Showing posts with label Investment in Cambodia. Show all posts
Showing posts with label Investment in Cambodia. Show all posts

Saturday, September 25, 2010

More Long-Term Thinking These Days: Economist

Sok Khemara, VOA Khmer
Washington, D.C Friday, 24 September 2010
“In the year 2010, there is a great impression that long-term investment is the most important need for the economy, as well as local people.”
Cambodia may still be facing some challenges from the global financial crisis, but it has recently shown some good trends, especially in long-term investment, a leading economist said Thursday.

“In the year 2010, there is a great impression that long-term investment is the most important need for the economy, as well as local people,” said Kang Chandararoth, president of the Cambodia Institute for Development Study, as a guest on “Hello VOA.”

That would include investment in mining, power and infrastructure, he said.


Thinking has shifted away from a recent attitude of short-term investment and quick money, he said.

Cambodia’s main earners continue to be tourism, construction, agriculture and manufacturing. Earlier this year, the IMF predicted a 5 percent economic growth rate for 2010.

Kang Chandararoth advised farmers to not only cultivate for subsistence, but to consider the needs of the marketplace.

Tuesday, October 14, 2008

Even Aid Could Be Hurt in Crisis: Official

By Sok Khemara, VOA Khmer
Original report from Washington
13 October 2008



Financial woes spreading from the US and across developed countries could lead to decreased future investment—and aid—in Cambodia, a top economic official said Friday.

Aun Porn Moniroth, secretary of state for the Ministry of Economy and Finance and an adviser to Prime Minister Hun Sen, led a delegation to Washington over the weekend, as the World Bank and International Monetary Fund held meetings amid spreading economic worries in the US, Europe and Asia.

Aun Porn Moniroth said he planned to "to draw attention to our main development partners, who give significant donations to developing countries."

All countries "worry," he said, "and are spending much money to stabilize their individual economies," he said, which could lead to a decrease in aid.

Cambodia receives around $600 million a year in aid from international donors to help its development, but that money could be affected, as well as investment, as the global economy slows down.

While the main focus of the weekend meetings was the global economy, Aun Porn Moniroth said Cambodia's goals of poverty reduction and improvement of the health and education sectors remained a priority.

Independent economist Kang Chandararot, director of the Cambodia Institute of Development Study, said a sweeping crisis may still not hit Cambodia too hard.

Aid to Cambodia was minimal, he said, and not likely to stop.

"Up to $1 billion or more, it's a sum that countries can cooperate on or take partnerships in helping Cambodia," he said.

Outside of aid money, Cambodia's main earners are tourism, construction, agriculture and garment export. Experts worry a sustained financial crisis could hurt there, too, though exactly how is not certain.

Export markets like the US, hurt by a shrinking economy, a debt crisis among lending institutions and wobbly markets, could affect Cambodia through lowered demand for produced goods, Aun Porn Moniroth said.

Cambodia's garment sector employs up to 350,000 workers, and the government will have to take active measures to attract investors and coordinate incentives, Kang Chandararot said.

A "large-scale development plan" nationwide and especially the promotion of special economic zones attractive to investors will be needed, he said.

Meanwhile, outside investment will be hard to maintain at the same level, and microfinance institutions may have a harder time supporting borrowers, he said.

Aun Porn Moniroth said the government has a strategy to strengthen its own financial systems in the long term.

"The main goals of our strategy are to first strengthen the banking system and strengthen and continue to develop some of the other sectors…such as insurance, stocks, and so on," he said. "But we are precautious now with the development of the stock market, for instance, as we are seeing this crisis around us in the world."

Meanwhile, Cambodia hopes to maintain an economic growth rate of 7 percent, he said, even as Cambodians are being hit with rising inflation, food and fuel prices.

Tuesday, April 01, 2008

Qatar PM arrives in Cambodia for visit

PHNOM PENH, April 1 (Xinhua) -- Sheikh Hamad bin Jassem bin Jabor Al Thani, the Prime Minister and Minister of Foreign Affairs of Qatar, arrived here on Tuesday to pay an official visit to Cambodia.

The Qatar Prime Minister's two-day visit will focus on investment in Cambodia and both sides plan to open direct flight, said Sin Bun Thoeun, the director of Information Department of theMinistry of Foreign Affairs and International Cooperation of Cambodia.

The Qatar Premier will be accompanied by businesspeople to find the possibility of investment in Cambodia, Sin Bun Thoeun said.

He added that the Premier is also the chairman of the Qatar investment group and the chairman of a major Qatar airline which owns a large number of planes.

