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.

Chaired by H.E. HEM Vanndy, Minister of MISTI, the event was attended by some 260 participants, including officials from relevant ministries-institutions, Oknha Te Tang Por, Vice President of the Cambodian Chamber of Commerce and Co-Chair of the Government-Private Sector Working Group on Manufacturing and Services (WG-C), business associations, private sector stakeholders, development partners, and UN agencies.

H.E. Minister re-iterated the government’s commitment to fostering a supportive environment for micro, small and medium enterprises (MSMEs), which play a vital role in driving economic growth and job creation in Cambodia. “The private sector is the backbone of our economy, and it is imperative that we work collaboratively to identify and resolve the challenges that hinder its growth,” he stated.

During the meeting, Oknha Te Tang Por provided an update on the progress of government’s solutions to private sector challenges since the 19th Government-Private Sector Forum last year. He noted that many challenges had been addressed, but there remain issues that require solutions and interventions from the government. Currently, there are 22 challenges, indicating that significant work still lies ahead, particularly given the difficulties faced by SMEs.

The meeting discussed 22 challenges, including compliance requirements such as product registration and taxation, heightened competition, access to financing, markets, and skilled workforce, and rising production costs, particularly due to high transportation and energy prices.

H.E. Vanndy emphasised the need for local businesses to prepare for Cambodia’s graduation from its Least Developed Country (LDC) status, urging them to strengthen their operations and competitiveness. “As we move forward, competition is unlikely to diminish. MSMEs must discover their distinctiveness in terms of quality, taste, local content, traceability and environmental safeguards,” he said.

According to a news release, MISTI has continued to move its public services online, eliminating cash transactions in most cases, and has transformed the Science, Technology & Innovation National Laboratory (STINL) into a public administration institution in order to improve service quality and expand its testing capability to better support the private sector.

MISTI will continue to engage with private sector stakeholders to ensure that their voices are heard and considered in government interventions and policy-making, said the source, pointing out that the outcomes of this meeting will be included in the agenda of the upcoming Government-Private Sector Forum.

The post Government Tackles Challenges Facing MSMEs in Manufacturing and Services Sectors first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

“Today, I’m incredibly proud to announce the grand opening of this innovative collaboration between Cellcard and Royal Railways,” said Neak Oknha Kith Meng, Chairman of Royal Group. “This Customer Experience Center is a testament to our commitment to providing exceptional service and embracing the digital era while honoring our rich history.”

The center, housed in a beautifully restored historical building constructed between 1929 and 1932, offers a blend of tradition and modernity. Neak Oknha Kith Meng emphasized the significance of preserving Cambodia’s heritage while embracing technological advancements. “This historic Royal Railway space is not just a building, but a symbol of our dedication to digital technology and our respect for our past,” he stated.

The Customer Experience Center provides a welcoming environment for customers, offering personalized assistance and digital self-service options. “We are excited to offer our customers a truly exceptional and convenient experience where history meets the future,” said Neak Oknha Kith Meng.

The launch of the Customer Experience Center marks a significant milestone for both Cellcard and Royal Railways, reaffirming their commitment to providing innovative and customer-centric services.

The post A Century-Old Building Meets Modern Technology: Royal Group’s New Customer Experience Center first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

During a meeting with Oknha Taing Laak Hav, President of the Chinese Business Association of Chaoshan, on August 20, 2024, Takeo Governor HE Vei Samnang expressed his enthusiasm for the project. The association had sought the support and facilitation of the provincial authorities for the initiative.

Governor Samnang highlighted the project’s potential to create jobs, reduce migration, and boost the local economy. He assured investors of the provincial government’s commitment to streamlining procedures and providing a conducive business environment.

In response, Oknha Taing Laak Hav pledged to work diligently to attract more investors to the province and create additional employment opportunities. He expressed gratitude for the governor’s support and facilitation.

The proposed special economic zone in Bati district will cover an area of 32 hectares.

Located in southern Cambodia, Takeo Province shares borders with Kampot, Kampong Speu, Kandal, and Vietnam. Its provincial capital, Daun Keo, boasts a population of 39,186.

The post Takeo Governor Backs 32-Hectare Special Economic Zone Project in Bati District first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The launch event was attended by Neak Oknha Kith Meng, Chairman & CEO of Royal Group, Ms. Ivana Tranchini, Visa Country Manager for Cambodia, and distinguished representatives from Wing Bank and other companies.

