China will invest $3.6 billion to boost the Kingdom's energy sector

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CSX index sees modest decline on October 18 The CSX index closed down slightly on October 18, 2023, with three stocks rising, three falling, and five remaining unchanged. On the main board, JSL, (+0.42%), PAS (+0.16%) and PPAP (+0.14%) were the biggest gainers, while GTI (-1.70%), PPSP (-1.37%), and PWSA (-0.27%) were the biggest losers. ABC, PEPC, 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 25.5% lower than the previous day, with 30,886 shares traded, worth a total of KHR 250 million. (Source: YSC Research)

Economy and Industry

China will invest $3.6 billion to boost the Kingdom's energy sector Cambodia's energy sector has received over $3.6 billion from Chinese corporations, thanks to Prime Minister Hun Manet's efforts at the 'Belt and Road Forum' in Beijing. Wang Bo, Chairman of China Machinery Engineering Corporation, pledged to invest approximately $3 billion in the next 10-year period. Zuo Lei, Chairman and Party Secretary of China Datang Co, Ltd, committed to increasing investment capital of $600 million into solar and wind energy projects to contribute to the implementation of the Cambodian government's Pentagonal Strategy. Cambodia's burgeoning economy, vast solar and available wind resources, and potential for renewable energy investment contribute to its potential as a prime destination for renewable energy investment. The Cambodian Clean Energy Week from November 16 to 23 will play a key role in boosting knowledge about clean power projects and related topics. (Source: Khmer Times)

Cambodia has the fifth-lowest data cost in the world and the lowest in the SEA UK website cable.co.uk has ranked Cambodia fifth among countries offering the world's cheapest price per one GB of mobile data, according to a 2023 survey data. Cambodia has an average price of $0.12 per 1GB, placing it in the fifth position in overall rankings of 237 countries and 5,603 mobile plans surveyed worldwide. The country is also the most affordable per GB price in ASEAN members. The study also found that three of the five countries are located in Sub-Saharan Africa and three of the five are island nations. The US remains one of the most expensive nations worldwide to purchase mobile data, with an average 1GB cost of $6. The survey was taken in February 2023. (Source: Khmer Times)

Air arrivals increased 162% in the third quarter Cambodia has seen a 162% increase in air travel during the first three quarters of 2023, with nearly 3.7 million air arrivals and 37,000 flights. The country's three international airports welcomed 3,685,354 passengers between January and September, with Phnom Penh International Airport (PHN) receiving 2,904,755 air arrivals and Siem Reap International Airport (REP) and Preah Sihanouk International Airport (KOS) handling 740,884 and 39,715 passengers respectively. In the first nine months of 2023, air arrivals and flights increased by over 160%, while transit goods experienced a slight decrease of over 6%. The new Siem Reap Angkor International Airport (SAI) has an average of 850 flights per week, with 30 domestic and foreign airlines providing reconnecting flights to ASEAN nations and other countries. Cambodia welcomed 3.5 million foreign visitors from January to August, with Thailand emerging as the top source of tourists. (Source: The Phnom Penh Post)

Corporate News

Amru Rice is increasing its luxury rice exports Amru Rice is set to introduce its premium Phka Rumduol milled rice to Cambodian and Asian communities in Long Beach, California, in December. The company, in collaboration with the Cambodian Consulate General, plans to expand the availability of fragrant milled rice to urban centres with substantial Asian populations. Previously, Amru Rice primarily exported organic milled rice to US-based companies for retail distribution. The Phka Rumduol milled rice serves as a luxury offering, catering especially to Asians. As demand for Cambodian fragrant rice continues to grow, the company plans to expand its distribution to other US cities and states. The Cambodia Rice Federation (CRF) reported that Cambodia exported 456,581 tons of milled rice in the first nine months of 2023, generating $327.45 million in revenue. (Source: The Phnom Penh Post)

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