H.E. Sok Siphanna talks about the potential of rice trade

H.E. Sok Siphanna talks about the potential of rice trade

(in Khmer language)

Part 1:

Part 2:

New Market Research Report: Cambodia & Laos Telecommunications Report Q4 2010

Fast Market Research recommends “Cambodia & Laos Telecommunications Report Q4 2010″ from Business Monitor International, now available

FOR IMMEDIATE RELEASE

PRLog (Press Release–Nov 06, 2010) – Few new data regarding the telecommunications markets of Cambodia and Laos have been disclosed since our last update, with the situation in Cambodia urgently needing clarification as various players offered up wildly conflicting views on the size of the market, which range from 3.7mn to 7.1mn subscribers. Several operators, which rely heavily on prepaid services for growth, have yet to eliminate inactive and unregistered subscriber data from their records, and they continue to report heavily distorted user numbers. Others – such as Mfone and Axiata (hello) – have seen significant reductions in subscriber numbers as a result of record-keeping clean-ups, while smaller operators remain uncommunicative. We continue to believe that the market supported 5.4mn subscribers at the end of 2009, a view also held by VimpelCom of Russia. The market grew rapidly on the back of aggressive price competition in 2009 and, with new curbs on tariff changes effected early in 2010, we expect more moderate growth going forward.

First modern abattoir planned for Kingdom

First modern abattoir planned for Kingdom

PP Post, FRIDAY, 05 NOVEMBER 2010 15:02 IM NAVIN

MONG Reththy Group plans to invest US$1.5 million to $3 million to build Cambodia’s first modern slaughterhouse in Phnom Penh next year.
Mong Reththy, local tycoon and senate member, said the new abattoir would ensure meat quality and provide sanitary conditions in which to kill animals. He said Cambodia needed a modern slaughterhouse to maintain people’s health.
“Our neighbouring countries already have modern slaughterhouses, so we have to.”
But he warned the slaughterhouse would not be built until next year because there were not enough pigs and cows in the country to support it.
He called on farmers to raise more pigs to meet demand.

Riel reacts on Fed stimulus

PP Post, FRIDAY, 05 NOVEMBER 2010 15:02 NGUON SOVAN

CAMBODIA’S riel appreciated to 4,135 against the greenback at some money lenders yesterday, as the United States announced huge quantitative easing measures to kick start its economic recovery.
The value of the dollar has slipped since the Federal Reserve announced a plan on Wednesday to spend US$600 billion on government bonds over the next year as part of a scheme of quantitative easing.
The news – which was higher than many forecasts – lifted hopes that the world’s biggest economy could see stronger growth, although some policy makers fretted about the knock-on effects for Asian economies.
The dollar fell against other currencies following the Fed decision. It fetched 80.82 yen in Tokyo trade yesterday, slipping from 81.12 late on Wednesday in New York.
The dollar had fallen over the past few weeks as dealers anticipated the move, at one point hitting a 15-year low of 80.21 against the yen.
Meanwhile, the riel has appreciated after a six-month decline.

Cambodia, China announce 1.6billion dollar deal: officials

Thursday, November 04, 2010
AFP

China’s Wu Bangguo (L) toasts with Cambodian Prime Minister Hun Sen

PHNOM PENH — China will inject 1.6 billion dollars into Cambodian infrastructure over five years, officials said Thursday, just days after the US urged the country not to become too dependent on the Asian giant.

"Within the next five years, Cambodia and China will have 23 co-operation projects," government spokesman Khieu Kanharith told reporters after a meeting between China’s top legislator Wu Bangguo and the Cambodian Prime Minister, Hun Sen.

Hydropower dams, mining projects, bridges and railway linkswould be among the initiatives funded by China between 2010 and 2015, he added.

At their meeting in Phnom Pehn, Wu and Hun Sen witnessed the signing of 16 deals, including a loan agreement arranged by the Bank of China that will see Cambodia’s largest mobile operator CamGSM borrow over 590 million dollars.

China also plans to help Cambodia build a new railway to neighbouring Vietnam, providing one of the last missing links for a pan-Asian network that would connect Singapore with China’s Kunming by train, according to the spokesman.

He said Wu also promised to boost Chinese direct investment in the kingdom, which so far this year stands at 610 million dollars.

Rice is right at trade fair

PP Post, THURSDAY, 04 NOVEMBER 2010 21:04 SOEUN SAY

Indonesia is considering buying 300,000 tonnes of Cambodian rice, according to its ambassador.
Speaking at the Indonesian Trade Fair (pictured right) on Phnom Penh’s Diamond Island, Indonesian ambassador Soehardjono Sastromihardjo said that Cambodian rice imports were on the agenda.
“We want to import rice to our country. Now, we are looking for a lot [from Cambodia] – about 300,000 tonnes,” he said.
The ambassador hoped that trade between the two nations would also increase this year, perhaps by as much as 20 percent, and could be worth US$250 million in 2010. In addition, he said that Indonesia “wants to sell agricultural machinery to Cambodia, but now we are still in negotiations”.

Licences granted for Kingdom’s bourse

PP Post,  TUESDAY, 02 NOVEMBER 2010 19:37 NGUON SOVAN

 

Fifteen companies have been officially granted licences by the Securities and Exchange Commission of Cambodia to act for the Kingdom’s first stock exchange.

