Why Phnom Penh is a Rising Digital Nomad Hub

Phnom Penh is rapidly gaining popularity among digital nomads. The city boasts affordable accommodations, an active expat community, and a fascinating cultural landscape. Cambodia’s ongoing investment in digital infrastructure has significantly enhanced Wi-Fi availability and created more remote work-friendly venues. This growth makes Phnom Penh an increasingly attractive base for location-independent professionals.

What Digital Nomads Look for in a Cafe

For digital nomads, the perfect cafe isn’t just about good coffee. Here’s what they prioritize:

• Reliable Wi-Fi: Essential for virtual meetings, file uploads, and uninterrupted work.
• Comfortable Seating: Ergonomic chairs and spacious tables are ideal for long work hours.
• Power Outlets: A must for keeping devices charged throughout the day.
• Quiet Environment: A calm and distraction-free atmosphere enhances productivity.
• Quality Coffee and Snacks: Excellent beverages and meals keep energy levels high.
• Proximity to Key Locations: Convenient access from accommodations or coworking spaces is a plus.

Top 7 Cafes in Phnom Penh for Digital Nomads

1. Brown Coffee

A staple in Phnom Penh, Brown Coffee is renowned for its consistent quality and professional ambiance. With multiple branches across the city, it’s a reliable option for digital nomads. The menu features a wide variety of coffee, teas, and light meals, ensuring a productive and comfortable experience.

2. Raintree Cafe

Located within the Raintree coworking space, this cafe is perfect for networking and getting work done. The minimalist design, natural light, and availability of private meeting rooms make it an excellent choice for collaborative work sessions.

3. The Hub Cafe

The Hub Cafe offers ample seating, plenty of power outlets, and high-speed Wi-Fi. Its rooftop area provides stunning city views, offering a refreshing break from work without leaving your laptop behind.

4. ARTillery Arts Cafe

This cozy cafe combines a peaceful environment with a menu filled with healthy options, including vegan and gluten-free dishes. It’s a go-to spot for digital nomads who value nutritious meals alongside productive work sessions.

5. The Shop 240

Tucked away in a quiet street, The Shop 240 is a hidden gem with a serene ambiance. Its outdoor seating is perfect for those who enjoy working with a breeze, while the coffee and fresh pastries are sure to delight.

6. Java Creative Cafe

Java Creative Cafe merges art and work seamlessly. With frequent exhibitions and cultural events, it provides an inspiring atmosphere for creative professionals. The bright, airy workspace and strong Wi-Fi are ideal for freelancers.

7. Sundown Social Club

Though primarily known as a bar, Sundown Social Club offers a relaxed vibe during the day. Its breathtaking sunset views make it a great place to transition from work to leisure, perfect for winding down after a productive afternoon.

Tips for Maximizing Your Productivity in Phnom Penh Cafes

1. Choose Off-Peak Hours: Early mornings and mid-afternoons are quieter, giving you a better chance to snag a prime spot.
2. Bring a Backup Hotspot: Most cafes offer reliable Wi-Fi, but having a personal connection ensures uninterrupted work.
3. Respect Cafe Etiquette: Make regular purchases if you plan to stay for hours and be considerate of other patrons.
4. Combine Cafes and Coworking Spaces: Some cafes are near coworking hubs, enabling you to switch between environments easily.

Why Phnom Penh is Ideal for Digital Nomads

Phnom Penh provides a perfect balance of affordability, cultural richness, and a thriving community. The city’s landmarks, like the Royal Palace and Wat Phnom, offer enriching experiences during breaks. Plus, networking opportunities with other professionals ensure both personal and professional growth.

Discover Your Perfect Work Spot

Phnom Penh’s cafes are more than just coffee stops—they’re dynamic spaces where creativity, productivity, and community thrive. Whether you’re brainstorming your next big project or simply checking off your to-do list, these cafes provide the perfect backdrop for digital nomads.

Which cafe in Phnom Penh is your favorite? Share your experiences in the comments and inspire others to explore!

The post The Best Cafes and Coffee Spots in Phnom Penh for Digital Nomads: Work, Sip, and Thrive first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Cambodia is positioning itself as a leader in Southeast Asia’s shift towards a green economy. By integrating sustainability with economic development, the country is addressing pressing environmental challenges while promoting growth and equity. This article dives into Cambodia’s green economy initiatives, showcasing strategies, successes, and hurdles as the nation strives to balance development with environmental stewardship.