Neak Oknha Kith Meng expressed his pride in the partnership and confidence in Wing Bank’s commitment to delivering exceptional products and services.

“The Cambodian economy is thriving, and there’s a growing demand for high-end banking services tailored to local needs,” said Ms. Ivana Tranchini, Visa Country Manager for Cambodia. “We’re delighted to collaborate with Wing Bank to deliver a premium card that combines value, security, and convenience.”

The Wing Bank Visa Infinite Credit Card boasts impressive features, including an extended interest-free period of up to 55 days, credit limits of up to USD 1 million, and a $1 million life cover.

Cardholders can also enjoy exclusive access to Wing Bank Premier Banking Lounges, global airport lounges, and the option to add up to five supplementary cards for family members. For added security, the card incorporates advanced EMV 3-D Secure Authentication and a unique numberless design.

Wing Bank, a leading mobile banking provider in Cambodia and a subsidiary of Royal Group, serves over 10 million customers through its network of more than 10,000 nationwide agents. Offering a wide range of financial services including transfers, bill payments, cash withdrawals, and loans, Wing Bank is dedicated to providing accessible and affordable banking solutions to all Cambodians.

The post Wing Bank and Visa Introduce Premium Credit Card to Cambodia first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The grand event was attended by esteemed guests including His Excellency CHERDKIAT Atthakor, Ambassador of Thailand to Cambodia, His Excellency Oknha NGUON Meng Tech, Director General of the Cambodian Chamber of Commerce, and representatives from the private sector. A significant number of Thai business leaders were also present to mark the occasion.

In his opening remarks, Secretary of State SAMHENG Bora expressed sincere gratitude to the Thai Embassy in Cambodia for organizing the exhibition and attracting the participation of major Thai companies such as Makro, 7-Eleven, Big C, PTT, SCG, CP Cambodia, Betagro, Global House, and TOA.

Encouraging further business expansion in Cambodia, the Secretary of State highlighted the country’s favorable investment climate and urged Thai companies to capitalize on opportunities to increase their market presence. He also emphasized the importance of promoting Cambodian products for export to Thailand.

The BCG Thai Festive Fair 2024, which runs from August 15 to 18, features over 200 companies from both Thailand and Cambodia, occupying a total of 250 booths.

The event showcases a wide range of Thai products including OTOP items, cosmetics, health products, home appliances, rice, souvenirs, and home decor. A particular focus is on environmentally friendly products and technologies aligned with Thailand’s Bio-Circular Green Economy (BCG) model.

The post Over 200 Thai and Cambodian Companies Gather at BCG Festive Fair with 250 Booths first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Neak Oknha Kith Meng, President of the CCC and Chairman of the Business Advisory Council to the Prime Minister, hosted outgoing JETRO Cambodia President Marisa Haruta and incoming new President Wakabayashi Kohei.

Neak Oknha Kith Meng expressed gratitude for Haruta’s contributions to enhancing economic and trade relations between the two countries.

He also welcomed Wakabayashi, emphasizing the strong and growing partnership between the CCC and JETRO. This includes joint business and investment promotion events and a Memorandum of Understanding signed in 2022 to foster a favorable investment climate for Japanese businesses in Cambodia.

Highlighting the deep-rooted economic, trade, investment, and people-to-people ties between Cambodia and Japan, Meng noted the elevation of bilateral relations to a Comprehensive Strategic Partnership in 2023. He underscored Cambodia’s economic aspirations, aiming to become a high-middle-income country by 2030 and a high-income country by 2050.

Cambodia’s strategic location, free trade agreements, and attractive investment climate were emphasized as key factors for Japanese businesses. Meng proposed increased collaboration between the CCC and JETRO to capitalize on these opportunities.

Haruta expressed her appreciation for the CCC’s support during her tenure. She highlighted the successful Cambodian Investment Seminar in Tokyo, chaired by Prime Minister Hun Manet, and emphasized the untapped potential for Japanese investment in Cambodia. JETRO has produced promotional videos to showcase the country’s opportunities.

Wakabayashi expressed his enthusiasm for continuing the strong partnership between JETRO and the CCC.

The meeting concluded with a shared commitment to promoting trade cooperation, business partnerships, and strengthening the overall strategic partnership between Cambodia and Japan.