Commission chairman and Economy and Finance Minister Keat Chhon said granting the licences was a key step towards the bourse, scheduled to launch in July next year “at any cost”.

Investment set for recovery

Investment set for recovery

PP Post, FRIDAY, 01 OCTOBER 2010 15:01 NGUON SOVAN AND JEREMY MULLINS

THE Council for the Development of Cambodia forecast yesterday that approved foreign investment in the Kingdom would drop 27 percent this year, compared to 2009, but was set to make a gradual recovery.
In a presentation given at Phnom Penh’s Koh Pich Island yesterday, Council for the Development of Cambodia’s investment board deputy secretary general Duy Thouv forecast projects worth $4.25 billion would be approved this year.
The fall would be the second year that approved Foreign Direct Investment has plummeted. In 2008, FDI hit a massive US$10.891 billion but fell 46 percent to $5.859 billion in 2009.
The CDC has predicted that after this year, approvals would gradually improve, to $4.46 billion in 2011, $5.8 billion in 2012 and $6.96 billion in 2013.
Despite the figures, officials remained positive about the Kingdom’s economy.
The 27 percent decline was not an indication of weakness, Duy Thouv said yesterday.

Banking boost

Phnom Penh post, SUNDAY, 03 OCTOBER 2010 21:18 NGUON SOVAN

Cambodia’s largest banks have reported substantial profit increases for the third quarter ending September, with demand for loans rising because of a resurgence in the garment, agriculture and tourism sectors.
Canadia Bank and ACLEDA Bank saw significant profit increases for the quarter from July to September compared to the previous three months, as industry officials voiced optimism about domestic economic growth.
The profit figures follow a spate of positive news for the Kingdom’s economy last week, including the Asian Development Bank increasing Cambodia’s growth forecast for this year to 5 percent from 4.5 percent and international experts at a conference in Malaysia lauding the forthcoming national stock exchange.
Canadia Bank – the Kingdom’s second-largest and most profitable bank last year – saw gross profits before tax increase by 14 percent quarter on quarter, according to Vice President Dieter Billmeier.
He said the increased profits enabled Canadia to boost its lending faster than expected with loans already surpassing its planned US$450 million budget for the year.

Plans for an Island, Far Away, and for a Tower, High Above – Thursday, 2.9.2010

The Mirror, Vol. 14, No. 680

As the Constitution of the Kingdom of Cambodia says, the “Cambodian people are the masters of their own country.” And in its Article 51, the Constitution, written in 1993 by the elected representatives forming the first National Assembly, who then established the Kingdom of Cambodia, were setting high goals for the future: “to restore Cambodia into an ‘Island of Peace’ based on a multi-party liberal democratic regime guaranteeing human rights and the respect of law, and responsible for the destiny of the nation.”

Recently, there were reports about some other high flying plans for Cambodia.

Islands are different from their environment – they can have a kind of life of their own.

The Pristine Island of Koh Rong – Picture: Hotel Online

Now there are big plans to invest millions of dollars – others say billions – to develop an island half an hour by boat off the coast of Sihanoukville – Koh Pich – into an ecologically sustainable resort area like the world famous tourism destinations of Phuket in Thailand or Bali in Indonesia. There had been no announcement about A bidding process which led to this contract for the 78 sqkm island – but this is similar to many other of the large, long range economic concessions. The Mirror had only briefly reported under the date of 12.8.2010:

• The Royal Government Gave Koh Pich Land Titles [to the Oversea Cambodian Investment Corporation of the director general of the Canadia Bank, Mr. Pung Kheav Se; the Koh Pich island covers a total area of 100 hectares and was contracted for 99 years for development]

The plans foresee really an island – something different from its environment of the country of Cambodia: a luxury resort, with hotels and a golf course an a yacht harbor – plus its own international airport. While international tourism so far has been mainly focused on Angkor Wat, this plan aims to add some new feature, comparable to other international island and beach tourism destinations in Asia.

But now one more grand plan was released – aiming still higher: To build the highest building in Asia, the second highest in the world. According to local newspapers, the Prime Minister said:

“Cambodia will build the tallest private building in Asia… I plan this building with the private sector, 555 meters… I think we can do it.”

Mr. Touch Samnang, responsible for planning in the Overseas Cambodia Investment Corporation, promoting this plan, is quoted to have said, “We have enough capital to build. We are not looking for investment partners.’ But for the technical construction we will need help from abroad.” The building would have commercial space for shopping and exhibition centers, but also residential sections. “It will reflect Phnom Penh. It is possible. It depends on the money, right? If you have the money, you can build anything.”

The press reports I have seen so far did not say anything about the need for such a building, and about its economic viability – for example calculating the prices for the rent of offices and housing in this 555 meter tall tower, totally depending or reliable electricity supply, etc. etc. But Mr. Samnang considers that this building “will be a triumph for Cambodia.”

“If you have the money, you can build anything.” For example also housing which the large number of people in Phnom Penh, who live in substandard crowded environments. If there exists a master plan how to solve the public housing needs in Phnom Penh during the coming years, we would appreciate to be informed where we can see it. The Mirror could be happy to help to share it widely, and invite to discuss it. After all, the Cambodian people are the masters of their own country.