New visa system to streamline entry process for international travelers

Economy and Industry

New visa system to streamline entry process for international travelers Cambodia is set to introduce an electronic visa payment system on September 1, aiming to increase foreign tourist numbers. The move eliminates the need for foreign tourists to wait in queues to make cash payments, which they previously had to manually fill out at embassies or consulates. The new management system, developed by homegrown experts, aims to provide greater convenience and efficiency for tourists. The electronic payment system will lead to smoother entry procedures, improved efficiency, and a more positive first impression of the country. This modernization aligns Cambodia with global travel standards, making the country a more attractive destination for international tourists. However, challenges often arise when tourists expect Cambodia to mirror the standards of their home countries. The main notable flaw in the experience of foreign tourists in Cambodia is the lack of reliable public transportation, which can lead to frustration and inconvenience. (Source: Khmer Times)

24 additional Sihanoukville projects receive special incentives The Special Investment Promotion Programme for Preah Sihanouk Province has approved 24 additional projects for incentives, raising the total to 85. This decision, made by the Investment Promotion Working Group on July 31, aims to tackle unfinished and abandoned constructions in the coastal city since 2019. The approved projects include ongoing and upcoming constructions, expansions, and existing developments. The programme addresses stalled buildings, new constructions set for 2024, expansion plans, and ongoing projects. As of January 2024, there are 362 identified stalled projects in Sihanoukville, a city where rapid investment growth, primarily from Chinese sources, has been impacted by socio-economic changes and the Covid-19 pandemic. (Source: Khmer Times)

NBC announces nationwide acceptance of old dollar bills The National Bank of Cambodia (NBC) has announced that old, slightly torn, or stained US dollar banknotes will now be accepted nationwide without any restrictions or extra fees. This initiative aims to ease financial burdens and difficulties faced by Cambodians and foreign tourists. The central bank has prohibited all banking and financial institutions from charging additional fees for handling such banknotes. Fake US banknotes will be withdrawn without compensation and sent to NBC. This decision follows Prime Minister Hun Manet's announcement to implement the exchange of old or stained US bills countrywide, expanding from Siem Reap province. NBC clarified that it does not have the authority to issue or destroy dollar bills, which must be transferred to the US Federal Reserve. (Source: Khmer Times)

Corporate News

Metfone and TikTok launch "Metfone Stars" to empower cambodian youth in video content creation Cambodian mobile operator Metfone has partnered with the Chinese social media platform TikTok to launch "Metfone Stars," the first video competition for young people and producers on social media. Held at Aeon Mall Sen Sok City on August 4, the program aims to boost creativity, skills, and confidence among young Cambodians while promoting Cambodian culture and Metfone services. The competition was judged with a focus on quality, content, technique, and creativity, ensuring accuracy and fairness. Harry Boy won first place, followed by Ricky Ekisiney and Rith Daro. These top three winners are recognized as the most talented young video content producers. The competition serves as a training ground, providing participants with valuable experience and training opportunities. Prizes included Vivo mobile phones and Metfone scratch cards, further incentivizing the young creators. (Source: Khmer Times)

Stock Market

CSX Index Drops 0.31% on August 6, 2024 On August 6, 2024, the CSX Index closed at 413.1 points, reflecting a 0.31% decrease from the previous day. Notable gains were recorded by PEPC (+1.24%), PPAP (+1.08%), GTI (+0.80%), and PWSA (+0.29%), while CGSM (-0.83%), MJQE (-0.49%), and PPSP (-0.43%) experienced declines. Stocks PAS and ABC remained unchanged. On the growth board, DBDE fell by 0.48%, while JSL surged by 10.00%. The total trading volume for the day was 126,545 shares, amounting to a cumulative trading value of KHR 564 million. (Source: YSC Research)

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