The Premier's visit coincides with the start of the flight of his airline between Doha, Qatar and Siem Reap of Cambodia, he said.

The Qatar Premier will also visit the Angkor temples in Siem Reap province of Cambodia.

Friday, March 28, 2008

Qatar PM to visit Cambodia for direct flight, investment co-op

March 27, 2008

Sheikh Hamad bin Jassem bin Jabor Al Thani, the Prime minister and Minister of Foreign Affairs of Qatar, will pay an official visit to Cambodia on April 1-2, a Cambodian official said on Thursday.

The Qatar Prime Minister's visit will focus on investment in Cambodia and direct flight plan between the two countries, said Sin Bun Thoeun, the director of Information Department of the Ministry of Foreign Affairs and International Cooperation of Cambodia.

The Qatar Premier will be accompanied by businessmen to find investment opportunities in Cambodia, Sin Bun Thoeun said.

He added that the Premier is also the chairman of the Qatar investment group and the chairman of a major Qatar airline which owns a large number of planes.

The visit is expected to bring about more investment from Qatar and the Middle East and the Persian Gulf region in Cambodia, the official said.

Source: Xinhua

Wednesday, March 26, 2008

Qatar PM to visit Cambodia in early April

Wednesday, March 26, 2008
Everyday.com.kh
Translated from Khmer by Socheata

The PM of Qatar will perform an official visit in Cambodia at the beginning of April. The Rasmei Kampuchea newspaper quoted Sin Bun Thoeun, the information director of the Ministry of Foreign Affairs, saying, on Tuesday morning, that Sheikh Hamad bin Jassem bin Jabr Al Thani, Qatar PM and Minister of Foreign Affairs, will visit Cambodia between 01-02 April. Sin Bun Thoeun said that the goal of the Qatar PM visit is to observe the situation and the possibility for investment in Cambodia, since the Sheikh is also the chairman of the Qatar investment group, and he is also the chairman of a major Qatar airline that owns a large number of planes. The Sheikh’s visit coincides with the start of the flight of his airline between Doha, Qatar, and Siem Reap.

Monday, January 28, 2008

Telekom Malaysia to invest US$100mil in Cambodia in the next two years

TM plans to invest in Cambodia, eyes other assets too

Monday January 28, 2008
By ELAINE ANG
Reuters


SINGAPORE: Telekom Malaysia arm, TM International, is eyeing mobile assets in Laos, Myanmar and Vietnam, and will invest US$100mil in Cambodia in the next two years to build its networks, the unit's chief said on Saturday.

Chief executive Yusof Annuar Yaacob also expected TM International's revenues to grow up to 20% in the next three years.

“We're investing about US$100mil in Cambodia over the next 18 to 24 months, and we're looking at a transaction in Laos at the same time – we're talking to the government about taking over one of their mobile operations,” Yusof told Reuters in an interview.

“As for Myanmar, which is the El Dorado of Asian telecoms, we're quite keen to do something there too – we've been engaging with the government there,” he added.

The company was also keen on Vietnam and would wait for an opportunity to open up, he said.

“We've been engaged with the respective telecoms companies for a couple of years now,” he said.

“It's also a partnership issue. Despite the war, they like American companies, but for an American company to come through the door, it might not be politically acceptable, so it might be an idea for us to partner one of these guys to increase our chances of taking a stake,” Yusof said, adding that possible partners included AT&T Inc and Vodafone Group plc.

Relations between Vietnam and the United States have warmed recently, culminating in the first visit to Washington last June by a Vietnamese head of state since the 10-year Vietnam War ended in 1975.

Last September, TM said it would spin off its mobile business into a separately listed firm, TM International, to help unlock the value of its fastest growing operations, separating it from its more staid fixed-line and broadband units.

TM International will house its domestic Celcom mobile unit and operations in nine other countries, including India, Indonesia, Bangladesh and Sri Lanka. Earnings growth at TM, Malaysia's fifth largest company by market value, has mainly been driven by revenue from Celcom and its 67% owned Indonesian mobile unit, Excelcomindo Pratama Tbk.

Looking ahead, Yusof said he expected TM International's revenues to increase more than 20%, but this figure would fall when combined with Celcom's slower growth rates.

Celcom accounts for about half the group's revenues.

“The numbers are between mid to high teens (in percentage terms) for the blended organisation, over the next three years,” he added.

The listing of TM International would be finalised in early or middle of the second quarter, ahead of the earlier target of end-June, Yusof added.

