Trade Volume Between Cambodia and China Worth Over 3 Billion USD in 2012

Phnom Penh: Last year, the trade volume between Cambodia and China worth over 3 billion USD, and it is expected to reach 5 billion USD by 2015, a spokesman for the Ministry of Foreign Affairs and International Cooperation H.E. Koy Kuong informed the reporter after finished yesterday meeting between the outgoing Chinese Ambassador to Cambodia H.E. Pan Guangxue and the Minister of Foreign Affairs H.E. Hor Namhong. In the meeting, the outgoing Chinese Ambassador expressed his profound thanks Cambodian government and the Ministry of Foreign Affairs for strengthening diplomatic relations between the two countries during his 3 years mission in Cambodia.

Lately, Cambodian Premier Hun Sen had already visited China to strengthen the bilateral ties between the two countries in all fields, particular on politics, trade, tourism and investment. More importantly, the two sides have established an intergovernmental coordination committee to jointly implement the Action Plan on the Implementation of the Comprehensive Strategic Partnership of Cooperation. Besides, this year marks the 55th anniversary of the establishment of diplomatic relations “China-Cambodia Friendship Year”, and Cambodia hopes that Chinese senior leaders will make official visit to Cambodia this year so as to further enhance the relations. Last year, the trade volume between the two countries worth over 3 billion USD, and investment capital approximately worth over 260 million USD. “We will make our effort to increase the trade volume up to 5 billion USD by 2015 since we already reached 3 billion USD last year”, said the Minister of Foreign Affairs H.E. Hor Namhong. (Kampuchea Tmey, 30 April)

2013-2014: The World Bank Predicts Cambodia’s Economy To Grow 7%

Phnom Penh: According to the World Bank, Cambodia is expected to reach economic growth by 7% this year and next year. Cambodia’s economy will remain positive due to the growth of agriculture and tourism sectors as well as the recovery of the US and Europe’s economy which is the main export market for Cambodia. The inflation is expected to remain at around 3%, while domestic revenue is expected to improve, it added. Besides, Cambodia is predicted to receive 3.5 million of tourists, with the income more than 2 billion USD, the Ministry of Tourism said. Lately, the International Monetary Fund predicts Cambodia’s economic growth to reach by 6.7% this year, while the Asian Development Bank predicts to reach by 7.2%. (Rasmei Kampuchea, 28-29 April)

Cambodia’s Trade Volume in the First Quarter of This Year worth 3.86 Billion USD

Phnom Penh: According to the Ministry of Commerce, Cambodia’s trade volume in the first quarter of this year worth 3.86 billion USD, which increased by 0.68 billion USD (approximately 21%) compared to the same period last year. From January to March this year, the country had exported goods in the total value of 1.64 billion USD, up 21%. At the meantime, it had imported items in equivalent to 2.21 billion USD, up 20%. The Cambodia’s main exported products are garments and footwear, while it imported raw materials, motorcycles and petroleum. (Rasmei Kampuchea, 25 April)

The 2nd Bank from Taiwan Opens in Cambodia

Phnom Penh: Taiwan Cooperative Bank, one of the leading banks in Taiwan, officially commenced business in Phnom Penh on 28 March. Speaking at the ceremony, the vice-governor of the National Bank of Cambodia Mrs. Ouk Maly, said that the presence of the bank in Cambodia will bring new sources of capital, new hi-tech banking solutions, and new employment to Cambodia. In addition, she believes that more investors from Taiwan will come to Cambodia for business opportunities, and the overseas branches reflect determination to move into the international financial market, she added. The bank's branch in Cambodia is the beginning of Taiwan Cooperative Bank for its expansion in the Indo-China Peninsula. Furthermore, the bank will not only serve local businesspeople from Taiwan, but also expand Cambodian local businesses and individual, she added. (Rasmei Kampuchea)

Cambodia’s Economy to Grow by 7% in 2013

Phnom Penh: According to DPM and Finance Minister Keat Chhon, Cambodia’s economy to grow by 7% this year. The growth is contributed by garment exports, tourism, agriculture, real estate and construction. The country’s political stability, macroeconomic and financial stability will encourage more foreign investors to come to Cambodia. With this expected growth, Cambodia will get out of the classification of a low-income to a lower-middle-income country at the end of this year, he added. As defined by the World Bank, the Lower-middle-income countries are those with GDP per capita between 1,006 and 3,975 USD. Last year, Cambodia’s GDP per capita was nearly 1,000 USD, and it was expected to rise to 1,080 USD this year, said by Keat Chhon. (Kampuchea Tmey, 30 March)