H.E. Minister made the remarks while presiding over the closing ceremony of Cambodian Women Entrepreneurs Day 2024, organised here on Nov. 11 by the Cambodian Women Entrepreneurs Association (CWEA) under the theme “Women Empowerment in Green Economy”.

He noted women’s growing contribution to Cambodia’s business landscape, particularly in small and medium enterprises (SMEs). “Promoting women’s entrepreneurship requires combined efforts of all stakeholders to integrate their businesses into regional and global value chains, harness local resources, and adopt new technologies,” Minister Vanndy said.

Women entrepreneurs lead 69.2 percent of Cambodia’s economic units, according to the Ministry of Planning’s 2022 census. With Cambodia’s economy expected to grow around 6 percent in 2024—driven by sectors like garment exports, non-garment manufacturing, agriculture, tourism, and trade—H.E. Hem Vanndy stressed that women-led businesses are crucial to sustaining this momentum.

The Royal Government of Cambodia is actively implementing strategies and policies designed to support women entrepreneurs, with initiatives focused on enhancing productivity, expanding market access, and providing critical financial resources to help businesses to thrive, said the Ministry of Industry, Science, Technology & Innovation, adding that platforms such as ASEANAccess and KhmerSME offer essential business information in the region to small and medium enterprises (SMEs), equipping them with the tools and resources necessary for sustainable growth and success.

Addressing attendees at the event, the industry minister encouraged SMEs to formalize their businesses, emphasising that doing so would enhance their ability to access support, contribute to the government’s targeted policymaking, and strengthen their long-term business resilience and growth.

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The launch ceremony, held at the ministry early this week, was presided over by H.E. Mrs. Cham Nimul, Minister of Commerce, and attended by foreign ambassadors, representatives from relevant ministries and institutions, the private sector, and development partners.

A joint initiative of the Ministry of Commerce and the Centre for the Promotion of Imports from Developing Countries (CBI), the ESC aims to stimulate Cambodia’s exports, equip traders with export readiness, and instill confidence in their ability to compete internationally.

Through the ESC, exporters will gain access to training on export procedures and networking opportunities with experts and potential buyers in target markets, the ministry emphasized.

Cambodia’s export performance has been strong in the first three quarters of 2024, with goods valued at approximately US$19.8 billion, representing a 17 percent increase from the same period last year, according to the General Department of Customs and Excise of Cambodia.

The United States remains the largest market for Cambodian products, accounting for 38 percent of total exports with a value of US$7.6 billion. Vietnam follows as the second-largest market, with imports from Cambodia reaching US$2.7 billion, a 33.8 percent year-on-year increase. China is the third-largest market, with exports valued at US$1.27 billion, a 20 percent increase.

Cambodia’s primary export products include garments, machinery, electrical equipment, footwear, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys, and textiles.

The post Cambodia Launches Export Service Center to Boost Global Trade first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

During a bilateral meeting on the sidelines of the 44th and 45th ASEAN Summits in Vientiane, Laos, Cambodian Prime Minister Hun Manet and Chinese Premier Li Qiang announced a new Chinese grant of 300 million yuan (approximately $42.4 million) to fund infrastructure projects in Cambodia.

China committed to providing an additional 300 million yuan (approximately $42.4 million) to fund infrastructure projects in Cambodia. This grant will contribute to the country’s ongoing efforts to modernize its infrastructure and enhance connectivity.

In addition to the financial assistance, both leaders discussed plans to develop a master plan for the Fish and Rice Corridor, an industrial and technological corridor aimed at boosting Cambodia’s agricultural exports to China. This initiative is part of China’s broader efforts to support Cambodia’s economic growth and development.

Prime Minister Hun Manet expressed his gratitude for China’s continued support and assistance, noting that the grant will play a crucial role in Cambodia’s infrastructure development. Both leaders emphasized the importance of strengthening bilateral cooperation in areas such as clean energy, infrastructure, connectivity, and people-to-people exchanges.

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The address took place during the IBC’s monthly general meeting, chaired by President Paul Clements and attended by approximately 70 leaders from the CDC, government agencies, and the private sector.

In his opening remarks, Mr. Clements emphasized Cambodia’s progress and highlighted the IBC’s ongoing collaboration with the Royal Government through the Royal Government-Private Sector Forum.

The meeting also featured presentations on the composition of the IBC’s new private sector membership and the latest developments of the Road Safety Working Group, initiated by the Deputy Prime Minister.

The Deputy Prime Minister informed attendees about the successful mission of the CDC to the United States and Canada, led by him and involving representatives of relevant ministries, institutions, the American Chamber of Commerce in Cambodia, and the Cambodian Oknha Association.

The Deputy Prime Minister’s keynote address covered investment opportunities, the CDC’s efforts to facilitate investment, and updates on Cambodia’s infrastructure development plan.

A significant announcement was the launch of the trial version of the Cambodian Investment Project Management System (cdcIPM). This online platform enables investors to apply for Qualified Investment Project Registration (QIP) from anywhere.

The post DPM Outlines Cambodia’s Investment Landscape and Infrastructure Plans at IBC Meeting first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Held over two days (September 25-26), the forum brought together transport ministers, officials, and industry representatives from around the globe. Minister Ponea outlined Cambodia’s policy framework, vision, and key achievements in building a more connected and environmentally friendly transport system.