Understanding the Green Economy: Definition and Global Relevance

A green economy is defined by its focus on reducing environmental risks and ecological scarcities while achieving sustainable development and economic growth. The model emphasizes renewable energy, waste reduction, and policies that promote long-term ecological health. Globally, the green economy is gaining traction as countries recognize the need to integrate sustainability into their development strategies.

Cambodia is aligning itself with this movement by embedding green principles into its national policies and initiatives, reflecting a commitment to achieving the United Nations Sustainable Development Goals (SDGs).

Cambodia’s Roadmap to a Sustainable Green Economy

Key Milestones

Cambodia’s green journey began with the National Green Growth Roadmap in 2009. This landmark initiative outlined seven priority areas, including access to clean water, renewable energy, sustainable transport, and green education.

In 2013, Cambodia adopted its Green Growth National Policy and Strategic Plan (2013–2030). These frameworks emphasize resource efficiency, climate resilience, and economic competitiveness, setting the stage for sustainable growth.

Partnerships and Collaborations

Cambodia has partnered with international organizations such as the Global Green Growth Institute (GGGI) and the Green Climate Fund. These collaborations have helped secure funding for green projects, ranging from renewable energy initiatives to sustainable agriculture programs.

Current Achievements and Progress

Renewable Energy Expansion

Cambodia’s renewable energy sector is rapidly growing, with significant investments in solar farms and hydropower projects. These initiatives are boosting the country’s clean energy capacity and advancing its sustainability goals, aligning with global green energy trends.

Sustainable Agriculture

Efforts to promote organic farming and reduce reliance on chemical fertilizers are transforming Cambodia’s agricultural landscape. These initiatives aim to enhance food security while reducing environmental degradation.

Waste Management Innovations

Urban centers like Phnom Penh are piloting waste management programs, including recycling and composting initiatives. These programs address the growing challenge of urban waste while creating economic opportunities in recycling industries.

Key Challenges in Cambodia’s Green Economy Transition

Despite its progress, Cambodia faces significant challenges in its green economy transition:

1. Financial Constraints
   Limited domestic resources necessitate reliance on international funding, which can be unpredictable and insufficient for large-scale projects.
2. Climate Vulnerabilities
   As one of the most climate-vulnerable countries, Cambodia experiences frequent flooding and droughts, threatening its agriculture and rural livelihoods.
3. Balancing Industrialization with Sustainability
   Rapid urbanization and industrial growth strain natural resources, complicating efforts to achieve sustainability.

Opportunities for Growth

Ecotourism Potential

Cambodia’s rich biodiversity and cultural heritage make it an ideal destination for ecotourism. Developing eco-friendly tourism infrastructure can generate revenue while preserving natural and cultural assets.

Green Finance Initiatives

The ASEAN sustainable finance taxonomy offers Cambodia access to funding for green projects, enabling investments in renewable energy and sustainable infrastructure.

Community-Driven Projects

Local communities are increasingly involved in green initiatives, from reforestation projects to decentralized renewable energy systems. Empowering these communities can drive grassroots sustainability efforts.

Future Strategies: How Cambodia Can Lead in the Green Economy

1. Strengthening Policy Enforcement
   Cambodia must enhance enforcement of environmental laws, ensuring compliance among industries and developers.
2. Scaling Up Green Investments
   Attracting foreign direct investment (FDI) in renewable energy and green technologies will be crucial for scaling up initiatives.
3. Promoting Public Awareness
   Education campaigns highlighting the benefits of green practices can encourage widespread adoption of sustainability measures among citizens and businesses.
4. Fostering Innovation
   Supporting startups and research in green technologies can position Cambodia as a hub for sustainable innovation in Southeast Asia.

Conclusion

Cambodia’s green economy journey represents a transformative approach to balancing growth with sustainability. While challenges remain, the nation’s proactive policies, international partnerships, and community-driven initiatives provide a solid foundation for progress. By continuing to prioritize sustainability, Cambodia can not only safeguard its natural resources but also inspire regional and global efforts toward a greener future.

