$100M in loans and new agriculture policies announced

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CSX index sees marginal decline of 0.06% on November 22 On November 22, 2023, the CSX index concluded at 442.8 points, indicating a slight 0.06% decrease from the previous day. PPAP (-2.16%) and GTI (-1.04%) recorded losses on the main board, while PWSA, PPSP, PAS, ABC, PEPC, MJQE, and CGSM maintained unchanged positions. DBDE closed at KHR 2,120, and JSL experienced a notable increase of 9.16% on the growth board. The overall trading activity involved 34,518 shares, with a cumulative trading value of KHR 232 million. (Source: YSC Research)

Economy and Industry

$100M in loans and new agriculture policies announced Cambodia's Prime Minister Hun Manet has initiated the 5th and 6th Priority Policy Programmes, infusing $100 million in loans to bolster the agriculture sector. These programs center on enhancing agricultural production, expanding market reach, ensuring the equilibrium of agricultural costs and prices, stationing agriculture officials in targeted communes, and modernizing agricultural communities. The ministry's objectives include maintaining stable agricultural prices and intervening in markets to assist farmers in managing supply fluctuations. In December, the ministry will conduct exams to select 250 agricultural officials for deployment to communes in 17 provinces. The initial phase will involve establishing modern agriculture communities for strategic crops such as vegetables, rice, cashews, and pepper. Lim Heng, Vice-President of the Cambodian Chamber of Commerce, underscores the significance of the government's agriculture policies in the reform and modernization of the Kingdom's agriculture production chains. Businessman Hun Lak contends that the policies prioritize human resources and access to loans, recognizing their critical role in policy implementation. (Source: The Phnom Penh Post)

The first ten months saw a 57% increase in exports to India Cambodia's exports to India increased by nearly 60% in the first ten months of 2023, reaching over $233 million. The bilateral trade volume between the two countries reached $400 million, making India the country's 18th largest trading partner. The trade surplus grew by $65.87 million during the period. In October 2023, trade between the two countries reached $52.95 million, a 52.89% increase. Cambodia's exports to India mainly include agricultural products and textiles, while India exports medical supplies, buffalo meat, auto-rickshaws, thread, fabric, leather, food, oil, chemicals, and medicines. In a meeting with Indian ambassador Devyani Khobragade, Minister in charge of the Council of Ministers, Vongsey Vissoth stressed the importance of direct flight connections to enhance diplomatic and trade relations. In 2022, Cambodia-India trade turnover reached $440 million, a 41.37% increase from $311.24 million in 2021. Cambodia exported goods worth $196.63 million to India, up 56%, and India exported $243.37 million worth of goods, a 31.4% increase. (Source: The Phnom Penh Post)

Time to establish a bond market in Cambodia Cambodia should establish a government bond market to transition from donor financing to domestically-based financing, according to a senior IMF official. The country aims to achieve a higher middle-income status by 2030, and the IMF believes that this would help the government find additional funding sources for infrastructure projects. The Asian Development Bank (ADB) has urged Cambodia to develop the local market for corporate and government bonds while promoting local currency issues. The ADB believes that local government bond issues could diversify the nonbank financial sector and deepen local capital markets, while also establishing a risk-free benchmark for pricing locally issued corporate bonds. The ADB also suggests that developing a corporate bond market would reduce reliance on bank credit and offer new channels for long-term financial intermediation. Sustainable bond issuances in Southeast Asia saw a 32% contraction in 2022, but remained robust at $36 billion, almost double the level in 2020. (Source: Khmer Times)

Corporate News

Blockchain company from Vietnam opens office in Cambodia Vietnam's foremost blockchain enterprise, Unicorn Ultra (U2U) Ecosystem, has inaugurated a representative office in Cambodia with the objective of advancing blockchain, artificial intelligence, and big data-driven products. This initiative is geared towards bolstering global blockchain unicorn chains, fostering decentralization, and cultivating a proactive investment community. U2U operates as a Layer-1 blockchain platform, employing the venture builder model that empowers creators and developers to construct projects for a decentralized future. The company is overseen by a decentralized council leveraging community power to engender global blockchain unicorns. Notably, Cambodia has achieved the distinction of being the inaugural country with a central bank issuing blockchain-based applications for payment systems. The Bakong system, facilitating QR code-based digital payments, exemplifies Cambodia's pioneering role in fostering financial technology collaborations across nations, including Malaysia, Thailand, and Vietnam. (Source: Khmer Times)

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