Property News Roundup 30th January 2024
We’re delighted to share the weekly news highlights below.
- Cambodian senior gov’t official paints brighter picture for Cambodia-China economic, trade cooperation
His Excellency Sok Siphana, a senior minister and chairman emeritus of the Board of Directors of the Asian Vision Institute, said 2024 is the year to implement the China-Cambodia community with a shared future in the new era and the China-Cambodia People-to-People Exchange Year. The senior minister said Cambodia and China had achieved good results in their trade and investment ties in 2023 amid declining global demand, saying that the two-way trade increased last year, as China’s investment in Cambodia accounted for 66 percent of the kingdom’s foreign investment sources.
January 21st, 2024 | Khmer Times | Link: https://t.ly/mKHD3
- Challenges and solutions for Cambodia-China people-to-people exchanges in 2024
In 2024, China and Cambodia formally begin their people-to-people interaction. This fantastic endeavour between the two nations is full of possibilities and hopes. Although their relationship has reached an all-time high, no matter how well-thought-out a strategy may be, there will be potential obstacles such as language barrier, cultural differences, and so on.
January 22nd, 2024 | Phnom Penh Post | Link: https://t.ly/ISrvM
- Cambodia welcomes 5.4 million foreign tourists in 2023
Cambodia attracted some 5.43 million international tourists in 2023, a sharp increase of 139 percent from 2.27 million in 2022, the Ministry of Tourism pointed out in a report. A total of 1.86 million foreign tourists arrived in Cambodia via the three international airports, while the rest entered the country through border gates and by waterway, it added. According to the Ministry of Tourism, the number of international visitors to Cambodia is predicted to reach 7 million by 2025, surpassing the pre-COVID-19 pandemic of 6.6 million in 2019.
January 22nd, 2024 | Khmer Times | Link: https://t.ly/IRQlG
- France visit offers ‘margin of manoeuvre’ in Cambodia’s bid to ease reliance on China
Cambodia’s leader Hun Manet visits France to discuss economic and defence cooperation, as well as France’s Indo-Pacific strategy. Analysts say Cambodia seeks to diversify its foreign relations and counterbalance its over-reliance on China, its closest ally and main source of trade, investment, and military support. France offers opportunities for defence sales and joint exercises to Cambodia, which has faced criticism from the US and rights groups for its human rights and democracy record.
January 22nd, 2024 | South China Morning Post | Link: https://t.ly/daZo4
- Cambodia and France Forge €215 Million Partnership for Energy Revolution
Cambodia and France have inked three pivotal Memoranda of Understanding (MoUs) to propel the development of renewable energy, marking a significant stride towards advancing Cambodia’s energy landscape. The trio of MoUs, orchestrated between the Ministry of Mines and Energy and esteemed French public and private entities, encompass strategic initiatives poised to shape the energy transition in Cambodia and reverberate regionally and globally. The three agreements include 10MW hydrogen power project, pumped energy storage endeavor, and waste-to-energy innovation.
January 23rd, 2024 | Construction Property | Link: https://t.ly/EZtNK
- Koh Rong int’l airport construction begins
State authorities have confirmed that the earthworks for the first phase of construction of the Koh Rong International Eco-Tourism Airport is now underway on the island. The landfilling works now underway at the new airport site have begun following that the Royal Group, primary owner and key developer, having settled any potential social impact issues with local residents, and other due diligence with local and national authorities. The new airport venture comes in light of a 99-year lease from the government. The project has a total value of around $300 million.
January 24th, 2024 | Khmer Times | Link: https://t.ly/5bz3Q
- Cambodia jumps to 8th spot globally as garment export hub
Cambodia is making its presence felt globally as a garment export hub, with the country now moving up the ranks to become the world’s 8th largest exporter as per data from the World Trade Organisation. In terms of the value of garment exports, Cambodia still has some catching up to do compared to its Southeast Asian counterparts – as Cambodia did $9.1 billion, compared to Indonesia which did $10.1 billion and Vietnam a whopping $35.3 billion. The Cambodian government has also renewed its focus on this sector with The Industrial Transformation Map for the Textile and Apparel Industry (T&A ITM) 2023-2027 strategy. With this strategy, the government hopes to improve working conditions and investment climate for the sector.
January 24th, 2024 | Khmer Times | Link: https://t.ly/VsJIf
- Cambodia’s Trust sector attracts $1.27B, on fast growth since 2021
Cambodia’s relatively new Trust market is growing fast and has so far attracted investments worth $1.27 billion, according to Sok Dara, Director General of the Trust Regulator. The Director General said that the number of Trusts registered has reached 810 since the Trust Regulator (TR) was established in 2021. The Regulator has also so far provided licences to 10 trust companies, besides approving 15 commercial banks for providing safe-keeping and escrow services and 13 valuation companies for providing asset valuation services.
January 25th, 2024 | Khmer Times | Link: https://t.ly/AabSL
- Vietnam becomes Cambodia’s second largest tourist source market
Over 1 million Vietnamese tourists travelled to Cambodia in 2023, becoming Cambodia’s second largest tourist source market after Thailand, according to the Cambodian Ministry of Tourism. In 2023, the neighboring country welcomed 5.45 million foreign visitors, up 139.5 percent against 2022. Thailand topped the list of tourist arrivals with 1.8 million. Specifically, a half of foreign arrivals selected Cambodia after visiting Thailand and Viet Nam, said Chhay Sivlin, President of the Cambodia Association of Travel Agents.
January 25th, 2024 | Khmer Times | Link: https://t.ly/ScT1o
- Cambodia’s banking and financial industry healthy, says NBC
The banking and financial industry has remained strong despite uncertainties on global economic growth causing the bankruptcies of banks in some countries. Chea Serey, the governor of NBC, attributed the health of the banking and financial industry to the cooperation of banking and finance in compliance with prudent regulations and continued to strive to maintain stable credit interest rates. The riel exchange rate against the US dollar continues to stabilize, while international reserves remain high.
January 26th, 2024 | Khmer Times | Link: https://t.ly/f4-5s