Senate President Hun Sen urges South Korea to boost investment in Cambodia

Economy and Industry

Senate President Hun Sen urges South Korea to boost investment in Cambodia  Senate President Hun Sen has called on the South Korean government to encourage more Korean investors to explore opportunities in Cambodia, assuring them of protection and a peaceful environment for foreign investment. Speaking at the 25th World Knowledge Forum in South Korea, he expressed gratitude for the growing economic ties and highlighted the recent Free Trade Agreement (FTA) between the two countries, which aims to boost bilateral trade and investment. South Korean National Assembly Speaker Woo Won-Shik acknowledged the benefits of the FTA, noting its role in facilitating investments from over 200 Korean companies in Cambodia. Both leaders emphasized the potential impact of a proposed Special Economic Zone (SEZ) for Korean firms in Cambodia, which was discussed during Prime Minister Hun Manet's recent visit to South Korea. Trade between the two nations reached over $556 million in the first eight months of 2024, marking a significant increase in bilateral economic activities. (Source: Phnom Penh Post)

NBC discusses QR cross-border payment progress with Japanese bank Chea Serey, Governor of the National Bank of Cambodia (NBC), met with Katsufumi Uchida, Co-Head and Managing Executive Officer for the Asia-Pacific Division of Sumitomo Mitsui Banking Corporation (SMBC), to discuss progress on connecting Cambodia's QR Code cross-border payment system with Japan. They also discussed NBC's international reserve investments in green bonds. Katsufumi highlighted SMBC's contributions to Cambodia's banking sector through investments and a commitment to long-term development. Serey encouraged SMBC to expand its operations in Cambodia, emphasizing the potential to enhance trade and investment between the two countries. (Source: Khmer Times)

Cambodia can access many tax-free markets for processed exports Prime Minister Hun Manet highlighted that Cambodia has access to multiple markets where processed products can be exported duty-free, due to the country's new investment law. Speaking at the 7th Cambodia Rice Forum, he emphasized that the law provides significant incentives for private sector engagement in processing for export, especially using local raw materials. He urged the private sector to maintain high quality and explore additional high-value markets through trade agreements, including those with China, South Korea, the UAE, and the halal market, to enhance Cambodia's competitive edge. (Source: Khmer Times)

Corporate News

Visa Worldwide Partner and Ministry of Tourism to boost Cambodia's tourism sector  The Cambodian Ministry of Tourism and Visa Worldwide have signed an MoU to enhance Cambodia's tourism sector through data sharing, marketing support, education, capacity building, and digital transformation, especially digital payments. The signing took place between Minister Sok Soken and Visa's Arturo Planell. Minister Soken emphasized the partnership's role in developing a strong technology system to facilitate local and international tourism in Cambodia. (Source: Khmer Times)

Stock Market

CSX index rebounds by 0.24% amid mixed performances on September 11, 2024 On September 11, 2024, the CSX index rebounded by 0.24%, closing at 411.7 points. The main board saw gains in PPSP (+0.90%), CGSM (+0.41%), PPAP (+0.30%), ABC (+0.27%), and PAS (+0.17%), while PWSA led the declines at -0.89%, followed by PEPC (-0.40%) and GTI (-0.26%). Meanwhile, MJQE remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume reached 34,387 shares, with a cumulative trading value of KHR 218 million. (Source: YSC Research)

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