Cambodia aims to drive green financing through policy reforms

Economy and Industry

Cambodia aims to drive green financing through policy reforms National Bank of Cambodia (NBC) Governor Chea Serey emphasized Cambodia's commitment to green financing during her visit to Brussels, Belgium, for the Francophone Central Bank Governors' meeting, which gathered officials from 20 central banks representing 40 countries. Meeting with Cambodia's Ambassador Nong Sakol, Serey praised strengthened ties with Belgium and highlighted NBC's collaboration with the Belgian Central Bank. She discussed the pivotal role of digital payments and QR codes in enhancing transaction security in Cambodia and neighboring countries, noting the expansion of Bakong accounts usage to China, India, and Malaysia. Serey underscored the importance of central bank independence in emerging economies and shared Cambodia's advancements in green financing, including a sustainability bond investment swap, emphasizing the necessity for sustainable financing to combat climate change. At the recent Nikkei "Future of Asia" 2024 forum in Tokyo, she affirmed Asia's progress toward carbon neutrality and outlined Cambodia's climate goals and the NBC's role in facilitating sustainable financial flows within ASEAN. (Source: Khmer Times)

Commerce Minister urges rice exporters to target US Market Minister of Commerce Cham Nimul has urged Cambodian rice exporters to explore opportunities in the U.S. market. During a meeting with Patrick Murphy, Executive Vice President of Otis McAllister, and a delegation from the Cambodia Rice Federation (CRF), Nimul encouraged 16 major CRF member companies to collaborate with Otis McAllister. Murphy praised Cambodia's agricultural progress, particularly its high-quality rice products. CRF Secretary-General Lun Yeng noted that Otis McAllister will inspect rice mills before agreeing to purchases, with the potential to increase exports from 2,000-3,000 tons annually to 5,000-20,000 tons. Cambodia currently exports over 300,000 tons of rice to nearly 50 destinations in the first five months of 2024 alone. The country produces more than 12 million tons of paddy rice annually, which exceeds domestic demand and contributes significantly to global food security. This initiative aims to further enhance Cambodia's rice export capabilities and secure sustainable economic growth. (Source: Khmer Times)

FASMEC urges to CDC to allow SMEs to participate in overseas trips The Federation of Associations for Small and Medium Enterprises of Cambodia (FASMEC) urged the Council of Development of Cambodia (CDC) to allow SMEs delegation to take part in overseas trips, allowing foreign investors to explore processing Khmer agricultural products. Sun Chanthol, Deputy Prime Minister, and Te Taingpor, President of FASMEC, discussed strengthening cooperation and enhancing SME participation in the economy. Taingpor emphasized the potential of Cambodia's agricultural products and the significant role of SMEs, which make up 99.5% of businesses. He highlighted the need for government and investor support. The meeting included key figures like Chea Vuthy and Dr. Chhin Ken, who mentioned plans for an MoU between CDC and FASMEC. This initiative aims to promote Khmer products internationally and support SME development. FASMEC, a non-profit organization, is dedicated to boosting local enterprises and creating a favorable business environment for SMEs. (Source: Khmer Times)

Corporate News

Huawei expands network coverage to 80% of Cambodia Huawei Technologies (Cambodia) Co Ltd has expanded ICT access to 80% of the Khmer population and provides technology training to about 1,000 workers annually. This was highlighted during a visit by Kun Nhem, Director General of the General Department of Customs and Excise (GDCE), to Tao Guangyao, President of Huawei Southeast Asia Multi Country Management, on May 30. Huawei reviewed its 25-year achievements in Cambodia, focusing on digital infrastructure development, ICT improvements, digital innovation, and supporting the Cambodian government's digital economy initiatives. GDCE Director Kun Nhem praised Huawei's investment, employment of over 200 local staff, and its technology training programs. He encouraged further cooperation for sustainable development. Nhem also presented a letter of appreciation for Huawei's donation of laptops to GDCE. In April, Huawei's CEO met with Cambodian officials to support the Cambodia Digital Economic and Society Policy Framework and the Financial Technology Development Policy, aiming to enhance the Kingdom's digital economy and financial systems. (Source: Khmer Times)

Stock Market

CSX index closes at 410.3 points with mixed performance On June 5, 2024, the CSX index closed at 410.3 points, down 0.29% from the previous day. The main board saw declines in PEPC (-2.62%), PPSP (-1.76%), PPAP (-0.75%), ABC (-0.53%), and PWSA (-0.27%). GTI, MJQE, and CGSM remained unchanged. On the growth board, DBDE and JSL were up by 0.90% and 1.90%, respectively. The total trading volume was 189,584 shares, with a cumulative trading value of KHR 898 million. (Source: YSC Research)

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