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.

The Single Portal has reserved 19,094 company names, read the report, adding that two company applications have been rejected.

Construction sector tops the list, accounting for 10.8 percent of the total investment, followed by real estate 10.14 percent, accommodation service 9.5 percent, consulting service 5.72 percent, manufacturing 5.49 percent, and mixed sector 58.26 percent, the source stated.

Registration businesses managed by women represented 38 percent of the total businesses, it pointed out.

The establishment of the Online Business Registration System has so far contributed to reducing procedures, time, and cost in business registration and provided convenience in setting up private sector’s legal businesses in Cambodia, the Ministry of Economy and Finance said.

The increase in business registration reflects the reopening of the country, the resumption of all kinds of socio-economic activities under the effective government’s policies, said Mr. Lim Heng, Vice President of the Cambodian Chamber of Commerce.

“Registration via online platform contributes to facilitating the process of business registration and to build investors’ confidence in doing business in Cambodia,” he underlined.

Launched on June 15, 2020, the Single Portal-Phase 1 integrates business registration with the Ministry of Commerce, tax registration with the General Department of Taxation, and the issuance of enterprise openings at the Ministry of Labour and Vocational Training.

The phase 2 was officially launched on Sept. 1, 2021 and the phase 3 in June 2023.

The post Single portal registers 35,829 businesses with investment value of $10.77 billion first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Ambassador Darmosumarto expressed Indonesia’s commitment to boosting trade in agricultural products and direct investment in Cambodia. He highlighted key projects and upcoming events, including health product exhibitions in Phnom Penh and Sihanoukville; a general trade exhibition in the coming months; and a major trade fair and business forum in Jakarta, Indonesia, in October.

He sought the Cambodian Chamber of Commerce’s support in encouraging Cambodian businesses to participate in these events, aiming to solidify economic ties between the two nations.

Duke Lim Heng responded warmly, acknowledging the events’ potential to spur trade and investment growth. The discussion also explored broader cooperation, with both sides acknowledging the potential and investment opportunities in various Cambodian provinces.

Duke Lim Heng extended an invitation for the Ambassador to visit each province firsthand, gaining deeper insights into Cambodia’s business landscape.

This meeting reflects the strengthening relationship between Indonesia and Cambodia. Indonesia already ranks as the sixth largest foreign investor in Cambodia, contributing to a two-way trade volume exceeding US$948 million in 2022.

Notably, Cambodian exports to Indonesia saw a remarkable 112% surge in 2023, reaching $70.56 million. With continued collaboration and initiatives like those proposed by Ambassador Darmosumarto, these positive trends are expected to continue.

The post Indonesia strengthens ties with Cambodia through trade and investment initiatives first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

This technology, developed by the Korea Institute of Energy Research (KIER), extracts bio-energy from cashew nuts, presenting exciting opportunities for Korean-Cambodian joint investment.

Neak Oknha Lim Heng, Vice President of the Cambodian Chamber of Commerce, last week met with KIER representatives led by Dr. Chhay Yong Chan.

Their discussions centered on the promising results of KIER’s pilot project utilizing Cambodian cashew nuts for bio-energy extraction. Dr. Chan emphasized the immense potential for business ventures in this field, urging Korean and Cambodian investors to explore joint investment avenues.

Duke Lim Heng expressed keen interest in Korean technology, proposing a feasibility study for a pilot project backed by the Korean government and relevant institutions. He envisions this initial project paving the way for larger investments as the technology’s success attracts further interest. To deepen understanding and collaboration, Duke Lim Heng plans to visit KIER for further discussions.

This development comes at a crucial time for Cambodia’s cashew industry. While exports remain significant, exceeding 610,000 tons in the first 10 months of 2023, they have dipped compared to 2022. Bio-energy extraction offers a promising avenue for diversification and value addition, potentially revitalizing the sector.

The prospect of Korean investment further sweetens the deal. Korean expertise and financial backing could be instrumental in bringing KIER’s technology to fruition, creating a win-win situation for both nations. Cambodia can benefit from economic growth, job creation, and a cleaner energy source, while Korea gains access to a lucrative new market and strengthens its ties with a key Southeast Asian partner.

The post Bio-Energy from Cambodian Cashews: Korean investment spotlight first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Since the trade volume between Cambodia and Australia increased by more than 60% in 2022 (hitting over $523 million) and more than 7% in the first quarter of 2023 (totaling over $135 million), the Cambodian government issued two resolutions on the establishment of Cambodian Chamber of Commerce Representations in Melbourne and Sydney.

Oknha Lim Heng, Vice President of the Cambodian Chamber of Commerce, led a delegation to attend the election of members of the Cambodian Chamber of Commerce in Melbourne and Sydney on May 6 and 7, 2023, and emphasized improving relationships between investors and investors by promoting the establishment of Chamber of Commerce representatives in various countries.

With this new development, the Cambodian Chamber of Commerce envisions that the trade volume between Cambodia and Australia will continue to grow and reach new heights in the years to come. The CCC emphasizes that the partnership between the two nations is vital for promoting economic growth in the region, and they are committed to ensuring that it remains as fruitful as possible.

The post Two commercial representative offices set up in Australia first appeared on Estatedia | Economy & Real Estate Media in Cambodia.