Property News Roundup 29th February 2024
We’re delighted to share the weekly news highlights below.
- Domestic tourism up one third in ’23
Domestic tourism in Cambodia surged with nearly 19 million resort visits in 2023, a more than one-third increase from the previous year, while outbound tourists from the Kingdom neared 2 million, according to the Ministry of Tourism. From January to December, national tourists embarked on 18,743,373 domestic trips within the country, a 34.5% rise compared to 2022. Nationals travelling abroad numbered 1,819,504, an 87.5% increase. The ministry recorded 13,967 licenses for tourism establishments in 2023 and estimated that the sector directly employs about 450,000 people.
February 18, 2024 | Phnom Penh Post | Link: https://t.ly/UkZJp
- PM inaugurates new Phnom Penh bridge
Prime Minister Hun Manet inaugurated the new 845.7 meter Chak Angre Krom-Prek Pra bridge over the Bassac River. The bridge across the Bassac River (Chak Angre Krom – Prek Pra) is the first bridge construction project for the new Royal Government. The project will feature twin concrete bridges with a total width of 27 meters, with each bridge having a cross section of 13.25 meters, AC concrete with a surface thickness of 10 cm and a gap of half a meter. Each bridge has 2 lanes for traffic vehicles, 7 meters long lanes, 1 lane for bicycles, 2.5 meters long, 1 lane for pedestrians, 1 meter long lanes, 1.25 meters wide bridge spans. The project will be built by a Shanghai construction company and technically supervised by Guangzhou Wanan Technical Consulting, with a construction period of 42 months to be completed during 2027, with a total budget of 60.2 million US dollars – a concessional loan from the Chinese government, together with the contribution of the Royal Government of Cambodia for the impact of demining, unexploded ordnance and other taxes.
February 19, 2024 | Khmer Times | Link: https://t.ly/LiVDB
- Cambodia collects nearly $6 billion in taxes in 2023
Cambodia earned $5.9 billion in revenues from all kinds of taxes in 2023, a 3.9 percent decrease compared to $6.14 billion in 2022. The GDT earned $3.61 billion in 2023, a 4.5 percent increase from $3.45 billion in 2022. This $3.61 billion in taxes collected has ensured the department achieved 101 percent of its annual target, said the report. The GDCE collected $2.28 billion in 2023, a 15.7 percent decrease compared to 2022 figure of $2.67 billion, the report read. This has been due to a number of challenges, including a decline in automobile imports, said Kun Nhim, director-general of GDCE.
February 19, 2024 | Khmer Times | Link: https://t.ly/Vttpy
- CDC registered 22 investment projects worth $444 million in the first 15 days of February 2024
In the 15 days of February 2024, the Council for the Development of Cambodia (CDC) decided to issue certificates for the registration of 22 qualified investment projects with a total investment capital of more than $444 million. This is according to the report from the CDC. The Council for the Development of Cambodia confirmed that sectoral investment projects include 15 industrial projects, 4 infrastructure and other projects, and 3 agricultural and agro-industrial projects.
February 19, 2024 | Khmer Times | Link: https://t.ly/vZWoS
- Optimistic growth forecast by ministry: 6.6%
Senior officials from the Ministry of Economy and Finance predict that Cambodia’s economy will grow by approximately 6.6% in 2024, despite external challenges like geopolitical tensions and a global economic slowdown, including in its key trading partners. The projection is bolstered by improvements in the non-garment sector and tourism, coupled with a significant early-year rebound in the garment sector. The senior official projected that the country’s gross domestic product (GDP) would reach approximately 142.96 trillion riel (about $35.17 billion) this year, with GDP per capita expected to hit $2,071, compared to $1,917 in 2023.
February 20, 2024 | Phnom Penh Post | Link: https://t.ly/jLWcy
- New prakas to continue tax incentives in tourism sector
The Ministry of Economy and Finance’s prakas No 119, authorised by minister Aun Pornmoniroth on February 8, targets registered enterprises such as hotels, guesthouses, restaurants and travel agencies operating in Phnom Penh and the provinces of Siem Reap, Preah Sihanouk, Kep and Kampot. The benefits include monthly tax exclusions and exemption from 2023 annual income tax, as well as considerations regarding tax liabilities and audits, although the benefits vary between the targeted locations.
