Business and Tech News Brief in Cambodia 12-14 June 2021

Here are the compilation of the news brief about business and technology in Cambodia from various news outlets, published on 12-14 June 2021. You can stay informed with me by following our Facebook page or Telegram channel.

List of Important News Brief on Business and Technology in Cambodia

1. Cambodia set to increase exports of processed cashew nuts to Europe, USA, Canada, China and Australia markets

After the success of Cambodian cashew exports to Japan, Top Planning Japan (TPJ) in cooperation with Chey Sambo Cashew Nut Handicraft sets its eyes on fresh new markets in Europe, USA, Canada, China and Australia where demand for cashew’s are high.

To enable this, the company is set to  increase the production and processing of cashew nuts to 20 tons a month as well as increase the amount of fresh cashew nuts to 1,000 tons in 2021. By 2023, TPJ plans to build a processing plant with a production capacity of up to 2,000-3,000 tons a year. Read more: KhmerTimes (PDF),

2. Winding up petition court date has been set for KrisEnergy

KrisEnergy’s winding up petition hearing at the Grand Court of the Cayman Islands will take place on July 12 at 9am, a notice issued when a company’s creditors submit a request to the court to liquidate the firm because it is believed to be insolvent.

After failing to hit its expected oil recovery estimates, the company announced on April 20 that it would likely not be able to continue to operate. Read more: KhmerTimes (PDF), The Business Times, The Straits Time

3. Cambodian and Indonesian entrepreneurs discuss the role of women as drivers of economic growth

The Indonesian Embassy in Phnom Penh hosted a webinar last week featuring Cambodian and Indonesian female entrepreneurs discussing how to better foster communication about the challenges women in business face.

About 60% of all private business owners in the Kingdom are women, the majority of whom operate micro, small and medium-sized enterprises (MSMEs), according to World Bank data. A similar number of women, 53.76 percent, operate MSMEs in Indonesia and female entrepreneurs contribute some 60 percent to the country’s gross domestic product. Read more: KhmerTimes (PDF)

4. GTI announces suspension of production because of Covid-19

Grand Twins International, the only garment factory listed on the Cambodia Securities Exchange, is instructed by the Ministry of Health and Phnom Penh City Hall to close its factory until June 20 as more than 200 garment workers had tested positive for Covid-19.

The company has traded downwards over the last 30 days with the value of shares dropping more than 6.52 percent from 4,600 riel. The company’s share price, trading under the ticker “GTI” remained unchanged on Friday after the announcement was released, ending the session at 4,300 riel per share. Read more: KhmerTimes (PDF)

5. PPAP registers 37% revenue growth year-on-year

Phnom Penh Autonomous Port (PPAP) has continued its upward trajectory as the firm continues to benefit from the global recovery.

Total May 2021 revenue for PPAP reached $2.394 million, an increase of 37 percent over that achieved in May 2020. The firm registered May 2021 revenue of $1.919 million in revenue from port operations, an increase from the $1.361 million in revenue recorded in May 2020.

Port authority revenue for May 2021 increased by 20 percent to $256,890.

Trading under the ticker “PPAP” on the Cambodia Securities Exchange, share prices increased by 0.26 percent to 15,000 riels per share on the news. Read more: KhmerTimes (PDF),

6. Cambodia, Laos, Myanmar and Vietnam, key importers of Thai food products

Thailand’s food exporters have found opportunities in the midst of the current crisis brought on by the COVID-19 pandemic. As consumers worldwide visit supermarkets and dine in restaurants less often, they are buying more processed and canned foods to cook at home as well as more ready-to-eat foods.

Thailand recorded a healthy growth in the export of processed foods such as fruits and vegetables and canned seafood, which is in part attributed to economic recovery in those buying countries. The trend has highlighted the strength and diversity of Thailand’s food supply chain, which is serving the country’s goal of producing foods to cater to the growing demand among global consumers for nutritious and functional foods that serve their specific needs. Read more: KhmerTimes (PDF), Bangkok Post (PDF)

7. Cambodia-US trade climbs over 24.5% in January-April

Although the economic crisis unleashed by Covid-19 has driven large international trade declines, Cambodia-US trade seems to have largely eluded the clutches of the pandemic wobbles, worth $2.6549 billion in January-April, an increase of 24.48 per cent over the $2.1327 booked in the same period of 2020.

Of that, the Kingdom exported $2.5192 billion, up by 24.43 per cent year-on-year from $2.0246 billion, and imported $135.7 million, up by 25.53 per cent on a yearly basis from $108.1 million, according to the US Census Bureau. Read more: PPPost (PDF)

8. 13 more Covid deaths, 542 infections in Cambodia

The Ministry of Health on June 14 reported another 542 Covid-19 cases, all but 37 of which were linked to the February 20 community outbreak.

The ministry also reported 13 new deaths and 1,109 recoveries. As of June 14, Cambodia had recorded a total of 38,969 Covid-19 cases with 32,967 recoveries and 348 fatalities. Source: PPPost

9. Tech, e-businesses book $470M in revenue

Backed by rapid technological and innovation development, Cambodian tech and digital businesses achieved $470 million in revenue for 2019, according to the latest report from Asian Development Bank (ADB) released late last month.

Broken down by sectors, e-commerce accounted for 27.6 per cent, e-services 7.8 per cent, digital media 10.2 per cent, advertising technology 12.7 per cent, transportation 3.8 per cent and online travel 37.9 per cent, the Metro Manila-based multilateral lender said in its “Asia Economic Integration Report 2021: Making Digital Platforms Work For Asia and the Pacific”. Source: PPPost (PDF)



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