Transitioning to a green economy presents challenges, but it also offers an unprecedented opportunity for Cambodia to secure a sustainable and prosperous future. From government policies to individual actions, every effort counts in building a greener tomorrow. By investing in green technologies and fostering international collaborations, Cambodia can inspire global efforts toward a sustainable future. How will you contribute to this vision?

If you’re inspired by Cambodia’s green economy efforts, consider how you can contribute to sustainability in your community. Whether through small lifestyle changes or larger investments in green technologies, every action counts. Share this article to spread awareness and encourage global support for Cambodia’s green initiatives.

The post Green Economy in Cambodia: How Sustainability Drives Growth in 2024 first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Cambodia has emerged as a rising star for foreign direct investment (FDI) in Southeast Asia. With competitive corporate tax rates and investor-friendly incentives, the nation is building a reputation as a top choice for global businesses. But how do these tax policies influence investment trends? This article explores Cambodia’s corporate tax framework, its role in attracting FDI, and its broader economic impact.

Cambodia’s Corporate Tax Policies: An Overview

Key Tax Features

Cambodia offers a standard corporate tax rate of 20%, competitive with many other ASEAN nations. However, the country distinguishes itself through its Qualified Investment Project (QIP) framework, which includes:

• Income tax holidays: Up to nine years for eligible businesses.
• Customs exemptions: Duty-free imports of essential equipment and materials.
• Accelerated depreciation: Favorable treatment of capital investments to reduce taxable income.

These policies are designed to drive growth in strategic industries such as manufacturing, technology, and green energy, aiming to diversify the economy and reduce reliance on garment exports.

Who Benefits the Most?

Sectors thriving under these policies include:

• Electronics Manufacturing: Companies benefit from tax holidays and reduced operating costs.
• Renewable Energy: Incentives for solar and wind power projects align with global sustainability trends.
• Infrastructure Development: Tax breaks attract firms to build roads, ports, and energy facilities critical to economic expansion.

How Cambodia Compares to ASEAN Competitors

Tax Rate Analysis

Cambodia’s 20% corporate tax rate matches Vietnam and Thailand but is lower than Indonesia (22%). The QIP framework, however, offers more generous and targeted tax benefits than its regional peers.

Key Advantages Over Competitors

1. Longer Tax Holidays: Cambodia’s extended tax holidays outperform the shorter-term incentives in Vietnam and Thailand.
2. Ease of Doing Business: Streamlined processes for registering investments make Cambodia attractive to first-time investors.
3. Low Labor Costs: Competitive wages further reduce operational expenses, enhancing profitability.

However, Cambodia’s infrastructure development lags behind nations like Thailand, which boasts more advanced logistics networks.

Tax Incentives as a Catalyst for FDI Growth

Cambodia’s tax policies have been pivotal in its rise as an FDI hotspot, with investments surging by 393% over the past decade.

Case Studies of Success

• Electronics Manufacturing: A major Japanese company recently invested $100 million in a Cambodian plant, citing QIP incentives as a decisive factor.
• Tourism Infrastructure: Singaporean firms are leveraging Cambodia’s tax exemptions to develop eco-tourism resorts that promote sustainability.

Impact on Key Sectors

Tax incentives have driven diversification into industries such as electronics and vehicle parts manufacturing, reducing reliance on garment exports.

Challenges of Generous Tax Policies

While Cambodia’s tax framework attracts FDI, it also presents challenges that may impact long-term economic stability.

1. Revenue Shortfalls

Generous tax holidays reduce government revenues, limiting funds for public services and infrastructure development. Critics argue this benefits corporations more than the local population.

2. Dependence on Foreign Investment

Over-reliance on FDI makes Cambodia vulnerable to external shocks. For instance, a slowdown in global trade could significantly affect its economy.

3. Transparency Concerns

The lack of clear criteria for awarding tax incentives has led to questions about accountability. Strengthened oversight is needed to ensure equitable application of these benefits.

Balancing Growth and Sustainability

To address these challenges, the Cambodian government is adopting reforms aimed at fostering sustainable development while maintaining its investment appeal.

Planned Initiatives

• Diversification: Expanding into green energy and digital industries to reduce reliance on traditional exports.
• Tax Reforms: Improved tax administration to enhance compliance and transparency.
• Green Investment: Policies to attract eco-friendly projects align with global environmental goals.

