In eight months, the Kingdom's export to RCEP reaches $5.2 billion

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Mixed performance for CSX index stocks, with PWSA, GTI, and PAS gaining The CSX index dropped 0.13% on October 6, 2023, ending the day at 453.8 points. A decrease of 0.85%, 0.46%, 0.87%, and 0.41%, respectively, was seen in PPAP, PPSP, PEPC, and CGSM. However, there was a 0.28%, a 3.0%, and a 0.33% increase in PWSA, GTI, and PAS, respectively. ABC and MJQE, the final two main board stocks, close unchanged. JSL went up by 0.43% while DBDE increased by 0.47% on the growth board. The number of shares traded, 41,547, or KHR 351 million, decreased by 20.0% from the day before. (Source: YSC Research)

Economy and Industry

In eight months, the Kingdom's export to RCEP reaches $5.2 billion Cambodia's exports to the Regional Comprehensive Economic Partnership (RCEP) countries have seen a significant increase, reaching $5,261 million in eight months of 2022, a 22% increase from the same period last year. The RCEP free trade agreement, which entered into force on January 1, 2022, comprises 15 Asia-Pacific countries, including ASEAN's 10-member states and their five trading partners, including China, Japan, South Korea, Australia, and New Zealand. The mega trade pact has opened a huge market for Cambodia's products, ensuring sustainable economic growth and attracting new investment. The RCEP will eliminate up to 90% of tariffs on goods traded among its signatories over the next 20 years. Cambodia expects to see export growth between 9.4% and 18%, contributing to national economic growth between 2% and 3.8%. The RCEP trade deal has a combined GDP of $26.2 trillion, representing around 30% of the global GDP, 28% of global trade, and 32.5% of global investment. (Source: Khmer Times)

Thailand and Cambodia are creating a new money transfer system The National Bank of Cambodia (NBC) and the Bank of Thailand (BoT) are developing a new money transfer system for Cambodians working in Thailand to remit cash safely, rapidly, and cost-efficiently to Cambodia. The new cross-border banking technology development plan was revealed at a meeting between NBC Governor Chea Serey and Ambassador Cherdkiat Atthakor, who congratulated Serey for her prominence in innovating projects to develop the country's financial sector. The collaboration has contributed to supporting trade, investment, and tourism activities between the two countries. The new system would enable Cambodian workers in Thailand to apply for the usage of banking applications or apps, reducing remittance costs and terminating the current usage of informal remittance channels. (Source: Khmer Times)

'Successful' flight demonstration at the new Siem Reap airport The final airport flight demonstration at the new Siem Reap Angkor International Airport was completed on Thursday, and the airport is ready for an official commercial flight set for October 16. The final demonstration was conducted by three airlines - Sky Angkor Airlines, Cambodia Airways, and China Eastern Airlines. High-ranking officials from the State Secretariat of Civil Aviation, relevant parties, AIIA officers, and airline representatives were present on the occasion. The new airport will have 38 berths and can handle 7 million passengers a year and reach 12 million passengers a year from 2040. It can handle 10,000 tons of air cargo per year from 2023 and 26,000 tons per year from 2040, and 65,800 flights per year from 2023 to 112,700 feet per year from 2040. Construction of Siem Reap-Angkor International Airport began in March 2020 with an investment of approximately $1.1 billion. (Source: Khmer Times)

Corporate News

Strategic partnership on digital payments between Air Asia Cambodia and Oriental Bank AirAsia (Cambodia) and Oriental Bank Plc have signed a strategic alliance agreement to provide innovative payment solutions for general passengers. The agreement was signed by Air Asia Cambodia's CEO Nam Vissoth and Oriental Bank's Managing Director Datuk Phan Ying Tong. Oriental Bank will provide AirAsia Cambodia with its cutting-edge payment gateway service, including card schemes like Master cards and Visa cards, as well as the KHQR developed by the National Bank of Cambodia. The strategic alliance will enable the bank to develop tailored systems that meet AirAsia Cambodia's requirements. The partnership is crucial for AirAsia Cambodia's booking system and will provide seamless digital solutions. Oriental Bank is at the forefront of fintech and digitalisation of banking products and services, prioritizing digital transformation while recognizing the importance of personalized and face-to-face interaction with customers. (Source: Khmer Times)

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