Challenges of East Asia’s Economic Growth due to Europe Debt Crisis

On 06 December 2011, Asian Development Bank has trimmed its 2012 growth forecast for emerging East Asian economies including China, as the euro zone crisis threatens to further slow an already weakening global economy. The Manila-based ADB cuts its gross domestic product (GDP) forecast to 7.2 % for the 10 ASEAN member countries plus China, Hong Kong, South Korea and Taiwan from 7.5 % in September.  It also mapped out an "extreme scenario" of European and US meltdowns, which could shave 1.2% off growth next year in East Asia including Japan, from a forecast 5.4% to 4.2%. (Rasmei Kam.)

IMF: Cambodian Economic Growth to Reach 7.5 Percent in 2011

According to Mr. Olaf Unteroberdoester in charge of IMF Asia Pacific Department, Cambodia’s economic growth this year would reach 7.5 percent regardless of the flooding impacts. IMF also projected Cambodia’s 2012 economic growth at 7 to 8 percent. (Rasmei Kam.)

Ministries of Foreign Affairs of Cambodia and Philippines Conducts the First Meeting to Boost Investors

The first Cambodia-Philippines Joint Commission Meeting chaired by H.E. Ung Sean, Secretary of State at the Ministry of Foreign Affairs and International Cooperation and visiting Ms. Erlinda F. Basilio, Philippines Foreign Affairs Undersecretary for policy, was held yesterday in order to discuss and exchange friendship perspectives and sign an agreement on the result of the first Cambodia-Philippines Joint Commission. Both countries pledged to further promote their cooperation in the fields of trade, education, tourism, agriculture and aviation, as well as in combating cross border crimes and protecting labor rights. (Rasmei Kam.)

Cambodia Exports US$171 Million Worth of Rubber Latex

AKP Phnom Penh, December 8, 2011 –

In the first ten months of this year, Cambodia exported US$171 million worth of rubber latex, an increase by 170 percent if compared with the same period last year, Ministry of Commerce’s statistics showed.

Mr. Mak Kim Hong, President of the Cambodian Rubber Association said actually the export volume of the Cambodia’s rubber latex is bigger than this, but some exporters have kept some stocks for a better price next year. 

“As far as I know there are from 6,000 to 7,000 tons of rubber latex have been stocked for a better price early next year,” he said. 

The major markets for the Cambodian rubber latex now are China, Vietnam, South Korea, and Malaysia, and a ton of rubber latex costs around US$3,160, he said. 

By KHAN Sophirom

Phnom Penh Starts US$21-Million Development Project of East Riverbank

AKP Phnom Penh, December 9, 2011 –

Phnom Penh’s US$21-million development project of the east riverbank from Chroy Changvar Bridge to Chroy Changvar Sokha Hotel located in Russey Keo district was kicked off yesterday in the presence of H.E. Kep Chuktema, Governor of Phnom Penh.

The development project of the 3,000-meter-long riverbank, conducted by Sokha Hotel Company, a local private investor, will last 18 months, an official said. 

Some US$18.27 million will be used to build the eastern part of the riverbank in Phnom Penh and US$2.87 million to build roads and a green garden, he said. 

Addressing the ground breaking ceremony, H.E. Kep Chuktema asked the relevant institutions and local authorities to cooperate with Sokha Hotel Company for the success of the project.

By KHAN Sophirom

China to Establish Metal Melting Industry in Cambodia with the amount of 500 Million Dollars

Having been exploring minerals in the north of Cambodia, one of China’s industry companies named China Nonferrous Metal Group based in Guangxi Zhuang Autonomous Region assured that it will establish metal smelt industry with the amount of 500 million dollars in the next 3 years, said Mr. Yang Daoxi, Vice Chairman of Guangxi Zhuang Autonomous Region dated 18 November 2011. He also said that Preah Vihear is potential for mineral extraction in early 2012. (Rasmei Kam, 22 November.)

Chinese metal firm to invest 500 mln U.S. dollars in Cambodia

PHNOM PENH, Nov. 18 (Xinhua) -- China's Guangxi Nonferrous Metal Group has planned to invest 500 million U.S. dollars in a steel plant and an industrial zone in Cambodia in the next three years, Yang Daoxi, vice chairman of Guangxi Zhuang Autonomous Region, said on Friday.

Yang made the announcement during a meeting with Cambodian Minister of Industry, Mine and Energy Suy Sem.

He said the Guangxi Nonferrous Metal Group had already invested 30 million U.S. dollars in exploring iron ore in Roveang district of Preah Vihear province in northern Cambodia and the exploration had successfully completed.

"Now, it is the phase of iron ore exploitation and the firm is to build a steel plant and later an industrial park in Cambodia," he said. "My visit is to ask for full support from the ministry in order to find a proper location to build the plant."

"I hope that the project will be a good pattern of cooperation between Guangxi and Cambodia," he said.

Suy Sem said the ministry fully supported the project and he would advice a proper location for the firm to build the plant.

"The project will be a huge benefit to Cambodian economy. I will support and facilitate all requests from the firm in order to achieve this ambitious project."

The minister said that in order to meet the production capacity when the plant is built, the ministry has provided other four areas rich in iron ore to the company to exploit.

Yang, accompanied by a group of Guangxi investors, arrived here on Thursday for a five-day visit.