Two new tyre plants approved in August following 3,500 jobs created

Economy and Industry

Two new tyre plants approved in August following 3,500 jobs created In August, the Council for the Development of Cambodia (CDC) approved two tyre manufacturing factories with a combined investment of $686 million, creating 3,459 jobs. These projects are part of a larger approval of 53 investments totaling over $1.2 billion, including 46 new projects and seven expansions. One tyre factory, located in the UBE Snuol SEZ in Kratie province, will invest $430 million and create 1,959 jobs, while the second, in Svay Rieng's Sin Bavet SEZ, will invest $256 million and employ 1,500 people. Other notable approvals include a new SEZ in Koh Kong province, various livestock farms, animal feed factories, testing labs, a beverage production facility, and a five-star hotel. (Source: Phnom Penh Post)

Battambang and Trat discussed permanent economic checkpoints along borders The Battambang, Banteay Meanchey, and Trat Chambers of Commerce discussed opening a permanent economic checkpoint to boost trade between Cambodia and Thailand. The meeting proposed converting the Ban Ma Muang and Chhoak Roka checkpoints into permanent economic checkpoints, aiming to facilitate the exchange of goods and reduce transport costs. Phou Veasna, President of the Battambang Chamber, expressed support for the idea and plans to discuss it with provincial and national authorities. In the first half of 2024, trade between the two countries reached $5.19 billion, with significant exports including refined fuels, vehicles, and agricultural products. (Source: Khmer Times)

Cambodia and China to hold events to boost tourism Cambodia and China will host several events in Siem Reap at the end of 2024 to attract more Chinese tourists and investors. Key events include the Cambodia-China Tourism Program and a program for Chinese journalists. Chinese Ambassador Wang Wenbin and Siem Reap Governor Prak Sophoan discussed the strong ties between the two countries and plans to promote tourism, including direct flights from China. Sophoan welcomed China's support in boosting tourism in Siem Reap. From January to July 2024, Cambodia saw 3.75 million international tourists, including 460,000 Chinese visitors, marking a 45.7% increase. Additionally, the 'Beautiful Cambodia, Beautiful China' photo exhibition, showcasing 66 photos, will be held in Siem Reap from September to December 2024. (Source: Khmer Times)

Corporate News

ABA Bank supports CCF Primary Education Program ABA Bank has pledged $60,000 over three years to support the Cambodian Children's Fund (CCF) Primary Education Program, providing quality education for underprivileged children. The agreement, signed on September 4, 2024, includes an annual contribution of $20,000 to help over 740 students at CCF's six Satellite Schools. ABA also donated computers and equipment to enhance digital literacy. Chief Marketing and CSR Officer Igor Zimarev emphasized ABA's commitment to fostering growth and opportunity through education. This partnership builds on a 2023 MOU between ABA and CCF to support disadvantaged children through scholarships, internships, and other initiatives. (Source: Cambodia Investment Review)

Stock Market

CSX index declines by 0.15% amid broad-based losses on September 10, 2024 On September 10, 2024, the Cambodia Securities Exchange (CSX) index fell by 0.15%, closing at 410.7 points. The main board experienced widespread declines with PPAP leading the drop at -1.47%, followed by PPSP (-0.45%), PEPC (-0.40%), PWSA (-0.30%), ABC (-0.27%), and GTI (-0.26%). Meanwhile, PAS, MJQE, and CGSM saw no movement, ending the day unchanged. On the growth board, DBDE remained steady, but JSL slipped by 0.58%. The total trading volume reached 36,708 shares, translating to a cumulative trading value of KHR 250 million. (Source: YSC Research)

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