Cambodia's tourist hub's newly opened airport is anticipated to boost the country's economy and tourism

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Cambodian stock market slightly down on October 17 The CSX index closed at 454.1 points on October 17, 2023, down 0.04% from the previous day. Of the 11 listed stocks, 2 rose, 5 fell and 4 remained unchanged. On the main board, PPSP (+0.46%) and PAS (+0.16%) were the biggest gainers, while PPAP (-1.29%), GTI (-0.68%), PEPC (-0.43%), and PWSA (-0.27%) were the biggest losers. ABC, MJQE, and CGSM closed at the same price as the previous day. On the growth board, JSL fell 0.42% while DBDE remained unchanged. The number of shares traded was 64.6% higher than the previous day, with 41,434 shares traded, worth a total of KHR 323 million. (Source: YSC Research)

Economy and Industry

Cambodia's tourist hub's newly opened airport is anticipated to boost the country's economy and tourism Cambodia's Siem Reap Angkor International Airport (SAI), a Chinese-invested facility, has commenced operations, boosting tourism in the northwest province. The airport, which has a 3,600-meter runway, is a 4E-level international airport capable of accommodating long-distance flights from around the world. The new airport, which has been invested by Angkor International Airport Investment (Cambodia) Co., Ltd., is expected to contribute to Cambodia's tourism, trade, and economy in the long term, benefiting local people in the province. The airport, which covers 700 hectares, will be able to handle 7 million air passengers per annum from 2024 and up to 12 million passengers annually from 2040. The new airport will also improve the livelihoods of locals through job creation and attract new international airlines to the province. (Source: Khmer Times)

Cashew exports to Cambodia brought in $829 million in the past nine months, a decrease of more than 16% In the first nine months of 2023, Cambodia produced 639,000 metric tonnes of raw cashew nuts, with 613,200 metric tonnes exported to Vietnam worth $829 million. The Cambodian Cashew Association has lowered its forecast for cashew yields due to climate change-related crop reductions. However, competition from local enterprises is recovering, despite their low working capital. The price of dried cashew nuts is $1,658 per ton, with recipients including Vietnam, Thailand, Japan, Russia, China, Hong Kong, France, Korea, Turkey, and Bangladesh. The association recently attended the Gwangju Food Fair 2023 in Korea to promote Cambodia's cashew potential. The association plans to hold an exhibition in Long Beach, USA from 4th to 15th of next month to expand new markets. (Source: Khmer Times)

Singapore, China, and Cambodia, according to ADB reports, are at the forefront of CBDC development Central banks in Asia are rapidly developing and deploying central bank digital currencies (CBDCs), according to a report by the Asian Development Bank (ADB). The report reveals that Cambodia, China, and Singapore are leading the way in developing CBDCs, with Cambodia piloting its blockchain-based payment system Bakong in 2019. The system aims to enhance financial inclusion and safety. The report also highlights the importance of interoperability in CBDC projects, particularly in cross-border transactions. Project Inthanon-LionRock, a collaboration between Hong Kong and Thailand, has led to the development of mBridge, a platform for multiple central banks to issue and exchange CBDCs for cross-border transactions. The report also notes that developed economies like Singapore are more inclined towards wholesale CBDCs, aiming to improve efficiency, reduce settlement risks, and reduce turnaround time. (Source: Khmer Times)

Corporate News

AirAsia to expand in Cambodia, India, and Australia AirAsia plans to launch flights through its new Cambodian air operator's certificate (AOC) by the end of 2023, focusing on growing Sihanoukville and Siam Reap in the ASEAN region. AirAsia Group head of network and regulatory affairs, DilhanHaradasa, believes India will become the new global dominant aviation player in the next five years. The company is exploring opportunities to expand routes to secondary airports outside bilateral agreements in India and Australia, particularly from Indonesia. AirAsia is also looking for growth to secondary Australian airports, particularly from Indonesia, to minimize ultra-long-haul narrowbody flying due to fuel issues. Haradasa emphasized the need for more careful route selection to protect private airlines' cashflows and avoid increased airport charges, which have become quite expensive in a low-cost market model. (Source: Khmer Times)

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