Water Festival 2024 contributed approximately $600-$700 million to Cambodian economy

Economy and Industry

Water Festival 2024 contributed approximately $600-$700 million to Cambodian economy During the recent Water Festival, tourists made substantial economic contributions, staying in Phnom Penh for up to a week and spending on accommodation, food, and souvenirs, as noted by economist Dr. Hong Vannak from the Royal Academy of Cambodia. The festival generated an estimated $600 to $700 million in economic activity over three days, assuming an average daily spending of $25 per tourist. Chhay Sivlin, President of the Cambodian Association of Travel Agents, highlighted that each tourist spent around $40 daily, significantly boosting the economy during the festival period. The organized Water Festival in November 2024 saw a notable increase in tourist arrivals, with over 7.8 million visitors, including 89,296 foreign tourists. (Source: Khmer Times)

Cambodian airports' passengers rise 21% YoY in the first ten month Cambodia's three international airports experienced a notable 21% surge in passenger traffic, reaching 4.7 million individuals during the first ten months of the year, according to the State Secretariat of Civil Aviation (SSCA). SSCA's Secretary of State highlighted the growth as a reflection of Cambodia's increasing appeal as a tourist destination and the enhancement of its air links. Contributing factors to this growth include the relaxation of travel restrictions and improved air connectivity. In the first nine months of the year, Cambodia welcomed 4.8 million foreign tourists, marking a 22.2% YoY rise, with 1.7 million international travelers passing through airports. (Source: Khmer Times)

Cambodia, Malaysia trade increases by over one third Trade between Cambodia and Malaysia surged to $715 million in the January to October period of the current year, marking a substantial 35.3% increase from the same timeframe in the previous year, with Cambodian exports to Malaysia at $110 million and imports at $605 million. Tan Khee Meng, President of the Malaysian Business Chamber of Cambodia (MBCC), emphasized the growing cooperation between the two nations as a driving force behind the escalating trade figures. Malaysian exports to Cambodia predominantly include petroleum products and construction materials, vital for Cambodia's development projects and energy requirements. Conversely, Cambodia exports agricultural goods and garments to Malaysia, showcasing its productive capacities and responsiveness to Malaysian market demands. (Source: Khmer Times)

Corporate News

ABA Bank and Grab Cambodia announce strategic partnership  ABA Bank and Grab have united to integrate their digital payment services through ABA's PayWay platform. This enables automatic payments by linking ABA accounts in the Grab app, enhancing convenience and security for Cambodian users. The integration of ABA PayWay Plus as Grab's local payment gateway improves transaction management for various card payments within Cambodia. Grab's Cambodia Country, Head Kang Sovannarot, emphasizes providing a smooth digital payment experience, in alignment with Grab's regional advancement mission. ABA Bank's Chief Digital Officer, Zokhir Rasulov, looks forward to enhancing cashless payment options and customer convenience through this partnership. (Source: B2B Cambodia)

Stock Market

CSX index rises 0.26%, led by GTI's 4.31% surge On November 20, 2024, the CSX Index gained 0.26%, closing at 403.6 points. Leading the gains on the main board was GTI, which rose by 4.31%, followed by CGSM (+0.41%) and PAS (+0.18%). In contrast, PWSA slipped by 0.32%, while PPAP, PPSP, ABC, and MJQE remained flat. On the growth board, DBDE and JSL declined by 0.49% and 0.29%, respectively. The day recorded a trading volume of 49,666 shares, with a turnover of KHR 277 million. (Source: YSC Research)

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