Future Opportunities for Investors

Cambodia’s digital transformation, backed by targeted incentives for IT and tech firms, positions it as a budding tech hub in Southeast Asia.

Conclusion

Cambodia’s corporate tax policies have played a critical role in transforming its investment landscape. While these incentives have driven impressive FDI growth, the country must address transparency and sustainability concerns to ensure long-term economic health. By refining its tax policies and expanding into new industries, Cambodia is well-equipped to remain a top destination for global investors.

Call to Action

Are you considering investing in Cambodia? Take advantage of its investor-friendly policies and thriving sectors. Consult with local experts to explore opportunities tailored to your business goals.

FAQs

1. What is the standard corporate tax rate in Cambodia?

The standard corporate tax rate in Cambodia is 20%, which is competitive compared to other countries in the ASEAN region. However, businesses operating under the Qualified Investment Project (QIP) framework may qualify for tax holidays and additional benefits.

2. What tax incentives does Cambodia offer to foreign investors?

Cambodia provides a range of incentives through its QIP framework, including:

• Up to 9 years of income tax holidays.
• Duty-free imports on production machinery and raw materials.
• Accelerated depreciation for capital investments.
  These incentives aim to attract investments in priority sectors like manufacturing, green energy, and technology.

3. How does Cambodia’s corporate tax rate compare to other ASEAN countries?

Cambodia’s 20% corporate tax rate is in line with regional competitors like Vietnam and Thailand. However, its longer tax holidays and sector-specific incentives give it a competitive edge over countries like Indonesia, where the rate is higher at 22%.

4. What are the main sectors benefiting from Cambodia’s tax policies?

The key sectors benefiting from Cambodia’s tax incentives include:

• Electronics manufacturing: Companies producing vehicle parts and consumer electronics.
• Renewable energy: Solar and wind energy projects.
• Infrastructure development: Investments in transportation and energy facilities.

5. Are there any risks or challenges associated with Cambodia’s tax policies?

Yes, there are several challenges, including:

• Reduced government revenue: Over-reliance on tax holidays can limit public investment in infrastructure and social programs.
• Transparency concerns: A lack of clear criteria for granting tax incentives may lead to misuse or inequitable distribution.
• Economic dependency: Heavy reliance on foreign investment makes Cambodia vulnerable to external economic shocks.

The post The Impact of Cambodia’s Corporate Tax Rates on Foreign Investment first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

From January to October this year, the Kingdom exported 507,029 tonnes of milled rice to 66 foreign countries and territories, earning more than US$376 million, stated the report.

Twenty-six (26) countries in Europe bought a combined amount of 254,945 tonnes of milled rice from Cambodia worth approximately US$197 million, it added.

At the same time, it continued, seven countries in the ASEAN bloc imported 100,996 tonnes worth US$66.61 million, while China purchased 93,197 tonnes worth US$61.48 million.

Cambodia also shipped almost 58,000 tonnes of milled rice to other destinations, generating a total income of US$51.61 million, said the source.

Rice varieties the country exported included fragrant rice, long-grain white rice, parboiled rice, and organic rice, among others.
The CRF’s report pointed out that some 4.03 million tonnes of paddy rice worth US$1,184 million were traded across the border to neighbouring countries during the said ten-month period.

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The kingdom’s trade volume with the fellow RCEP members accounted for 61.6 percent of its total trade volume during the period, said the report from the General Department of Customs and Excise.

The country exported products worth 6.76 billion dollars to the RCEP countries, up 16.3 percent, while it recorded the import of goods worth 18.78 billion dollars from the RCEP countries, up 17.3 percent, the report added.

The Southeast Asian nation’s top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan and Singapore, according to the report.

Effective in 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Cambodian Ministry of Commerce’s Secretary of State and spokesperson Penn Sovicheat said the RCEP is a catalyst for Cambodia’s trade growth and a magnet for foreign direct investments to the kingdom.

“Despite rising protectionism and weakening global demand, the RCEP has given a boost to regional trade cooperation, bringing great benefits to all member countries,” he told Xinhua.

“With tariff concessions under the RCEP agreement, our export to the fellow RCEP countries will undoubtedly continue to grow throughout this year and beyond,” he added.

