Property News Roundup 4th January 2024
We’re delighted to share the weekly news highlights below.
- Cambodia’s RCEP trade touches $26 billion in Jan-Nov
Cambodia’s total trade with the 15 countries of the Regional Comprehensive Economic Partnership (RCEP) reached $26 billion in the first 11 months of 2023, up 16.6 percent year-on-year. China was Cambodia’s largest export market and second-largest import source, followed by Thailand and Vietnam. The RCEP agreement, signed in November 2020, will boost Cambodia’s trade and investment opportunities, diversify its products and markets, and enhance its regional integration.
December 22nd, 2023 | Khmer Times | Link: https://t.ly/uU13T
- Sihanoukville’s US$ 243M Deep-Water Container Terminal Project Phase I Breaks Ground
Phase I of Sihanoukville’s deep-water container terminal breaks ground, led by Japanese firm TOA Corporation. The project costs US$ 243 million. It is expected to reduce shipping costs by US$ 200 per container and increase port capacity to 93%1. The future of Phase II and III are aiming to enhance port capacity to over 2.5 million containers annually and facilitate global trade1.
December 22nd, 2023 | Construction & Property | Link: https://t.ly/JPVvp
- Cambodia receives nearly half million Chinese tourists in 11 months
Cambodia attracted 498,250 Chinese visitors during the first 11 months of 2023, said a report from the Ministry of Tourism released on Monday.The number accounted for 10.1 percent of a total of 4.91 million international tourist arrivals to the Southeast Asian country during the January-November period this year, the report said.
December 26th, 2023 | Khmer Times | Link: https://t.ly/UdDkE
- Trade hits $1.05B as Cambodia-Korea FTA completes one year
Bilateral trade between Cambodia and South Korea has reached $1.05 billion as both countries mark the first year of the Free Trade Agreement (FTA). According to reports, Cambodia is all set to receive more Korean investments with bilateral ties scaling new heights. With South Korea agreeing to remove tariffs on 95.6 percent of products imported from Cambodia, and Cambodia to axe duties on 93.8 percent of imported goods, trade between the two countries has hit new levels.
December 26th, 2023 | Khmer Times | Link: https://t.ly/S9MhX
- PM says Japan reviewing proposal for bridge connecting PP and Kandal
Prime Minister Hun Manet has said that Japanese government is examining the possibility of helping the government to build a bridge across the Mekong River, connecting Phnom Penh City and Kandal province. Two of the projects we need to carry out are the expansion of National Road 1 to Neak Loeung bridge and build the bridge across the Mekong River, from Kdey Takuy to Arey Ksat, the Prime Minister added.
December 25th, 2023 | Khmer Times | Link: https://t.ly/8ekqE
- Phnom Penh to see 20 percent rise in office space in 2024
New commercial office space developments constructed in Phnom Penh have doubled since 2019 and we can expect another 200,000 square metre increase in the office supply next year. The predicted increase will raise the office sector’s overall supply upwards of 1.2 million square meters by the end of 2024, according to CBRE Cambodia.
December 27th, 2023 | Khmer Times | Link: https://t.ly/-_SUu
- Ministry logs new 201 factories in Jan-Nov period
The Ministry of Industry, Science, Technology, and Innovation Cambodia has registered 201 new factories in the January-November period this year, bringing the total number of factories to 1,968, according to the Ministry of Industry, Science, Technology, and Innovation. The figures increased by 24.8 percent compared to 161 new factories registered in the same period last year.
December 27th, 2023 | Khmer Times | Link: https://t.ly/pad_u
- Cambodia’s garment, footwear, travel goods exports down 15 pct in 11 months
Cambodia exported $9.9 billion worth of garment, footwear and travel products to international markets in the first 11 months of 2023, down 15 percent from nearly 11.7 billion dollars in the same period last year, said a Ministry of Commerce’s report released on Tuesday.Apparel and textiles accounted for 7.22 billion dollars during the January-November period this year, marking a decline of 14.8 percent from 8.48 billion dollars in the same period last year, the report said.
December 27th 2023 | Khmer Times | Link: https://t.ly/yRM6S
- Foreign tourists using Cambodian airports as entry ports up by 150 percent
The number of foreign tourist arrivals across international airports of Cambodia increased by 148.4 percent to 1.67 million in the January-November period of this year, a Ministry of Tourism report showed. This constituted 34 percent of all tourist arrivals in the Kingdom, which stood at 4.91 million during the same period, the report stated. Phnom Penh International Airport handled 1.23 million tourist arrivals and Siem Reap International Airport, which saw 424, 963 arrivals witnessed an increase of 132 percent and 233 percent respectively compared to the same period last year.
December 15th, 2023 | Khmer Times | Link: https://t.ly/OFsbZ
- The Gov’t urge to implement to build a light rail line connecting Siem Reap to the new airport
An inter-ministerial commission with China Metro Group has been pushing for discussions on a light rail development (LRT) project connecting Siem Reap-Angkor International Airport to Siem Reap. This is according to the meeting chaired by HE Sun Chanthol. The meeting was held to promote the implementation of the light rail development project connecting Siem Reap-Angkor International Airport to Siem Reap by the high recommendation of the President in response to the growth of tourists and transportation services.
December 15th, 2023 | Construction Property | Link: https://bit.ly/48eqvZy