Cambodia-South Korea's trade rises by over 10% YoY from January to September

Economy and Industry

Cambodia-South Korea's trade rises by over 10% YoY from January to September Trade between Cambodia and South Korea grew by over 10% YoY in the first three quarters of 2023, reaching approximately $630 million. South Korea emerged as Cambodia's 13th largest trading partner, with bilateral trade totaling $627.74 million from January to September. Cambodian exports to South Korea saw a 16.4% YoY rise, while imports from South Korea grew by 10.8% YoY. Cambodia's trade deficit with South Korea stood at $143.42 million, slightly up from $139.91 million in the same period last year. The Cambodia-Korea Free Trade Agreement (CKFTA) and strong government and private sector relations have fueled this continuous trade growth. Cambodia primarily exports textiles and agricultural products to South Korea, while importing electronics, vehicles, pharmaceuticals, cosmetics, and food products. The Cambodian government remains committed to safeguarding South Korean investors, ensuring a stable and secure environment for foreign investments. (Source: Phnom Penh Post)

Chinese companies to assist in bringing 1 million tourists to Cambodia annually Cambodia's Minister of Tourism, Huot Hak, unveiled plans to attract at least one million Chinese tourists annually in the first phase of a new tourism initiative. The announcement came during the 13th China Zhengzhou International Shaolin Wushu Festival in Henan Province, where Hak met with representatives from 22 major tourism companies, including those in resorts, hotels, and tour services. He highlighted Cambodia's key tourism destinations and investment opportunities, aligning with the Royal Government's supportive policies. Cambodia and China have enjoyed over 66 years of strong relations, culminating in the designation of 2024 as the 'Year of People-to-People Exchanges between Cambodia and China,' which will extend into January 2025. Both nations are committed to deepening their cooperation, and Hak plans to propose 2025 as the Year of Cambodian-Chinese Tourism Exchange and 2026 as the Year of Cambodian and Chinese Youth Exchange to further strengthen bilateral ties. (Source: Khmer Times)

Australia pledges support for Cambodia's transition out of LDC status Australia has pledged to support Cambodia in multiple sectors as the country works towards transitioning from its least developed country (LDC) status. This commitment was made during discussions between Prime Minister Hun Manet and newly appointed Australian Ambassador to Cambodia, Derek Yip. Australia commended Cambodia's rapid sectoral growth and reaffirmed its commitment to helping the Royal Government of Cambodia (RGC) achieve LDC graduation by 2029. Ambassador Yip also expressed strong backing for the 'Pentagonal Strategy - Phase One,' which focuses on fostering sustainable and resilient economic development. Additionally, the Australian government, in collaboration with key stakeholders, is advancing the Cambodia-Australia Partnership for Resilient Economic Development (CAP-RED), a $65 million grant program aimed at bolstering Cambodia's economic resilience. (Source: Khmer Times)

Corporate News

National Bank of Canada and ABA: A model of foreign investment success in Cambodia The National Bank of Canada, majority owner of ABA Bank, convened high-level meetings in the United States and Canada to spotlight Cambodia's investment potential. Central to the discussions was ABA Bank's success story, highlighting it as a standout example of how foreign investment can drive economic progress in Cambodia. By spearheading these talks, the National Bank of Canada emphasized its strong commitment to the country, underscoring its pivotal role in ABA Bank's growth. A Cambodian delegation also participated in a roundtable hosted by the National Bank of Canada and the Canada-ASEAN Business Council, where they explored opportunities for collaboration across multiple sectors. This ongoing partnership between the National Bank of Canada and ABA Bank is expected to increasingly contribute to Cambodia's economic development, particularly through advancements in technology, job creation, and support for local businesses. (Source: Cambodia Investment Review)

Stock Market

CSX index declines 0.60% amid mixed performance on October 22, 2024 On October 22, 2024, the CSX index slipped by 0.60%, closing at 405.2 points. On the main board, PAS (+0.18%) was the only gainer, while PWSA (-0.96%), CGSM (-0.82%), PPAP (-0.60%), ABC (-0.54%), MJQE (-0.49%), and GTI (-0.48%) recorded losses. PPSP and PEPC remained unchanged. Similarly, on the growth board, both DBDE and JSL remained flat. The day’s trading volume amounted to 30,768 shares, with a total value of KHR 193 million. (Source: YSC Research)

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