Property News Roundup 18th November 2024
We’re delighted to share the weekly news highlights below.
- Cambodia Makes over $376M from Rice export in 10 Months
Cambodia has earned over $376 million from rice exports in the first ten months of 2024. The country exported more than 500,000 tons of rice to international markets, with China being the largest importer, followed by the European Union and ASEAN countries. This marks a significant achievement for Cambodia’s agricultural sector, highlighting its growing role in the global rice market. The government aims to further increase exports by improving rice quality and expanding market access.
November 11th 2024 | Cambodianess | Link: t.ly/MbiRm
- NR No. 33 (Kampot-Chrak Lok) Reaches 99% Completion, Strengthening Provincial Transport Network
The rehabilitation project for National Road No. 33, connecting Kampot to Chrak Lok, is nearly complete, with 98.89% of the work finished as of early November 2024. This 52.57 km project, carried out by China Bridge and Road Corporation (CRBC) and funded through a concessional loan from the Chinese government along with Cambodian government allocations, aims to enhance transportation links between Cambodia and Vietnam. The improvements include better road quality, safety features, and proper signage to ensure long-term usability and efficiency. The Secretary of State of the Ministry of Public Works and Transport, HE Pal Chandara, emphasized the importance of maintaining high-quality work and adhering to technical specifications during a recent inspection.
November 11th 2024 | Construction & Property | Link: t.ly/LtTn-
- India-Cambodia tourism forum aims to boost tourism cooperation
The India-Cambodia Tourism Forum 2024, held in Siem Reap, aims to enhance tourism cooperation and cultural exchanges between the two countries. The forum, themed “Potential of the Indian Tourism Market for Cambodia’s Tourism: Opportunities and Preparedness,” seeks to boost the flow of tourists and attract more Indian investors to Cambodia’s tourism sector. It also supports the promotion of “Cambodia-India Tourism Year 2024” and “Visit Siem Reap Year 2024”. The event provides a platform for tourism experts, private sectors, and stakeholders from both countries to network, exchange ideas, and develop strategies for sustainable and responsible tourism.
November 11th 2024 | The Phnom Penh Post | Link: t.ly/WDuNx
- NBC and Mastercard Launch Bakong Tourists Wallet Integration for Cashless Payments
The National Bank of Cambodia (NBC) and Mastercard have launched the Bakong Tourist Wallet integration, which allows international tourists to link their Mastercard to the Bakong Tourists App for seamless cashless payments. This initiative aims to simplify digital transactions for visitors, enabling them to top up their Bakong accounts and make payments at over 3.3 million merchants across Cambodia. This collaboration is expected to enhance the tourism experience by providing a more efficient and secure payment method, benefiting both tourists and local businesses.
November 12th 2024 | Kiripost | Link: t.ly/HXHsw
- A Famous French jewelry factory officially opened
A famous French jewelry brand has officially opened a new factory in Cambodia. The factory, dedicated to the production and assembly of metal and plastic jewelry, received its investment permit in June 2023 and was inaugurated on November 9, 2024. This initiative is expected to boost Cambodia’s economy by creating high-value jobs and enhancing the local jewelry industry with advanced technology and craftsmanship.
November 12th 2024 | Construction & Property | Link: t.ly/ISbb2
- Manet emphasises security, prohibits casinos, scam houses in Kep
Prime Minister Hun Manet has directed Kep provincial authorities to prioritize security and public order, specifically targeting the prevention of covert online scams. He emphasized that Kep should develop as a “tourism gem” rather than a hub for illegal activities. During the inauguration of the Techo Santepheap Angkol Beach Road, Manet reiterated that no new casinos would be permitted in Kep, focusing instead on projects like special economic zones and ecotourism. This move aims to protect the province’s natural resources and enhance its appeal as a tourist destination.
November 12th 2024 | Phnom Penh Post | Link: t.ly/Rotrz
- Techo Santepheap Ankoul Beach Road in Kep Province Officially Inaugurated
The Techo Santepheap Angkol Beach Road in Kep Province was officially inaugurated on November 11, 2024. This project, costing around $10 million, was funded by a concessional loan from the Asian Development Bank and additional contributions from the Cambodian government. The road, which took 22 months to complete, aims to boost tourism and local development by improving infrastructure. Prime Minister Hun Manet led the inauguration ceremony, highlighting the road’s significance in attracting more tourists and supporting local communities. The project includes features like asphalt concrete paving, bicycle lanes, pedestrian paths, and solar-powered streetlights.
November 12th 2024 | Phnom Penh Post | Link: t.ly/Qp_Iu
- Koh Kong’s Dara Sakor airport plans to go operational soon
Koh Kong’s Dara Sakor International Airport is set to begin operations for domestic flights by the end of November 2024. The airport, developed by the Chinese firm Tianjin Union Development Group, has completed successful test flights and is ready to serve small domestic aircraft. This new airport aims to boost tourism and economic development in the region, with plans to eventually accommodate international flights as demand increases.
November 13th 2024 | Khmer Times | Link: t.ly/R7Qsx
- Chinese tourist arrivals to Cambodia up almost 50% in January-September
Cambodia has seen a significant increase in Chinese tourist arrivals, with nearly 50% more visitors from China in the first nine months of 2024 compared to the same period last year. Specifically, 607,542 Chinese tourists visited Cambodia from January to September 2024, up from 405,514 during the same period in 2023. This surge in tourism is expected to boost the local economy and create more investment opportunities.
November 13th 2024 | The Star | Link: t.ly/BvcAN
- Cambodia overtakes Sri Lanka in apparel exports
Cambodia has surpassed Sri Lanka in apparel exports, reflecting a significant shift in the global textile market. This achievement is attributed to Cambodia’s consistent policies and increased foreign investments, which have bolstered its apparel industry. In contrast, Sri Lanka has faced challenges due to inconsistent government policies, impacting its competitiveness.
November 13th 2024 | Khmer Times | Link: t.ly/sHa8x