Business and Tech News Brief in Cambodia 11 June 2021

I have made the news brief about business and technology in Cambodia from various News Outlets, published on 11 June 2021. Check them out if you’re also interested in getting informed.

List of Important News Brief on Business and Technology in Cambodia

1. Salt harvest reaches 70,000T this year, shortage for export

Salt Association of Kampot and Kep ended this year’s salt season with 70,000 tonnes of salt, a lower yield than a year earlier due to the unfavorable weather condition, causing the lower amount of salt production.

The yielded amount is sufficient to meet the domestic demand for food and the fermented fish production, but not for export. The salt prices range between 12,000 Riel (approximately $3) and 13,000 Riel (about $3.25) per sack of 50 kg. Read more: KhmerTimes (PDF), PPPost (PDF).

When can Cambodia stop depending on the sky?

2. Cambodia Commercial gold mining to produce 3T of gold/year

PM Hun Sen on June 10 announced the commencement of commercial gold mining operations in the Okvau area in southwestern Mondulkiri province’s Keo Seima district from June 21, after 14 years of exploration and research by Australian miner Renaissance Minerals (Cambodia) Ltd.

An earlier report outlined an initial Life of Mine (LOM) of eight years, with an average of three tonnes of gold produced each year. Cambodia expects to generate $185 million per annum in pre-tax cashflow, with $40 million from royalties and taxes transferred to the national budget. Read more: PPPost (PDF)

3. Regulator remains silent on GFX case

GFX investors (victims) said the Securities and Exchange Regulator of Cambodia (SERC), the regulatory body has failed to provide basic information and any update regarding the status of their investigations, nor has it provided a confirmation of delivery of sensitive documents detailing investments sent to the SERC.

The body recently appointed former SERC Deputy Director-General Sok Dara as Director-General of a new “Trust Regulator” days after news of the missing $27 million became public. Read more: KhmerTimes (PDF).

4. Cambodia, Thailand agree to boost cross-border checkpoint trade to reach $15B

Cambodia and Thailand have pledged to facilitate the two nations’ bilateral trade at cross-border checkpoints in order to boost it towards its previously set target of  $15 billion.

The trade target of $15 billion was originally slated to be achieved by 2020, but the goal was a casualty of the unforseen effects of Covid-19. Last year,  two-way trade reached $7.236 billion, half of the target. The time frame for achieving the $15 billion target has been reset to 2023.

Both sides agreed to hold the 11th Meeting of the Joint Commission for Bilateral Cooperation between Cambodia and Thailand later this year or early next year to discuss further. Read more: KhmerTimes (PDF)

5. Minister wants Preah Sihanouk to be a ‘blue’ economic centre

Minister of Environment Say Samal expressed his desire to turn Preah Sihanouk province into a “blue” economic hub at a roundtable dialogue on charting a path to ensure the sustainability of the East Asia Seas.

There was a wide range of improvements under way in the province, including upgraded roads, improving railway services, deepening seaports, ensuring clean and safe water supplies and improving wastewater treatment.

Major current concerns for Cambodia’s oceans include climate change, the loss of biodiversity and marine pollution, he added. Read more: KhmerTimes (PDF)

6. Postal service earns $1.7 million in the first quarter, less than last period

From January to March, State-run Cambodia Post earned $1.7 million, a 13 percent decrease compared with the $2 million in revenue registered for the same period last year due to the Covid-19 pandemic disruptions to domestic travel and air transport. Read more: KhmerTimes (PDF)

7. India $1B funding to ASEAN Countries would link roads from India to Cambodia through Vietnam and Thailand

India’s Ambassador to Cambodia Devyani Khobragade met Minister of Public Works and Transport Sun Chanthol to discuss the two countries’ deep and growing relationship and identify sectors primed to expand with the use of a $1 billion line of credit offered by India to all ASEAN countries.

According to the Indian embassy in Phnom Penh, Khobragade discussed aid for projects that would further link India and Cambodia with the potential construction of roads  through Vietnam and Thailand. Read more: KhmerTimes (PDF)

8. Cambodia’s Lanmei Airlines scoops Chinese ‘5th freedom’ rights

Lanmei Airlines, local Cambodia air transport company based in Phnom Penh and Siem Reap, has been awarded fifth freedom rights through Lanzhou Zhongchuan Airport in central China’s Gansu province as a commercial stop on its services from Phnom Penh to Kathmandu (Nepal) and Lahore International (Pakistan). The move marks the first time fifth freedom rights to/from Lanzhou have been granted to a foreign carrier. Read more: KhmerTimes (PDF)

9. Hattha Bank registered new capital increase of $25M to focus more on lending to the SME

Hattha Bank announced to increase capital from $115 million to $140 million, aiming to increase more lending to SME sector during the Covid crisis. Read more: KhmerTimes

10. Importing skills and institutional innovation in Cambodia (Opinion)

There are various pragmatic ways in which Cambodia can do to enhance its attractiveness to those foreign scientists and expatriates.

– First, it has to improve its international image to attract the interested foreign scientists or experts to the country.

– Second, Cambodia needs to strengthen peace and security so that foreign experts or scientists feel safe and secure in the country.

– Third, the country needs to improve its health and education sectors so that foreign experts can trust our health care system and put their children in our schools.

To conclude, STI is a complex and multi-faceted area. To create its ecosystem relies on importing skills among other things. The proposed options are crucial for attracting foreign talents. Read more: KhmerTimes (PDF)

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