Cambodia's rice exports surge to $170 million

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Stock Market

CSX index gains 0.44% to 413.7 points On May 9, 2024, the CSX index closed trading at 413.7 points, marking a 0.44% increase from the previous day. Main board activity showed mixed results, with gains in ABC (+1.59%), PAS (+1.30%), PEPC (+0.46%), and MJQE (+0.46%) while PPSP (-0.98%), GTI (-0.43%), and CGSM (-0.41%) experienced declines. PWSA, and PPAP remained unchanged. On the growth board, DBDE was down 0.46% and JSL was up by 0.76%. Total trading volume reached 375,540 shares, with a cumulative trading value of KHR 2,161million. (Source: YSC Research)

Economy and Industry

Cambodia's rice exports surge to $170 million In 1Q24, Cambodia's rice exports surged, with 248,491 tons valued at $170.2 million shipped abroad, as reported by the Cambodia Rice Federation (CRF). April alone accounted for $46.6 million from exporting 82,491 tons of rice, with China emerging as the largest importer. Fragrant rice dominated the export varieties, comprising 73% of the total rice exports. Additionally, Cambodia exported 2.41 million tons of paddy rice to neighboring countries, contributing significantly to regional food security. Despite ambitious targets set in 2015 to export one million tons of milled rice, achieving this goal remains a challenge, prompting CRF to aim for the milestone by 2025. While rice exports have seen consistent growth, concerted efforts are underway to bolster Cambodia's position in the global rice market. (Source: Khmer Times)

PM eyes investments from Qatari investors Prime Minister Hun Manet welcomed Qatar investors to explore diverse investment opportunities and partnerships in Cambodia, as confirmed by Khalid Ali Abdullah Abel, Qatar's Ambassador to Cambodia. During a meeting at the Peace Palace in Phnom Penh, Abel conveyed Qatar's commitment to fostering cooperation and facilitating business ventures between the two nations. Prime Minister Hun Manet underscored Cambodia's openness to expanding diplomatic relations and expressed strong support for enhancing collaboration across trade, investment, education, and vocational training sectors. Both parties agreed to strengthen ties through business forums and discussions with relevant ministries and institutions. Earlier, Othsman Hassen, a Senior Minister, engaged in talks in Doha to enhance economic cooperation and review investment prospects, with Qatar expressing interest in Cambodia's high-quality products and investment potential. The dialogue signals a promising trajectory for bilateral economic relations and investment opportunities between Qatar and Cambodia. (Source: Khmer Times)

Cambodia faces skilled-labor shortages in EV Cambodia's forthcoming 'National Policy on the Development of Electric Vehicles (EVs) 2024-2030' faces a critical challenge: a severe shortage of skilled workers in the electric vehicle sector. With ambitions to have over a million electric two and three-wheelers and about 100,000 electric cars on its roads by 2040, the success of this initiative hinges on addressing the shortage of specialized labor needed for EV maintenance, charging station management, and battery life cycle handling. Urgent steps are needed to implement a standardized training program, facilitate knowledge transfer, and invest in the development of a skilled labor force to support Cambodia's transition to a sustainable and competitive player in the global EV market. (Source: Khmer Times)

Corporate News

ABA Bank reports strong 1Q24 earnings In 1Q24, ABA Bank's total assets grew by 24% to $12.07 billion YoY, with customer deposits and gross loans increasing by 22% and 18%, respectively. Additionally, ABA recorded a high net income of $79 million, representing a 15% increase from the year prior. Meanwhile, the number of accounts surged by 41%, indicating strong consumer confidence in the bank's services. The bank also expanded its branch networks by 12%, demonstrating the bank's commitment to accessibility and enhancing customer experience. The bank focuses on lending and empowering micro, small, and medium (MSMEs), which make up roughly 70% of the bank's total loan portfolio. ABA's robust 1Q24 earnings solidifies the bank as a key financial institution in the economy and an important driver of economic development. (Source: Cambodia Investment Review)

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