Cambodia, Thailand committed to reach $15 billion in bilateral trade by 2025

Economy and Industry

Cambodia, Thailand committed to reach $15 billion in bilateral trade by 2025 Cambodia and Thailand are working towards increasing bilateral trade to $15 billion by 2025, according to a senior official from Thailand's Ministry of Commerce. Under the Joint Commission for Bilateral Cooperation, both countries aim to boost trade and investment while reviewing the remaining tasks set by their leaders to achieve this target. In the first half of 2024, bilateral trade reached $5.19 billion, marking a 20.52% YoY increase. Cambodia's main exports to Thailand include gold, vegetables, and various metal scraps, while it imports refined products, fuel, sugar, and beverages from Thailand. (Source: Khmer Times)

Cambodia and Hong Kong forge strategic partnership to drive technological innovation and economic growth Cambodia's Ministry of Industry, Science, Technology, and Innovation has signed a Memorandum of Understanding (MoU) with the Chinese General Chamber of Commerce in Hong Kong to advance economic and technological collaboration, particularly in Industry 4.0. The partnership aligns with Cambodia's Digital Economy and Society Policy Framework 2021-2035 and aims to introduce advanced technologies like fintech and AI into Cambodia's industrial sectors. The MoU will also enhance trade and investment, promote sustainability through green technologies, and focus on capacity building through educational programs and knowledge exchange. This agreement strengthens Cambodia-Hong Kong relations and supports Cambodia's journey toward a modern, technology-driven economy. (Source: Cambodia Investment Review)

PM says no tax for business with annual income below KHR 250 million  Prime Minister Hun Manet announced that micro enterprises in Cambodia with an annual turnover of less than 250 million riels will not be subject to taxation or required to register for tax purposes. This statement was made during his address on the achievements of the Royal Government, following concerns over a recent Prakas issued by the Ministry of Economy and Finance (MEF) aimed at encouraging informal economy operators to comply with tax obligations. The Prime Minister requested the repeal of this Prakas to prevent confusion among small business owners who feared immediate tax liabilities. He emphasized that the Prakas was intended to encourage voluntary registration for government benefits without imposing tax burdens. The government aims to better identify informal economy workers to improve welfare programs. The MEF's sub-decree seeks to integrate informal economic activities into the formal tax system, ensuring proper regulation and taxation. (Source: Khmer Times)

Corporate News

MISTI supports RMA's launch of new electric vehicles Minister Hem Vanndy presided over the launch of RMA Cambodia's new electric vehicle (EV) models, the Chang An Deepal LO7 and SO7, marking a significant step in Cambodia's EV and technological innovation journey. In his remarks, Vanndy highlighted the global shift towards EVs, driven by consumer demand and environmental regulations, and emphasized that the EV industry could boost job creation, economic growth, and technology transfer in Cambodia. Ngorn Saing, General Director of RMA Cambodia, discussed the company's progression from importing to assembling vehicles locally, with over 4,000 units sold from their Ford assembly plant in Pursat. Vanndy encouraged partnerships with local SMEs to strengthen the supply chain and urged ongoing collaboration with the Ministry to meet safety standards. The new EV models offer impressive features, including a range of over 600 kilometers per charge and advanced safety and infotainment systems, underscoring Cambodia's commitment to green development through innovation. (Source: Khmer Times)

Stock Market

CSX index drops 0.63% amid mixed performance on August 26, 2024 On August 26, 2024, the CSX Index dipped by 0.63%, closing at 410.2 points. The main board recorded gains from PPSP (+0.45%) and GTI (+0.28%), while PPAP (-2.20%), CGSM (-1.23%), PWSA (-0.58%), and PAS (-0.17%) experienced losses. ABC, PEPC, and MJQE remained unchanged. On the growth board, JSL and DBDE saw increases of 0.97% and 0.58%, respectively. The day's trading activity involved 83,561 shares, amounting to a total trading value of KHR 406 million. (Source: YSC Research)

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