Business and Tech News Brief in Cambodia 10 June 2021

I just develop the habit of reading news everyday, particularly about business and technology development. If you’re also interested to read, here are the news brief about business and technology in Cambodia from various News Outlets.

Business and Tech News Brief in Cambodia on 10 June 2021

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1. First Paris Baguette store opens in Cambodia

SPC Group, the Korean firm behind bakery brand Paris Baguette, is launching the Paris Baguette bakery franchise in Cambodia, opening the first branch in the country‘s capital city. The first store is located in the central area of Boeung Keng Kang, occupying the entire space of a three-story building.

SPC Group operates about 430 Paris Baguette stores overseas in six countries — China, the United States, France, Vietnam, Singapore and Cambodia. Read more: KhmerTimes (pdf), koreaherald (pdf)

2. Sailun doubles investment plan for Cambodia tire factory

Sailun, the Chinese tire maker, is more than doubling its planned investment in a greenfield tire production facility located in the Qilu Special Economic Zone in Svay Rieng city, Svay Rieng province.

The tire maker initially disclosed plans to build the tire factory in March this year, with €142 million (1.1 billion yuan) earmarked for the project. The project will take two years to complete, create 1,045 new jobs, and is expected to generate €47 million average net profit annually on €276 million average sales. Read more: Khmer Times (PDF), European Rubber Journal, Phnom Penh Post (PDF)

3. Ministry of Commerce to launch E-Commerce marketplace

Ministry of Commerce will launch CambodiaTrade, an e-commerce marketplace aiming to serve small and medium enterprises (SMEs) to sell their products online to potential clients in the domestic and overseas markets.

SME can start to pre-register on CambodiaTrade.com. To be Eligible, SME must be a company or enterprise formally registered with the Ministry of Commerce or its affiliates and has a valid patent tax and VAT certificates. Read more: Khmer Times (PDF), Phnom Penh Post (PDF), UNDP

4. China confirms to import more Cambodian agricultural products

Chinese government has confirmed the imports of more Cambodian agricultural products, particularly milled rice and mangos, as contribution to the Kingdom’s agricultural development and to strengthen the relationship between the two countries. Read more: Khmer Times (PDF), PPPost (PDF)

5. Victims refuse to join GFX case against foreigners

GoldFX Investment Co Ltd (GFX) – the derivatives brokerage at the heart of a dispute involving the loss of up to $27 million – has denied any connection with a company that appeared to have been connected to the Cambodian firm and registered in a Caribbean nation, ongoing investigations into the case have revealed.

“We put in a letter refusing to sue the third party it [GFX] accuses of having  stolen the money. We invested with the company because we trusted them,” a representative for 563 victims who wished only to be referred to as Mala told Khmer Times. Read more: Khmer Times (PDF)

6. CGCC and Canadia Bank partner to aid business

Canadia Bank Plc and Credit Guarantee Corporation of Cambodia (CGCC) yesterday held a signing ceremony for a partnership agreement to help businesses.

The deal allows Canadia Bank to participate in CGCC’s Business Recovery Guarantee Scheme (BRGS), which aims to support business loans to micro, small and medium enterprises (MSMEs) as well as large enterprises regarding their business expansion or working capital. Read more: Khmer Times (PDF)

7. BitShares Enterprises Active in Cambodia

BitShares Management Group announced the approval and registration of BitShares Enterprises Co LTD in Cambodia… This means BitShares technology can soon be exposed and promoted heavily in the Kingdom of Cambodia, as innovation and as a DLT, a solution and means for a digital currency which can be provided in a transparent, incorruptible manner. Read more: BitShares News (PDF)

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