Hoe Ee Khor, chief economist of the ASEAN+3 Macroeconomic Research Office (AMRO), said reduction in tariffs and non-tariff barriers has made it easier for Cambodian goods to access larger markets.

“Key Cambodian export products, such as garments and agricultural products, have benefited from improved market access and competitive pricing due to tariff reductions under the RCEP,” he wrote to Xinhua in an e-mail.

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This​ new​ infusion​ brings​ the​ Bank’s​ total​ shareholder’s​ equity​ to​ US$2.2​ billion,​ solidifying​ its​ position​ as​ the​ leading​ player​ in​ the​ Cambodia’s​ dynamic​ banking​ sector.

The​ shareholders’​ decision​ to​ inject​ this​ capital​ is​ a​ powerful​ endorsement​ to​ ABA​ Bank’s​ growth​ trajectory​ and​ unwavering​ commitment​ to​ Cambodia’s​ economic​ development.​

Notably,​ the​ shareholders​ have​ never​ repatriated​ any​ profit​ generated​ by​ ABA.​ Instead,​ they​ have​ continuously​ invested​ it​ back​ to​ the​ ABA​ ecosystem,​ focusing​ on​ technological​ advancements​ and​ continuous​ development​ of​ human​ capital.

Boost​ to​ Financial​ Stability​ and​ Technology

This​ latest​ capital​ injection​ not​ only​ enhances​ ABA​ Bank’s​ financial​ stability​ but​ also​ supports​ its​ vision​ for​ sustained​ growth​ and​ innovation.​ With​ the​ increased​ capital​ base,​ the​ Bank​ is​ better​ positioned​ to​ navigate​ economic​ uncertainties,​ ensuring​ greater​ stability​ and​ resilience​ in​ Cambodia’s​ financial​ landscape.

The​ new​ funding​ will​ accelerate​ ABA’s​ investments​ in​ cutting-edge​ technologies,​ enhancing​ its​ digital​ banking​ services​ and​ supporting​ the​ growth​ of​ SMEs.​ By​ focusing​ on​ these​ areas,​ ABA​ aims​ to​ empower​ local​ businesses​ and​ drive​ economic​ activity​ across​ multiple​ sectors,​ all​ while​ providing​ customers​ with​ more​ accessible,​ efficient,​ and​ secure​ banking​ solutions.​

Askhat​ Azhikhanov,​ CEO​ of​ ABA​ Bank,​ remarked,​ “This​ capital​ infusion​ is​ a​ clear​ example​ of​ the​ foreign​ direct​ investment​ in​ the​ economy​ thanks​ to​ continuous​ trust​ of​ our​ shareholders​ in​ Cambodia​ and​ in​ ABA.​ The​ additional​ capital​ enables​ us​ to​ continue​ providing​ loans​ to​ SMEs,​ keep​ investing​ in​ cutting-edge​ technologies,​ and​ deliver​ exceptional​ financial​ services​ while​ contributing​ to​ Cambodia’s​ economic​ progress.”

Continuous​ Contribution​ to​ National​ Economy

ABA​ Bank​ has​ also​ distinguished​ itself​ as​ a​ model​ corporate​ citizen​ in​ Cambodia,​ receiving​ the​ prestigious​ “GOLD”​ Certificate​ of​ Tax​ Compliance​ from​ the​ General​ Department​ of​ Taxation​ (GDT)​ for​ six​ consecutive​ years​ since​ 2019.​

This​ recognition​ underscores​ ABA’s​ consistent​ commitment​ to​ transparency​ and​ good​ corporate​ tax​ governance.​ The​ Bank​ has​ fully​ complied​ with​ Cambodia’s​ tax​ regulations,​ paying​ taxes​ in​ full​ and​ with​ 100%​ transparency.​ In​ recognition​ of​ these​ efforts,​ the​ bank​ was​ also​ honored​ with​ a​ Letter​ of​ Appreciation​ from​ the-then​ Prime​ Minister​ Hun​ Sen​ in​ May​ 2022.​

In​ 2023​ alone,​ ABA​ Bank’s​ income​ tax​ and​ other​ tax​ expenses​ amounted​ to​ $85​ million.​ In​ the​ first​ 8​ months​ of​ 2024,​ tax​ contributions​ already​ reached​ $80​ million.​

Cumulatively​ from​ 2009​ to​ 2024,​ ABA​ has​ contributed​ approximately​ $446​ million​ in​ taxes​ to​ the​ state​ budget,​ significantly​ supporting​ government​ initiatives​ in​ building​ infrastructure​ for​ the​ benefit​ of​ the​ people.

