Cambodia-China trade experiences strong growth in the first half of 2024

Economy and Industry

Cambodia-China trade experiences strong growth in the first half of 2024 Cambodia and China have experienced a significant surge in bilateral trade during the first half of 2024, with trade volume reaching $7.31 billion from January to June, marking an 18.8% increase from $6.15 billion in the same period last year. China remains Cambodia's top trading partner, followed by the US, Vietnam, Thailand, and Japan. This growth is attributed to the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA), which have facilitated the export of Cambodia's high-quality agricultural products, such as milled rice, yellow bananas, mangoes, longans, cassava, and pepper, to China with preferential tariffs. The International Relations Institute of Cambodia praised the strong economic and trade relations between the two countries, noting that the increased bilateral trade has provided significant benefits to both nations and their populations. (Source: Khmer Times)

Billions allocated for three major infrastructure projects in Cambodia The Royal Government of Cambodia has allocated $5.3 billion for three major infrastructure projects. The Phnom Penh-Bavet Expressway Development Project, Cambodia's second expressway, is valued at $1.63 billion and marks a significant milestone for the nation. The Techo International Airport Project, the country's first large-scale airport, is anticipated to cost $2 billion and is set to launch in mid-2025. The Funan Techo Project, a groundbreaking waterway initiative connecting fresh water to the sea, will commence on August 5 with an estimated cost of $1.7 billion. These projects aim to enhance Cambodia's appeal for investment and tourism, particularly in the logistics sector. Additionally, the construction of these projects is expected to bolster Cambodia's waterway independence and attract a broader range of international tourists. (Source: Khmer Times)

Trusts regulator reports 953 cases registered totaling $1.5 billion Cambodia has witnessed a significant surge in trust registrations, with 953 cases amounting to $1.5 billion, as reported by Sok Dara, Director General of the Trust Regulator. This marks a substantial increase from three years ago, when only 17 trust cases totaling $156 million were registered. Most of these trusts are commercial, exceeding $1 billion in value, and include categories such as real estate, escrow services, fixed deposits, pension funds, shareholding, and green bonds. Specifically, there are 712 real estate trusts worth $688 million, 148 escrow service trusts, $30 million in fixed deposits, $63 million in pension funds, $92 million in shareholding, and $1.2 million in green bonds. The establishment of trusts has attracted new investment flows into the country and enhanced investor confidence. Trusts provide individuals with a legal and protected means to manage personal wealth and belongings, offering flexibility in transferring and managing property. (Source: Khmer Times)

Corporate News

MISTI collaborates with Wing Bank to streamline public service fee payments The Ministry of Industry, Science, Technology & Innovation (MISTI) has signed a Memorandum of Understanding (MoU) with Wing Bank (Cambodia) PLC to utilize the bank's digital payment system for public service fees and to promote science, technology, and innovation in Cambodia. This partnership aims to enhance digital payments through Wing Bank's KHQR payment system, benefiting SMEs and businesses by providing convenience, time savings, and reduced travel costs. Wing Bank's Deputy General Director, Hor Bunthe, expressed gratitude to MISTI and emphasized the commitment to fostering innovation and a broader financial environment. This collaboration aligns with the National Policy on Science, Technology, and Innovation 2020-2030, which aims to strengthen technological capabilities and promote innovation to transform Cambodia into an upper-middle-income country by 2030 and a high-income country by 2050. Wing Bank offers financial services through various channels, including the Wing Bank App, a network of over 11,000 agents, more than 80 Wing Masters agencies, and branch offices across Cambodia. (Source: Khmer Times)

Stock Market

CSX index decreases by 0.37% on July 15, 2024 On July 15, 2024, the CSX index closed at 412.6 points, a 0.37% decrease from the previous day. On the main board, GTI (+0.91%) was the sole gainer, while ABC (-0.53%), MJQE (-0.49%), CGSM (-0.41%), PWSA (-0.28%), and PPAP (-0.12%) saw declines. PPSP, PAS, and PEPC remained unchanged. On the growth board, DBDE remained unchanged, while JSL fell by 1.12%. The total trading volume for the day was 72,730 shares, with a cumulative trading value of KHR 295 million. (Source: YSC Research)

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