Under the leadership of Prime Minister Hun Manet, the Royal Government of Cambodia has prioritized sustainable transport as a cornerstone of its development strategy. Minister Ponea highlighted the government’s efforts to enhance connectivity, reduce environmental impacts, lower transport costs, and promote economic integration.

Minister Ponea’s participation in the forum also underscored Cambodia’s commitment to sustainable transport and its role in fostering regional and global connectivity.

Organized every year in China since 2021, the Global Sustainable Transport Forum serves as a platform for discussing pressing challenges in the transport sector, such as climate change, pandemics, and development disparities.

Participants exchanged ideas on strengthening international cooperation, building resilient transport infrastructure, and achieving the Sustainable Development Goals (SDGs).

The post Cambodia Minister Highlights Sustainable Transport Achievements at Global Forum first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Prime Minister Hun Manet reiterated this commitment in a public message, emphasizing that the development of the northeastern region is a priority for the government, regardless of external cooperation.

“With or without the CLV-DTA cooperation, Cambodia will continue to development her northeastern part and to ensure the territory and sovereignty defence because this is the people’s will, especially that of the people living in the northeastern part,” he underlined.

Key development projects, including border marker planting, interconnected infrastructure, and investment incentives, will continue to be implemented. The government will also maintain its focus on border ring road construction, with the support of the Border Infrastructure Development Foundation.

To enhance public awareness and engagement, the government will continue its free tour program to the northeastern region, allowing citizens to witness firsthand the progress made in development.

The Prime Minister also thanked the public for their contributions to the Border Infrastructure Development Foundation and reiterated that the fund-raising campaign will continue until October 31, 2024. He emphasized the importance of transparency and accountability in the use of the raised funds.

On September 20, 2024, Former Prime Minister Hun Sen, current Cambodian Senate President and the initiator of the CLV-DTA, officially announced Cambodia’s withdrawal from the cooperation after 25 years of involvement.

The post Cambodia to Continue Development Projects Despite CLV-DTA Exit first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

During the meeting, according to a press release from the Spokesperson for Cambodian Prime Minister, Mr. Minoru Kato provided an update on HONDA’s progress and business activities in Cambodia through N.C.X. Co., LTD., which has been operating for the past 25 years.

Mr. Kato expressed his gratitude to the Royal Government of Cambodia for prioritizing industrial development through the introduction of the Cambodian Industrial Development Policy 2015-2025 and vocational training programs. He thanked the government for its ongoing support and facilitation, which have significantly contributed to the company’s success.

Mr. Kato reaffirmed HONDA’s commitment to aligning with government policies and strategies while continuing collaboration with relevant ministries and institutions. He also informed Samdech Thipadei of HONDA’s plans to further expand its investments and business operations in Cambodia.

PM Hun Manet congratulated HONDA on its progress and success, both in Cambodia and globally. He commended the company’s investment decisions over the past 25 years, which have significantly contributed to Cambodia’s socio-economic development, particularly by enhancing local skills and creating jobs.

Prime Minister also highlighted the Royal Government’s prioritisation of the Automotive and Electronics Sectors Development Roadmap and the favorable policies and incentives for investment in assembly plants.

Furthermore, PM reiterated the government’s ongoing support for HONDA’s operations and encouraged the company to explore opportunities to increase local component production.

This continued collaboration and investment by HONDA are expected to further boost Cambodia’s industrial sector and contribute to the country’s economic growth.

The post HONDA and Cambodia Strengthen Partnership for Industrial Growth first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

In a message on his social media networks this afternoon, Samdech Thipadei Hun Manet said that H.E. Heng Sour, Minister of Labour and Vocational Training and Chairman of the National Council for Minimum Wage, had just reported to him that the minimum wage negotiations for 2025 were concluded with US$206, which won majority of votes, i.e. 46 out of 51.

However, the Premier has decided to add US$2 to the approved figure of US$206, therefore the monthly minimum wage for 2025 is US$208, an increase by US$4 compared to 2024.

Samdech Thipadei Hun Manet also reaffirmed the Royal Government’s continued attention to improving the living standards, careers, and well-being of people from all walks of life despite the difficult circumstances of the global economy.

The increase in the minimum wage for next year, no matter how small, is to alleviate some of the hardships of the workers and employees, he added.

“In addition to the wage increase, I would like to inform the workers and employees and the public that I will continue to urge the relevant ministries, institutions, authorities to monitor and put in place additional measures to determine the possibility of reducing the spending of workers and employees,” he underlined.

The new monthly minimum wage will take effect from Jan. 1, 2025, the Ministry of Labour and Vocational Training said, stressing that besides wage, workers in the garment, footwear and travel goods sector will receive other fringe benefits for regular attendance, transport, rent and seniority bonus.

Garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,077 factories and branches, employing approximately 800,000 workers, mostly female.

The 2024 monthly minimum wage is 2024, up from US$200 in 2023, US$194 in 2022, US$192 in 2021, US$190 in 2020, US$182 in 2019, and US$170 in 2018.

The Royal Government of Cambodia has set a policy to increase the minimum wage of workers and employees in the garment, footwear and travel goods industry every year.

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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.

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