Tuesday, December 04, 2007

Cambodia offering incentives to Indonesian investors

12/03/07

Jakarta (ANTARA News) - Cambodia wants to step up and develop its export and import trade with Indonesia and is offering incentives to Indonesian businessmen willing to invest in Cambodia, a Cambodian trade official said.

Cambodia wants to increase and develop its business cooperation with Indonesian businessmen, Son Koun Thor, president of the Chamber of Professional and Micro Enterprises of Cambodia (CPMEC), said when visiting the National Agency for Export Development (NAFED) here Monday.

He said Indonesian businessmen willing to invest in Cambodia would be given incentives such as tax relief and the tax exemption facilities given to Cambodia by certain other countries including China.

The tax exemption facilities from China and other countries had so far remained unused because Cambodia was still unable to make the goods according to the quality standards required by those countries. Son hoped Indonesia and Cambodia could set up a joint venture company capable of producing goods that would qualify for the tax exemptions offered by China and the other countries.

Son is Indonesia at the head of a 12-member business and trade delegation from Cambodia.

He said his country was also willing to develop cooperation in the fields of tourism, handicraft, agriculture and construction with Indonesia.

During its stay in Indonesia, the Cambodian delegation would meet with the management of state oil and gas company Pertamina and the Solo branch of the Indonesian Chamber of Commerce and Industry (Kadin).

Meanwhile, Lili Suliani, head of the Center for Development of Markets in the Asian, Australian and New Zealand Region, expressed hope Indonesian businessmen would take the Cambodian offer.

She said Indonesian businessmen needed to get a stronger foothold in Cambodia as Indonesian products had only slightly penetrated the Cambodian market.

According to data from the Central Bureau of Statistics (BPS), the value of Indonesian non-oil/non-gas exports to Cambodia reached US$103.648 million in 2006, an increase of 10.34 percent from 2005 when the figure was only US$93.94 million.

Meanwhile, Indonesia`s imports from Cambodia in 2006 totaled US$1.06 million or an increase of 44.05 percent compared to 2005 when the figure was US$732.600.

Monday, November 12, 2007

Youth joblessness in Cambodia [-Rong Chhun: Only about 10% of graduating students find jobs]

11 November 2007
By Keo Pech Metta
Radio Free Asia

Translated from Khmer by Socheata

A number of NGO officials who are working on Cambodian youth issues indicated that among Cambodian youth, especially those who completed their degrees in high schools and universities, the majority of them cannot find a job currently, and that this issue will bring hardships to the Cambodian society in the future if there is no timely resolution to this matter.

Mak Sarat, a coordinating official for the Youth Council of Cambodia (YCC), indicated that, based on civil society’s observation on the youth, each year between 300,000 to 350,000 Cambodian youth are looking for jobs to make a living, however, among all these youths, only 50,000 to 60,000 of them can find work. Therefore the joblessness problem is a major issue that the government must resolve.

Mak Sarat indicated: “The government is responsible as the ruler of the country, and it should organize to create a large job market by attracting investments, or by sending the youths to work overseas based on clear regulations. The youths themselves should put in their effort by considering themselves as part of the labor force, they should obtain the ability to produce, just like factory workers who must learn expertise, and these youths should have a true purpose and be honest.”

Regarding the joblessness issue among high school and university students, Rong Chhun, President of the Cambodia Independent Teachers’ Association (CITA), said that it is necessary for the government to further expand the job market for the people because from one year to another, the number of jobless people keeps on increasing, especially among the many tens of thousands of youths who completed their schooling, but ended up facing joblessness instead.

Rong Chhun added: “Each year, several tens of thousands finish school, but only about 10% of them find jobs, and those who are jobless amount to 90%. This problem is one that the government leader must bear responsibility for, if he neglects this issue and allows Cambodian students to remain jobless, our society will face problems in the future.”

In response to the issues raised above, Oum Mean, the deputy secretary of the Ministry of Labor and Vocational Training (MoLVT), said that his ministry, like the government itself, is working hard in the past and currently to attract various companies to invest in Cambodia, such as garment factories and other type of companies, in order to create a job market for the population, including students who completed their studies.

Oum Mean added that, besides this, the government is also looking at overseas markets, such as South Korea, Malaysia, Thailand, etc… so that Cambodian workers can go to work there. Currently, there are about 20,000 Cambodians who are working overseas in various countries.

Oum Mean said: “Therefore the ministry (MoLVT) is putting its effort so that investors remain and that they will continue to invest, and we are also attracting other investors to invest in Cambodia. When there are investments, there will be factories, companies, farms, or service industry such as the hotel industry for example, then our people will have jobs.”

