Cambodia's rice sector targets global market expansion

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Stock Market

CSX index inches down, main board sees mixed performance On March 26, 2024, the CSX index closed at 459.0 points, marking a modest uptick of 0.19% compared to the previous day's close. Noteworthy movements were observed across the main board, with CGSM (+1.18%) and PWSA (+0.28%) posting gains. Conversely, PPAP (-1.04%), PPSP (-0.96%), GTI (-0.72%), ABC (-0.62%), MJQE (-0.48%), and PAS (-0.32%) experienced declines, while PEPC maintained its opening price. On the growth board, DBDE and JSL saw increases of 0.96% and 3.93%, respectively. Trading activity for the day involved 80,328 shares exchanged, totaling a cumulative trading value of KHR 482 million. (Source: YSC Research)

Economy and Industry

Cambodia's rice sector targets global market expansion Cambodia has emerged as a crucial player in global food security, exporting over 650,000 tons of milled rice and 2.7 million tons of unmilled rice to more than 50 destinations in 2023. With a long-term vision to bolster its contribution to global food security, Cambodia is strategizing ways to ensure sustainable production while navigating through challenges such as climate change, protection of agricultural ecosystem, evolving consumption patterns, and global geopolitical disruption. A recent workshop convened by relevant ministries and the UN Food and Agriculture Organization (FAO) aimed to draft a comprehensive strategy to expand and diversify the rice market from 2024 to 2030. The initiative focuses on expanding high-value product markets by diversifying the right crops to meet the needs of importing countries, enhance product quality, and establishing collective trademarks to protect Cambodia's rice intellectual property. (Source: Phnom Penh Post)

Cambodia and Laos enhance energy cooperation Prime Minister Hun Manet of Cambodia and his Laotian counterpart, Sonexay Siphandone, presided over the signing of three agreements and four memoranda of understanding (MoUs) aimed at strengthening strategic cooperation in the development of the energy sector. Co-chairing the ceremony, the premiers emphasized the need for energy collaboration as relevant stakeholders signed agreements to address Cambodia's growing energy consumption. Among the highlights, an MoU was inked for the purchase of green energy from Laos' 'Xekhaman II Hydro and Wind Power Hybrid' projects, while another aimed at acquiring energy from 'Nam Emoun I, II Hydro, pump storage and wind power hybrid projects.' Additionally, agreements were reached for purchasing green energy from hydro, wind, and geothermal projects, emphasizing Cambodia's commitment to sustainable green energy. The visit also facilitated discussions with business leaders and students to bolster bilateral ties and explore trade and investment opportunities, affirming the commitment to strengthen economic cooperation between the two nations. (Source: Khmer Times)

Cambodia-Japan trade reaches $326 million in the first two months of 2024 In the initial two months of 2024, Cambodian exports to Japan dominated bilateral trade, constituting over two-thirds of total trade between the nations, as reported by the General Department of Customs and Excise (GDCE). The bilateral trade volume surged to $325.65 million, marking a 9.3% increase from the same period in 2023, with Cambodian exports reaching $237.22 million, a notable rise of 15.3%. Conversely, imports from Japan decreased by 4.3% to $88.43 million. Japan is currently Cambodia's fifth-largest international trading partner behind China, Vietnam, the US, and Thailand. Prime Minister Hun Manet's visit to Japan in December 2023 has played a pivotal role in fostering trade relations, with initiatives such as the proposed Cambodia-Japan special economic zone (SEZ) facilitating further collaboration. Sam Soknoeun, President of the Global Real Estate Association, highlighted the positive trajectory of bilateral trade, citing improved diplomatic relations and ongoing discussions regarding the SEZ project as key drivers. Cambodian exports to Japan, including textiles, electronics, and agricultural products, continue to bolster economic recovery and pave the way for enhanced bilateral investment opportunities. (Source: Phnom Penh Post)

Corporate News

Forte Insurance (Cambodia) receives ninth consecutive award for best insurance in Cambodia Forte Insurance (Cambodia) Plc., recognized as the Best General Insurance Company in Cambodia 2024 for the ninth consecutive time by Global Banking & Finance Review, continues to assert its dominance in Cambodia's emerging insurance landscape. The accolade, based on innovation, achievement, and strategic excellence, underscores Forte's 44% market share and two-decade leadership in Cambodia's insurance industry. Established in 1999, Forte offers a comprehensive range of insurance products including Fire Insurance, Group Personal Accident Insurance, and Marine and Cargo Insurance. Notably, Forte's commitment extends to the agricultural sector through initiatives like the Weather Index Crop Insurance program, safeguarding approximately 60,000 farmers against climate change-induced losses. With a focus on inclusivity and community impact, Forte Insurance (Cambodia) Plc. anticipates a future of continued empowerment for families and businesses across the nation. (Source: Cambodia Investment Review)

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