Cambodia signs MoUs to enhance direct flights with Middle East and European countries

Economy and Industry

Cambodia signs MoUs to enhance direct flights with Middle East and European countries Cambodia has signed multiple Memoranda of Understanding (MoUs) with countries in the Middle East, including Qatar and the UAE, as well as Turkey, to promote direct flights and increase international passenger and freight traffic. These agreements were signed by Minister Mao Havannall at the ICAO Air Services Negotiation Event in Malaysia and focus on implementing co-terminal rights, which allow airlines to operate flights beyond designated destinations within the partner nations. This initiative aims to boost economic growth, enhance cultural ties, and provide more flexible, affordable flight options for travelers. The MoUs also include provisions for cooperation in aviation safety, security, and training, aligning with Cambodia's goal to expand air connectivity and infrastructure. (Source: Khmer Times)

Cambodia-Thai trade surges 10% YoY, exceeds $3 billion in Jan-Sep period Bilateral trade between Cambodia and Thailand has reached over $3.1 billion from January to September 2024, marking a 12.4% YoY increase compared to the same period in 2023, according to Cambodia's General Department of Customs and Excise (GDCE). Cambodia exported $645.5 million worth of goods, primarily agricultural products like mangoes and cassava, while imports from Thailand, including machinery and construction materials, surged to $2.523 billion. This resulted in a trade deficit of $1.878 billion. Despite the rise in trade, Cambodian exporters face challenges with Thai import restrictions during harvest seasons. Economists note that the actual trade volume may be higher due to unrecorded exchanges across shared borders. Both governments aim to boost bilateral trade to $15 billion by 2025. (Source: Phnom Penh Post)

Deputy Prime Minister Samal highlights key initiatives to enhance Kep tourism Deputy Prime Minister Say Samal urged the Kep Provincial Administration (KPA) to prioritize key objectives of Cambodia's "Pentagonal Strategy - Phase One" to improve Kep's tourism infrastructure, focusing on clean water, electricity, and roads. Speaking at a meeting, he emphasized enhancing the aesthetics of the tourism sector, highlighting ongoing projects like the development of a 2,700-meter beach, coastal roads, and a cycling project. Kep Governor Som Piseth committed to improving public safety and mobilizing resources for tourism development. Additionally, efforts to upgrade hygiene, food service standards, and the provision of public services were stressed to attract more national and international visitors. (Source: Khmer Times)

Corporate News

GTC secures $19.97M funding from EXIM Bank Malaysia to boost telecom infrastructure in Cambodia Global Tower Corporation Pty Ltd (GTC) has secured $19.97 million in financing from EXIM Bank Malaysia to enhance telecommunications infrastructure in Cambodia. The funding will support the construction of over 400 new telecommunication towers, improving connectivity in urban, rural, and underserved areas. GTC, a subsidiary of Malaysia's Rohas Tecnic Berhad (RTB Group), specializes in telecom infrastructure services and aims to bridge Cambodia's connectivity gap. This collaboration highlights GTC's role in advancing Cambodia's socioeconomic growth while strengthening ties between Malaysia and ASEAN economies. EXIM Bank's support aligns with Cambodia's development goals, as the nation continues to expand its digital infrastructure. (Source: Khmer Times)

Stock Market

CSX index gains 0.36% as GTI, CGSM lead the gain On October 23, 2024, the CSX Index rose by 0.36%, closing at 406.6 points. Gains were led by GTI (+0.96%), CGSM (+0.83%), and MJQE (+0.49%) on the main board, while losses were recorded for PPSP (-0.90%), PEPC (-0.41%), PWSA (-0.32%), and PAS (-0.18%). Both PPAP and ABC remained unchanged. On the growth board, DBDE was flat, while JSL edged up by 0.29%. The day's trading volume reached 76,098 shares, with a total turnover of KHR 499 million. (Source: YSC Research)

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