In 2023, 5.4 million foreign visitors visit Cambodia

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Modest gains on main board on January 22, 2024 On January 22, 2024, the CSX index concluded at 467.5 points, marking a 0.14% increase from the previous day. Notable movements on the main board included gains for CGSM (+0.39%) and PPAP (+0.14%), while GTI (-0.35%) and PAS (-0.16%) experienced declines. PWSA, PPSP, ABC, PEPC, and MJQE maintained stable prices. On the growth board, DBDE and JSL observed movements of +0.47% and -0.50%, respectively. The day's trading activity involved 56,610 shares, with a cumulative trading value reaching KHR 401 million. (Source: YSC Research)

Economy and Industry

In 2023, 5.4 million foreign visitors visit Cambodia Cambodia witnessed a remarkable surge in international tourism, welcoming 5.43 million visitors in 2023 - a staggering 139% increase from the 2.27 million recorded in 2022, as reported by the Ministry of Tourism. Notably, Thailand led the influx with 1.82 million foreign arrivals, followed by Vietnam, China, Laos, and the United States. The tourism sector stands as one of Cambodia's economic cornerstones, complementing key industries such as garment and footwear exports, agriculture, construction, real estate, and travel goods. The Ministry of Tourism anticipates a continued upward trajectory, projecting international visitor numbers to reach 7 million by 2025. This forecast exceeds the pre-COVID-19 pandemic figure of 6.6 million recorded in 2019. Cambodia's allure lies in its rich cultural heritage, featuring world-renowned sites like the Angkor Archaeological Park, Preah Vihear Temple, Koh Ker Temple, and Sambor Prei Kuk Archaeological Site. The country's 450-kilometer-long coastline and southwestern provinces further contribute to its appeal among tourists. In a parallel trend, Cambodian outbound tourism experienced an 87% surge last year, with 1.81 million citizens exploring destinations beyond their borders. (Source: Khmer Times)

215 million euro to be invested by France in Cambodia's development projects France has committed to sustaining support for development projects in Cambodia by allocating an additional 215 million euro through the French Development Agency (AFD). This funding will specifically target the enhancement of vocational training, the energy sector, and clean water production. The development budget was announced in a press release following Prime Minister Hun Manet's visit to France. France commended Cambodia's dedication to addressing climate change and its goal of achieving carbon neutrality by 2050 through the promotion of a clean, green, and sustainable environment. The two nations have decided to elevate their relationship to a strategic partnership, emphasizing strengthened cooperation and diplomatic ties through official visits. Additionally, both countries have pledged to enhance cultural and linguistic relations within the International Organization of French-speaking Countries. The French President expressed appreciation for Cambodia's contributions to fortifying multilateralism and international cooperation, promoting stability and prosperity in the region and globally. (Source: Khmer Times)

BCG reports higher spending and lower income Cambodia's Budgetary Central Government (BCG) has successfully collected over $5.3 billion in domestic revenues during the first 11 months of 2023, constituting 84% of the 2023 annual budget law (BL). The total collected amounted to 21.824 trillion riel ($5.365 billion), which represents 84.27% of the BL. Within this total, tax revenue accounted for 19.627 trillion riel ($4.825 billion), contributing to 83.8% of the BL. Additionally, non-tax revenue reached 2.163 trillion riel ($531.8 million), surpassing the BL by 100.95% and contributing to a 26.11% increase. BCG's expenditure reached 27.601 trillion riel ($6.786 billion), equivalent to 79.44% of the BL, reflecting a 16.29% increase compared to the same period in 2022. The government remains focused on curbing unnecessary spending while strategically allocating budgets to proactive objectives. According to the International Monetary Fund, Cambodia's economic growth is projected to reach 5.6% in 2023 and 6.1% in 2024. (Source: Khmer Times)

Corporate News

The Cambodian Rating Agency gave CGCC a khAAA rating The Credit Guarantee Corporation of Cambodia (CGCC) has received a khAAAA rating from the Rating Agency of Cambodia (RAC), signifying its robust capacity to fulfill financial commitments. Recently accredited as the first bond guarantee institution in Cambodia by the Securities and Exchange Regulator of Cambodia (SERC), CGCC aims to bolster bond market development and instill market confidence. This rating will enhance the credibility of corporate bonds guaranteed by CGCC, instilling confidence in bond investors, including financial institutions and insurance companies. CGCC has formulated a 'Policy Framework on Bond Guarantee' under the Ministry of Economy and Finance and obtained the highest approval from the Deputy Prime Minister and Minister of Economy and Finance on May 17, 2023. The bond issuance guarantee service is expected to stimulate bond issuances by local companies, attract investors, increase liquidity, and enhance corporate bond credit ratings. (Source: Khmer Times)

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