. This move is part of a broader strategy to diversify Cambodia's trade partnerships and reduce dependency on specific markets. By fostering closer economic ties with the U.S., Cambodia seeks to attract more investment and create sustainable growth opportunities. (Source: Khmer Times)

Frequent stress tests for Cambodian banks A white paper analyzing Cambodia's banking sector up to 2024 reveals that regulatory measures introduced by the National Bank of Cambodia (NBC) are acting as a significant stress test for commercial banks. Authored by YCP in partnership with Confluences and titled The Declining Profitability Trend in Cambodia's Banks: The Impact of Rising Costs and NPLs, the report highlights the pivotal influence of the regulatory framework on the sector's operations, risk management strategies, and overall stability. These tests aim to assess the resilience of banks against economic shocks and ensure financial stability. The initiative reflects NBC's commitment to maintaining a robust banking sector amidst global uncertainties. By identifying potential risks early, the stress tests help banks implement corrective measures, safeguarding the financial system. (Source: Khmer Times)

Corporate News

ADB's $40 billion development push in Asia-Pacific In 2024, the Asian Development Bank (ADB) allocated $24.3 billion from its own resources, alongside $14.9 billion in co-financing through partnerships, to address various development challenges across Asia and the Pacific. These efforts are detailed in ADB's Annual Report 2024, which outlines the bank's initiatives to assist its developing member countries (DMCs) in advancing sustainable, inclusive, and resilient development. The funding focuses on infrastructure, climate change mitigation, and poverty reduction. ADB's initiative aims to support sustainable development and economic resilience in the region. By addressing critical challenges, the bank seeks to foster inclusive growth and improve the quality of life for millions. (Source: Khmer Times)

Stock Market

CSX index slips 0.4% amid mixed performance across boards The CSX Index was up by 0.37% to close at 409.4 points. On the Main Board, MJQE (+0.94%), ABC (+0.85%), PEPC (+0.78%), PAS (+0.67%), and PWSA (+0.32%) led the gainers, while GTI (-0.56%) posted a loss. PPAP, PPSP, and CGSM remained unchanged. On the Growth Board, DBDE was flat, while JSL recovered by 0.32%. Total trading volume for the day reached 86,254 shares, with a turnover of KHR 522 million. (Source: YSC Research)

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