ARDB to stabilize crop prices with $100 million set aside

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Mixed movements on main and growth Boards On February 8, 2024, the CSX index concluded at 465.8 points, marking a 0.08% increase compared to the previous day. Notable movements were observed on the main board, with PPAP (+1.00%), PPSP (+0.46%), PAS (+0.32%), and ABC (+0.20%) recording gains, while PEPC (-1.75%), GTI (-0.36%), and PWSA (-0.27%) experienced declines. However, MJQE and CGSM maintained their opening prices. On the growth board, DBDE saw a decrease of 0.91%, while JSL remained unchanged. The day's trading activity involved 35,579 shares, with a cumulative trading value reaching KHR 222 million. (Source: YSC Research)

Economy and Industry

ARDB to stabilize crop prices with $100 million set aside The Agricultural and Rural Development Bank (ARDB) has earmarked $100 million for a special financing program aimed at stabilizing agricultural commodity prices during the harvest season, with a specific focus on the rice sector. This initiative will offer working capital financing to potential rice millers or exporters, enabling them to purchase rice from farmers. Such support not only contributes to price stability but also enhances Cambodia's food security and export potential. The allocated fund will be disbursed in response to price fluctuations during the harvest season. This capital injection by the government is expected to bolster the rice sector and play a crucial role in maintaining price stability for the populace. Additionally, the Ministry of Commerce has launched wholesale markets nationwide to normalize prices and broaden market opportunities for farmers. In 2023, Cambodia's agricultural exports experienced a slight decline of 1.9% compared to 2022, amounting to over 8.449 million tonnes. (Source: The Phnom Penh Post)

CDC approves UK's proposal to create a green SEZ The Council for the Development of Cambodia (CDC) has granted approval to the British Ambassador's proposal to establish a 'Green Special Economic Zone' (SEZ) aimed at bolstering Cambodia's infrastructure and attracting international investors. This decision came following a courtesy meeting between the British Ambassador and Deputy Prime Minister Sun Chanthol. During the discussion, the ambassador conveyed optimism about supporting various development projects spanning education, economy, health, security, and safety. Chanthol, in turn, welcomed the UK's commitment to collaborating on the creation of a Green SEZ, emphasizing its potential to bolster Cambodia's economy while upholding environmental sustainability. Additionally, the CDC is actively engaged in efforts to attract investors from Europe, with Chanthol planning to embark on visits to further countries to showcase Cambodia's investment prospects in key sectors. (Source: Khmer Times)

PM Hun Manet's trip to Thailand prompts talks about cooperative petroleum exploitation between Thailand and Cambodia Thai and Cambodian prime ministers have agreed to discuss joint exploitation of energy resources within their contested Gulf of Thailand border area. The leaders acknowledged global affairs affecting their energy security and agreed to discuss joint petroleum exploration and production within their overlapping claims area (OCA), which holds up to 500 million barrels of oil and gas. They also agreed to facilitate border trade, connect special economic zones, collaborate on border landmine clearance, improve border crossings, and facilitate tourist travel. They also discussed the need to control field burning, share information, and collaborate with neighboring countries to combat ultra fine dust generation. They also agreed to boost border surveillance to tackle online scams, drug trafficking, and smuggling. (Source: Khmer Times)

Corporate News

Launch of ARC Mentoring and acceleration for startups in Cambodia The American University of Phnom Penh (AUPP) Technology Centre (ATC) has unveiled the ARC Start-up Accelerator, a groundbreaking initiative designed to unite global entrepreneurs with Cambodian founders. Developed in partnership with Red Team Partners Global and ChainsAtlast Pte Ltd, this accelerator offers extensive membership support and cutting-edge facilities to facilitate the growth of start-ups. Aligned with the Cambodian government's commitment to fostering start-ups as a key component of its economic development strategies, a digital forum is scheduled for March. The ARC Start-up Accelerator represents a significant milestone in the Kingdom's efforts to empower start-ups and cultivate an advanced digital economy. Serving as a launchpad for Cambodia's entrepreneurs and innovators in digital technologies, the initiative provides comprehensive support, including business guidance, resource accessibility, funding opportunities, educational programs, networking platforms, legal and administrative assistance, and equity participation. The program is slated to commence in May 2024 and culminate with an investor day in September 2024. (Source: Khmer Times)

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