The post Cambodian Chamber of Commerce and Japan External Trade Organization Strengthen Ties first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

This collaboration signifies a significant step forward in the company’s commitment to excellence and innovation. The partnership aligns with the Cambodian government’s vision for tourism-driven economic growth and urban development.

Neak Oknha Kith Meng emphasized that the project will create new jobs and contribute significantly to the nation’s economy.

Kith Sula, Chief Operating Officer of Royal Group International, played a pivotal role in bringing this project to fruition. Sula expressed his pride in the partnership, stating that it marks a new era for the Cambodian hospitality sector.

The Ritz-Carlton Phnom Penh is expected to elevate the Kingdom’s international profile and solidify Phnom Penh’s position as a premier destination for luxury travelers in Southeast Asia. Royal Group is committed to ensuring that the property becomes a flagship of luxury in the region.

Neak Oknha Kith Meng expressed his immense pride in Sula’s accomplishments and anticipation for future projects led by Royal Group International.

The post Royal Group Announces Partnership with The Ritz-Carlton Phnom Penh first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Towering over 100 meters above its nearest competitor, J-Tower 3 is the result of a $150 million investment from Tanichu Group. The project is anticipated to elevate Cambodia’s international image as a burgeoning metropolis.

“J-Tower 3 will be a catalyst for Cambodia’s development, showcasing our country’s progress on a global stage,” stated Lok Chumteav Neak Oknha Ang Daneth, CEO of WH.

Designed with modern living in mind, the 77-story building offers a range of amenities including a sky bar, infinity pool, and 24-hour security. Its prime location near Boeung Keng Kang 1 adds to its appeal.

Tani Sunji, CEO of Tanichu Group, expressed enthusiasm for the project, highlighting its contribution to Cambodia’s growth story. “J-Tower 3 is not only Cambodia’s tallest but also Southeast Asia’s eighth tallest building,” he declared at the groundbreaking ceremony last December.

As a mixed-use development, J-Tower 3 presents investment opportunities for both residential and commercial purposes. Its potential for high returns has attracted significant interest from investors.

To meet the overwhelming demand, J-Tower 3 is now officially open for sale. Prospective buyers can now experience luxury living at new heights and invest in a property that is set to become an iconic landmark in Phnom Penh.

The post Cambodia Unveils Southeast Asia’s Eighth Tallest Building: J-Tower 3 Now Open for Sale first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The shipment, which arrived on Sunday, July 28th, marks a substantial milestone in Royal Railway’s ongoing commitment to providing efficient and reliable freight transportation solutions throughout Cambodia. This acquisition is a cornerstone of Neak Oknha Kith Meng’s broader investment plan to expand the fleet by an impressive 200 wagons.

This strategic expansion underscores Royal Group’s dedication to bolstering Cambodia’s transportation network and driving economic growth. By increasing its capacity and efficiency, Royal Railway solidifies its position as a key player in the region’s logistics sector.

Neak Oknha Kith Meng’s foresight in recognizing the pivotal role of rail transportation in Cambodia’s development is evident in this substantial investment. As the nation continues to progress, a robust and efficient rail infrastructure is essential for supporting trade, industry, and overall economic prosperity.

Beyond the expansion of its freight capabilities, Royal Group, through its subsidiary Royal Railway Cambodia (RRC), has initiated test runs on the northern railway line connecting Phnom Penh and Poipet.

This significant development marks a crucial step towards resuming passenger services on this route, which has been suspended for an extended period. The restoration of this railway line is expected to boost both passenger and freight transportation throughout the country.

Royal Railway remains steadfast in its commitment to delivering exceptional service, safety, and reliability to its customers. The company expresses its sincere gratitude to partners and stakeholders for their unwavering support in this endeavor.

Royal Railway, a subsidiary of Royal Group, is Cambodia’s leading rail transport provider, offering both passenger and freight services nationwide. Since commencing operations in 2010 following the rehabilitation of the railway network, the company has been dedicated to safety, reliability, and customer satisfaction. Royal Railway plays a vital role in supporting Cambodia’s transportation needs and economic development.

The post Neak Oknha Kith Meng’s Vision for Cambodia’s Rail Infrastructure Takes Shape first appeared on Estatedia | Economy & Real Estate Media in Cambodia.