Investment​ in​ Human​ Capital

ABA​ Bank’s​ impressive​ growth​ is​ not​ just​ a​ result​ of​ financial​ strength​ and​ technological​ innovation,​ but​ also​ its​ unwavering​ commitment​ to​ developing​ human​ capital.​ Having​ created​ more​ than​ 9,300​ jobs,​ the​ Bank​ places​ great​ emphasis​ on​ nurturing​ talent​ and​ fostering​ a​ high-performance​ culture.​

ABA’s​ continuous​ investment​ in​ training​ and​ professional​ development​ ensures​ that​ its​ staff​ are​ well-equipped​ to​ meet​ the​ evolving​ needs​ of​ customers​ and​ the​ challenges​ of​ a​ fast-changing​ financial​ landscape.

Through​ leadership​ programs,​ skill-enhancement​ workshops,​ and​ career​ progression​ opportunities,​ the​ Bank​ supports​ the​ personal​ and​ professional​ growth​ of​ its​ employees,​ empowering​ them​ to​ drive​ innovation​ and​ deliver​ top-tier​ service.

The​ strong​ workforce,​ combined​ with​ advanced​ technologies,​ allows​ ABA​ to​ maintain​ its​ market​ leadership​ and​ continue​ setting​ new​ benchmarks​ in​ Cambodia’s​ banking​ industry.

Appreciation​ for​ Customer​ Trust

The​ Bank’s​ remarkable​ growth​ in​ its​ customer​ base​ reflects​ its​ commitment​ to​ excellence.​ Today,​ ABA​ Bank​ serves​ over​ 4​ million​ customers,​ 3.8​ million​ of​ whom​ are​ the​ ABA​ Mobile​ app​ users.​

This​ rapid​ expansion​ underscores​ the​ trust​ and​ confidence​ that​ Cambodian​ customers​ place​ in​ the​ bank.​ ABA​ extends​ its​ deepest​ appreciation​ to​ its​ customers​ for​ their​ loyalty​ and​ commitment,​ which​ has​ been​ pivotal​ in​ cementing​ its​ position​ as​ the​ leading​ digital​ bank​ in​ the​ country.

Expanding​ Market​ Footprint

With​ the​ additional​ capital,​ ABA​ Bank​ is​ ready​ to​ further​ consolidate​ its​ leadership​ in​ Cambodia’s​ competitive​ banking​ sector.​ The​ Bank​ continues​ to​ differentiate​ itself​ with​ competitive​ innovative​ financial​ products​ and​ a​ deep​ commitment​ to​ digital​ innovation.​

As​ ABA​ Bank​ continues​ to​ expand​ its​ footprint​ and​ capabilities,​ it​ remains​ dedicated​ to​ its​ mission​ of​ enhancing​ the​ financial​ well-being​ of​ its​ customers​ and​ contributing​ to​ the​ nation’s​ overall​ prosperity.

ABA​ Bank’s​ growth​ aligns​ with​ the​ Cambodian​ Government’s​ Pentagonal​ Strategy,​ supporting​ the​ country’s​ aspirations​ for​ sustainable​ and​ inclusive​ development.​ The​ Bank​ looks​ forward​ to​ serving​ even​ more​ Cambodians,​ reinforcing​ its​ role​ as​ the​ most​ trusted​ and​ secure​ banking​ institution​ in​ the​ Kingdom.

All​ in​ all,​ as​ ABA​ Bank​ continues​ to​ innovate​ and​ grow,​ it​ remains​ dedicated​ to​ supporting​ Cambodia’s​ economic​ development,​ ensuring​ that​ it​ remains​ at​ the​ forefront​ of​ the​ country’s​ financial​ services​ sector,​ delivering​ value​ to​ its​ shareholders,​ customers,​ and​ the​ community.

