Cambodia-France bilateral trade hits $515M in 2023, reaches $206M in early 2024

Economy and Industry

Cambodia-France bilateral trade hits $515M in 2023, reaches $206M in early 2024 During the 2nd Cambodia-France Business Forum, Cambodian Prime Minister Hun Manet emphasized France's growing role in the country's trade and investment sector. Bilateral trade between Cambodia and France reached $515.21 million in 2023, with $206.41 million recorded in the first five months of 2024. Major French companies such as Vinci, Total Energies, Accor, and BRED Bank have established operations in Cambodia, driving job creation, skill transfer, and infrastructure development. Manet expressed optimism that the forum would lead to increased French investment and business in Cambodia, surpassing previous records. He encouraged French investors to explore Cambodia's significant investment opportunities and leverage the strong bilateral relations between the two nations. France stands as Cambodia's second-largest trading partner in Europe, following Germany, with French exports to Cambodia rising by 31% in 2023 compared to 2022. Key Cambodian exports to France include textiles, agricultural products, food, and bicycles. (Source: Khmer Times)

22 additional Sihanoukville projects receive incentives The Special Investment Promotion Programme for Preah Sihanouk Province has expanded to include 63 projects eligible for incentives, with 22 new approvals recently added. Launched to address the unfinished and abandoned constructions in the coastal city since 2019, the programme aims to rejuvenate the area. The Investment Promotion Working Group for Preah Sihanouk assessed proposals from both foreign investors and local residents, deciding to offer incentives, concessions, and legal support for 22 projects valued at over $2 billion. These newly approved initiatives comprise 13 stalled construction projects, seven new projects, and two expansion projects. The programme encompasses four categories: stalled building constructions, non-stalled buildings set to be operational in 2024, expansion projects, and ongoing projects. As of January 2024, the government identified 362 stalled constructions in Sihanoukville. The success of these new investments hinges on a resurgence in tourism, with increased tourist arrivals expected to enhance Sihanoukville's appeal as an investment destination. (Source: Khmer Times)

Chanthol advocates for development of Phnom Penh Smart City App Deputy Prime Minister Sun Chanthol of Cambodia has urged local working groups in Phnom Penh to develop a smart city mobile application to enhance public service management, provide information, and collect community feedback. This app would allow citizens to report issues to local authorities and relevant administrations for timely resolutions. It aims to improve public service efficiency, streamline communication between the government and citizens, and gather real-time community feedback. The app could enhance traffic management, waste disposal, public safety, and other municipal services, making the city more responsive to residents' needs. The Cambodian government's initiative to develop this app marks a significant step towards modernizing city management and fostering community engagement. Additionally, a delegation from GL Global Secure Co Ltd introduced the main functions of the Phone Cellular Blocking Service (PCBS) and shared insights from their experiences with the governments of Malaysia, Nepal, and the Philippines. The app is expected to strengthen city branding, promote inclusivity, and create a more attractive urban environment. (Source: Khmer Times)

Corporate News

Oriental Bank Cambodia unveils book on Combating Money Laundering Oriental Bank Cambodia has unveiled its first dual-language book, "Battling Money Laundering, Terrorism Financing, and Proliferation Financing in Cambodia," in Phnom Penh. Co-authored by Vijayaraj R Kanniah and Mut Meatra, the book was developed over two years following the Covid-19 pandemic. Initially written in English by Vijayaraj and subsequently translated into Khmer, the book aims to equip banking personnel with crucial information to combat money laundering, terrorism financing, and proliferation financing activities. Chairman Datuk Phan Ying Tong praised the authors, highlighting the book's potential as a valuable resource for banks. The launch event featured notable speakers such as Visioon Business Solutions Independent Director Khoo Swee Seng, Om Visal, Head of Risk at HFCB, and Andrew Yaw, Independent Director of Yew Lee Pacific Group Berhad. This publication is expected to be a timely and beneficial read for all financial services professionals in Cambodia. (Source: Khmer Times)

Stock Market

CSX index sees modest increase on July 9, 2024 On July 9, 2024, the CSX index closed at 418.7 points, reflecting a modest increase of 0.19% from the previous day. Leading the gains on the main board, GTI saw a notable rise of 9.76%, followed by PEPC (+0.41%), CGSM (+0.41%), and PPWSA (+0.28%). Conversely, PPAP fell by 1.30%, PPSP dropped by 1.16%, and PAS declined by 0.49%, while ABC and MJQE held steady at their opening prices. On the growth board, DBDE remained unchanged, while JSL dropped by 1.36%. The total trading volume for the day amounted to 76,465 shares, with a cumulative trading value of KHR 364 million. (Source: YSC Research)

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