Property News Roundup June 20th, 2023
We’re delighted to share the weekly news highlights below.
- KH, UAE sign comprehensive economic partnership agreement
In a momentous stride towards enhancing economic cooperation and fostering greater investment opportunities, Cambodia, and the United Arab Emirates (UAE) have officially signed a Comprehensive Economic Partnership Agreement (CEPA). The signing ceremony presided over by Samdech Hun Sen, Minister of Cambodia, witnessed the presence of HE Pan Sorasak, Minister of Commerce, and HE Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the UAE, on the afternoon of June 8.
June 12, 2023 | Construction Property | Link: https://bit.ly/3CnL6w5
- The gov’t announces the sale of KH’s First Sports Village
PM Hun Sen has made an exciting announcement regarding the upcoming sale of Cambodia’s inaugural sports village following the conclusion of the highly anticipated SEA Games and Para Games. This revelation was shared during the momentous groundbreaking ceremonies for the Phnom Penh-Bavet Expressway and the bridge spanning the majestic Mekong River on June 7, 2023.
June 12, 2023 | Construction Property | Link: https://bit.ly/3J4p5WU
- KH, JP jointly develop phase II of the logistics system and plan to establish a new border crossing at Bavet
In a significant stride towards enhanced connectivity and trade facilitation, the Ministry of Public Works and Transport (MPWT) of Cambodia has joined forces with Japan International Cooperation Agency (JICA) to embark on Phase II of the Cambodia Logistics System Improvement Project (CLIP2). Furthermore, they have unveiled plans to establish a new border crossing at Bavet, as confirmed during the third meeting of the Joint Coordinating Committee on June 08, 2023.
June 12, 2023 | Construction Property | Link: https://bit.ly/43STBep
- Two giant companies jointly introduce KH’s first seaplane service
In a remarkable partnership that paves the way for unprecedented travel experiences, the esteemed Royal Group, led by Nak Oknha Kith Meng, has joined forces with Chinese-Hong Kong company Seaplane Asia Limited to establish Cambodia’s inaugural seaplane service.
June 12, 2023 | Construction Property | Link: https://bit.ly/43UtlQY
- Third Ford model poised to be assembled in Kingdom: official
RMA (Cambodia) Plc (RMAC), the exclusive distributor of Ford vehicles in the Kingdom which has a bond listed on the Cambodia Securities Exchange (CSX), intends to assemble Ford Territory SUVs (sport utility vehicles) locally to keep pace with domestic demand. Keo Rottanak, director-general of state-run power utility Electricite du Cambodge (EdC), made the revelation in a statement issued in conjunction with a June 11 meeting with “the company’s owner”.
June 14, 2023 | Phnom Penh Post | Link: https://bit.ly/45UtrcW
- Poipet gov’t invests $78M in enthralling city project
Governor Keat Hul of Poipet City revealed in an interview with the National Radio of Cambodia on 13 June that the Royal Government has outlined two crucial policies to drive the development of Poipet, in response to the growing number of residents and tourists passing through the Poipet International Gate.
June 15, 2023 | Construction Property | Link: https://bit.ly/3oYCEAz
- Foreign visitors at over 71% of 2019 levels as tally passes 1.7M
Cambodia welcomed 1,721,668 international visitors in the first four months of 2023, primarily from the region, marking a more than seven-fold increase from 241,485 in January-April 2022, according to the Ministry of Tourism on June 14. This is 71.28 per cent of the 2,415,509 registered during the same time in 2019.
June 15, 2023 | Phnom Penh Post | Link: https://bit.ly/3p50SJj
- Joint research with China vital for booming agriculture sector
Promoting active joint research with China remains vital for the Cambodian agricultural sector as well as for its farmers, opined a leading agricultural academician. Speaking to Khmer Times, Prof Dr Cheang Hong, Dean, Faculty of Agriculture Science at the Royal University of Agriculture, said China is one of the countries carrying out outstanding research in agriculture and cooperation in the sector would bring a lot of benefits to Cambodian farmers.
June 15, 2023 | Khmer Times | Link: https://bit.ly/42WpOkh
- ‘Cambodian Life Survey 2023’ underway
Local consultancy CHHAT Research is undertaking its “Cambodian Life Survey 2023”, which aims to serve as a lifestyle, attitudinal, and behavioral syndicated study of Cambodians. Face-to-face interviews will be conducted with 1,500 people in the capital and nine provinces. According to a CHHAT press release, the study will monitor changing consumer needs and behaviors in order to give clients both a broad and deep understanding of the ever-changing dynamics in Cambodia.
June 16, 2023 | Phnom Penh Post | Link: https://bit.ly/3NzZQP3
- ADB lauded for helping Cambodia recover its economy
National Bank of Cambodia (NBC) will soon sign agreements with the Bank of the Lao P.D.R (BOL), the State Bank of Vietnam (SBV) and other countries in the region to boost the usage of the local currency in the economy through technological advancement that makes it easier for the people, said a senior official. The official pointed out that the new cross-border payment coverage would expand the riel circulation as users are required to scan QRs in those countries to pay in riel for products or services they purchase overseas from the accounts they created with banks or microfinance institutions (MFIs) with riel in Cambodia because QRs cannot be scanned with US-dollar.
June 16, 2023 | Khmer Times | Link: https://bit.ly/43ZUtOm