The post ABA​ Bank​ secures​ $220​ million​ in​ capital​ injection,​ commits​ to​ country’s​ economy first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The figures were shared by H.E. Mrs. Cham Nimul, Minister of Commerce of Cambodia, while presiding over the opening ceremony of the two-day “Sousdey Indonesia” expo, held at Koh Pich Convention and Exhibition Centre late last week.

With creative initiative such as Sousdey Indonesia as well as strong cooperation between the two government in new trade activities, H.E. Minister showed full confidence that 2024 will be even more substantial.

H.E. Mrs. Cham Nimul took the opportunity to encourage the private sector to join and organise theme events more frequently, both in Cambodia and in Indonesia, exploring potentials, untapped opportunities, and new partnerships.

She expressed appreciation and congratulated Indonesian Ambassador to Cambodia H.E. Santo Darmosumarto, the Embassy of the Republic of Indonesia in Phnom Penh and relevant stakeholders for organising “Sousdey Indonesia,” which has been a steadfast event in Phnom Penh since 2006, making this 2024 the 15th anniversary, which also marks the 65th anniversary of diplomatic relations between Cambodia and Indonesia.

The post Cambodia-Indonesia Bilateral Trade Exceeds US$1 Billion in 2023 first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The figures were shared by a CDC’s press release made public on Sept. 9, adding that the newly-approved projects are expected to generate some 33,000 job opportunities for the locals.

Of the 53 projects, 22 are located in special economic zones (SEZs) and 31 others are outside SEZs, the same source pointed out.

According to the press release, the approved projects cover various areas, including hotel industry, animal feed, SEZ creation, tyre manufacturing, beverage production, cattle farm and beyond.

China was the largest investor in Cambodia in August, contributing 84.72 percent of the total investment capital, while local investment accounted for 9.12 percent, it underlined.

The CDC said that Preah Sihanouk province was the most attractive province for investment last month, followed by Kampong Speu, Svay Rieng and Koh Kong provinces.

Phnom Penh capital and the provinces of Kandal, Takeo, Kratie, Kep, and Stung Treng also registered new investment projects in August 2024.

The post Cambodia Attracts 53 Investment Projects worth Over US$1.2 Billion in August first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Some 53 companies shipped milled rice to 64 countries and regions during the January-August period, the source said, adding that China remained one of the major buyers.

Cambodia exported 77,792 tonnes of milled rice to China during the above-mentioned period, making a gross revenue of US$48.87 million, the news release said.

At the same time, the Kingdom shipped 208,207 tonnes of milled rice to EU countries, generating US$161 million, as revenue, while 83,095 million tonnes others were sold to ASEAN countries, earning US$56 million.

The varieties of rice exported comprise fragrant rice, white rice, parboiled rice, and organic rice, among others.

The report stated that Cambodia also exported 3.3 million tonnes of paddy rice, worth US$918 million to neighboruing countries during the eight-month period.

The post Cambodia Bags US$305 Million from Rice Export in Eight Months first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Thailand topped the list of foreign arrivals to Cambodia during the said period with 1,147,534 visitors, the source added, stressing that Vietnam, China, Lao PDR, the U.S., the Republic of Korea, Indonesia, France, the United Kingdom, and Japan were among the top ten market arrivals in the January-July 2024 period.

Some 1.34 million foreign visitors, or about 36 percent of the total foreign arrivals, arrived in Cambodia by air, a year-on-year increase of 26.4 percent, and the rest via land border gates and waterways, up 21.5 percent, the report continued.

Phnom Penh capital was the most attractive tourism destination for foreign tourists, followed by Siem Reap cultural province and the coastal zone, it underlined.

At the same time, the ministry reported that the number of Cambodia’s outbound tourists rose by 5.9 percent to 1,069,078.

Mr. Thim Sereyvuth, Acting Director of the Siem Reap Provincial Department of Tourism told AKP on Aug. 23 that Siem Reap province is keen to see more tourists as their visits will contribute to the country’s economic growth and local development.

Tourism is one of the four pillars supporting Cambodia’s economy, in addition to garment, footwear, and travel goods exports; agriculture; and the construction and real estate sectors.

Last year, the Kingdom received some 5.45 million foreign visitors, earning a gross revenue of US$3.08 billion. AKP

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