Chiming on this issue, Osman Hassan, the MoLVT secretary of state, indicated that the provision of overseas jobs benefits also those with low level of education, because his ministry has set up good relationships between the ministry and companies which also include a short training for workers before they leave to work overseas.

Osman Hassan said: “In fact, it is the ministry (MoLVT) which puts its effort to seek a job market, both for workers with low level of education, and for students with higher education. In fact, since we put in our effort, there are a number of countries where our workers went, such as South Korea and among these, there are some students who went also. However, the salary in South Korea is high, in average, the lowest salary is between $500 to 600, and some even get up $1,500. Therefore, for our students, when they hear about going to South Korea, a lot of them want to go work there also.”

Mak Sarat said also that in order to resolve the joblessness issue for Cambodian youths who are currently facing difficulties, a number of NGOs, including the YCC and the Youth Stars of Cambodia, are setting up a program to provide volunteer service by high school and university students so that they can gain experience with various organizations and institutions, or within the community. These opportunities will provide an assets for these youths to help them find a job in the future also.

Mak Sarat indicated: “Normally in Cambodia, experience is needed, even if we finish school, if we don’t have experience, it’s hard to find a job. Therefore, now there are volunteers in 9 of the provinces and municipalities who constitute a network of volunteer youth from the YCC, there are almost 2,000 participants, and in 402 communes, we can see that when they participate in either the YCC or other NGOs (volunteer work), they have the opportunity to find work.”

Osman Hassan indicated also that for the MoLVT and the government, besides the help they provided to find a job market for the population, they are also cooperating with local and overseas investment companies to expand the search for job markets with various countries, including Singapore, Hong Kong, and Arabic countries.

Regarding the job market issue, Robert Zoellik, President of the World Bank, who recently visited Cambodia, said also that Cambodia needs to provide a job market to at least 300,000 people each year in order to respond to the jobs demand in the country.

Tuesday, November 06, 2007

Please invest in Cambodia, we are known for corruption, grabbing land for investors, evicting the poor from their land, very rich cronies, etc...

Invest in Cambodia Conference 2007

Cambodia Investment, Trade and Infrastructure 2007 (the Fifth Business Roundtable with the Government of Cambodia) Wednesday, 7th and Thursday 8th November 2007: Intercontinental Phnom Penh, Kingdom of Cambodia

Source: Invest in Cambodia

Nov 05, 2007 – Cambodia’s booming economy, second in Asia only to China in double digit GDP growth, enjoys a stable political situation, together with the most welcoming and liberal, business, investment and trade environment in ASEAN. An increasing number of world-class international investors are moving into Cambodia’s fast-expanding market, notably in banking, insurance, consumer and retail marketing, construction, energy, hotels and tourism, mining, cement production, agro-industry, export and domestic oriented manufacturing, as well as support sectors including industrial estates, ports, telecommunications and transport services. This latest Cambodia Investment, Trade and Infrastructure conference, the fifth in a series commenced eleven years ago in 1996, is the key meeting place for companies, whether well-established in Cambodia, recently set up, or considering market entry: a unique opportunity to learn about exciting prospects and to network with those who have already traveled the road of experience.

Official co-hosts: Office of the Prime Minister, Economic Ministries, International Business Club
Conference Co-hosts: ACLEDA Bank, UNDP
Lead sponsor: KPMG, Comin Khmere / Property Care Services
Sponsors: Attwood Group, DFDL, GE, RM Asia, Sciaroni & Associates
Media partners: CTN, Indochina Research, Interquess, Invest in Cambodia, MC&D, Phnom Penh Post

AGENDA

Wednesday 7th November 2007 (8.30-18.30)
  • Inaugural address by H.E. Samdech Hun Sen, Prime Minister of Cambodia
  • Economic and business outlook for Cambodia
  • Ministerial sessions on trade and commerce, finance and investment, banking and insurance, infrastructure
  • Cambodia Investment Climate Assessment survey results
Thursday 8th November 2007 (8.00-17.00)
  • Cambodia’s resources: energy and minerals
  • Sectoral breakout sessions: banking, insurance; export processing, trade; infrastructure; energy oil, gas; consumer, retail sector; manufacturing, SMEs, agro-industry; tourism, hotels, travel; law, tax, governance, corporate social responsibility; labour, dispute resolution, training; real estate, construction, urban development
  • Business one-on-one networking with Cambodia’s corporate leaders
For further information contact:
Christopher Bruton
Dataconsult Ltd.
54 Soi Santipharp, Nares Road, Bangkok 10500, Thailand
Tel: +66 2 233 5606-7 or 236 2780
Email: chris@dataconsult.co.th