February 20, 2024 | Phnom Penh Post| Link: https://t.ly/JHUS5
- Govt seeks $40B capital to build infrastructures by 2033
The Council for the Development of Cambodia (CDC) and the Ministry of Public Works and Transport (MPWT) yesterday held a meeting to review the process of transport and logistics master plan as the Royal Government of Cambodia (RGC) seeks an investment capital of nearly $40 billion to construct 174 projects aimed at developing a connected infrastructure across the Kingdom.
February 21, 2024 | Khmer Times | Link: https://t.ly/OpUp-
- Arey Ksat Bridge Construction Set to Commence in Early 2025, Signaling Major Infrastructure Milestone
The commencement of the Cambodia-Korea Friendship Bridge Project is anticipated to take place at the genesis of 2025. Cementing the commitment to this significant infrastructure development within Cambodia, a meeting was held on 21 February 2024. The bridge’s financing, a substantial loan amounting to US$245,909,000 secured by Korea on 9 December 2022, symbolizes the Republic of Korea’s belief in potential-rich Cambodia.
February 21, 2024 | Construction Property | Link: https://t.ly/Bj77t
- Cambodia’s Notable Factory Boom, 241 New, Amid Nearly 100 Closures in 2023
According to the latest findings from the Ministry of Industry, Science, Technology, and Innovation (MISTI), the kingdom celebrated the launch of 241 new factories. Yet, it grappled with the closure of 98 industrial units, underscoring a complex narrative of development and economic adjustment. The total tally of factories reached 2,125 as the year concluded, which is a significant 7.21% rise from the preceding year. This uptick in the industrial count parallels the 11.24% increase in total investment, now proudly standing at a formidable US$18.56 billion, advancing the industrial production value to a considerable US$16.36 billion—an impressive 3.35% growth from the previous year.
February 21, 2024 | Construction Property | Link: https://t.ly/EBTwZ
- Remarkable progress: Cambodia’s large-scale factory investment surged to over $18bil last year
The Ministry of Industry, Science, Technology & Innovation (MISTI) has unveiled a series of remarkable achievements for 2023, setting the stage for ambitious endeavours in 2024. Last year, Cambodia witnessed a net increase of large-scale factories compared to the previous year. These factories employed over one million workers and investment capital surged to $18.56 billion. In 2023, Cambodia saw 241 new large-scale factories and 98 factories closed, an increase of 143 factories (7.21%) compared to 2022, making the number of large-scale factories operating nationwide at 2,125, employing 1,040,333 workers.
February 21, 2024 | Khmer Times | Link: https://t.ly/UypfJ
- Technical study presents positive findings on city light rail in PP, Siem Reap
China Metro Group conducting technical studies on the light rail transit system in Phnom Penh and Siem Reap province has reported a positive move in the studies, citing its commitment to make the projects successful. The positive progress of the studies was on two light rail transit development projects including the light rail transit project connecting Siem Reap-Angkor International Airport to Siem Reap and light train transit project connecting Techo Takhmao International Airport to Phnom Penh capital.
February 22, 2024 | Khmer Times | Link: https://t.ly/itoVI
- Chanthol proposes India to build technology SEZ in Cambodia
Cambodia has urged India to explore the possibility of building its own technology SEZ in the Kingdom. Based on a CDC press release, the two government representatives further discussed the establishment of the Cambodia-India free trade agreement (FTA) to further strengthen the diplomatic and trade ties between the two nations. After observing the good cooperation that exists between Cambodia and other countries which led to the establishment of new SEZs including the Cambodia-Japan Special Economic Zone, the Cambodia-UK Green SEZ became a case for pushing the Ambassador to examine the feasibility of building the Cambodia-India SEZ, investing heavily in technology as the core of the project.
February 22, 2024 | Khmer Times | Link: https://t.ly/d85Lg