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Increase of Cambodia dry rubber

admin — Thu, 08 Jul 2010 02:41:44 +0000

While the price of dry rubbers spikes in global market, classified as grade 1 of 10 costing USD3,687.50 per tonne last week but Cambodia’s rubber companies missed out on the benefits from it because mostly Cambodia had exported exclusively to Vietnam.

According to the Malaysian Rubber’s figure, the price of rubbers classified as grade 1 worth USD3,687.50 per tonne, grade 10 rubber reached USD2,868 per tonne last week.

The Cambodia Import, Export, Inspection and Fraud Repression Department- CamControl released official statistics by showing that during the first five months of this year, Cambodian rubber exports were down more than 34 percent in comparison with the same period of 2009.

The amount of rubbers exported dropped during the first five months because of harsh weather for reducing production.

At the present, there are 14 Vietnamese companies planting rubbers in Mondulkiri, Ratanakiri, Kampong Thom, Kratie and Preah Vihear provinces where they received 100,000 hectares in land concessions from Cambodia’s government in September 2009 because Cambodia wants to raise the rubber production to 150,000 hectares by 2015.

Vietnamese companies planted rubber on 10,000 hectares of land in Cambodia last year and planed to add 20,000 more by the end of 2010, some 30,000 hectares in 2011 and 40,000 hectares in 2012, according to the memorandum.

Increase of bilateral trade Thailand

admin — Wed, 30 Jun 2010 06:32:26 +0000

Thai Embassy’s Foreign Trade Promotion Office (FTPO) released statistics by showing that international trade between Cambodia and Thailand has increased more than 80 percent during the first four months of 2010, compared to the same period last year.

During April 2010, the bilateral trade was estimated to total USD$386 million alone. Exchanged goods with neighboring countries were worth USD$914 million in the year to the end of April, increased 84 percent from USD$497 million for the first four months in 2009.

Lang Seng Hor, market manager for Cambodian Center for Study and Development in Agriculture-CEDAC- was quoted by the Phnom Penh Post as saying that April is traditionally a strong month for trade due to economic spin-offs from agricultural harvests, including crops of rice, corn, cassava and beans.

FTPO showed figures that the total trade between the both nations dropped 22.15 percent to UDS$1.658 billion in 2009, from UDS$2.130 billion in 2008.

Products that Thailand has exported to Cambodian market are petroleum, processed goods, consumer products, building materials, fruits, vegetables and cosmetics. Products that Cambodia extorted Thailand are agricultural products, secondhand garments, recyclable metal and fish.

Beverage industry spent the most on ads

admin — Wed, 16 Jun 2010 01:33:10 +0000

According to the Indochina Rechearch Ltd’s new survey, most of beverage sector in Cambodia spent estimated US$1.3 million on promotion on advertising in May.

It also found that the drinks sector to be Cambodia’s highest-spending sector. The last year, the beverage sector has spent almost US$6 million to date on advertising.

The Indochina Research Ltd read that It pipped spending from telecommunication sector, estimated at $900,416, and personal care businesses, measured at $770,609, to take first place. This year, the beverage industry has spent almost $6 million to date on advertising.

National Bank of Cambodia sold off dollars to stabilize riel

admin — Thu, 10 Jun 2010 10:27:27 +0000

It is the third time that the National Bank of Cambodia (NBC) sold off US$ 1 million to stabilize the depreciation of national currency (Riel) according to a statement on Monday, signed by Nguon Sokha, Deputy Director General of National Bank of Cambodia.

A total of US$ 3 million was to be auctioned off to purchase riel in separate lots Monday, Wednesday and Friday of this week. The first, NBC auctioned US$ 4 million late last month and the second is US$ 3 million last week but NBC’s intervention failed to stop the decrease of riel.

Kang Chandararot, Cambodia Institute for Development Study President was quoted by the Post as saying that the depreciation of the domestic currency is not unique to Cambodia, as the US dollar has strengthened against many foreign currencies, including the euro.

“It’s good the NBC releases US currency to appreciate the riel,” he said. “The riel will likely rise as euro currency recovers in value.”

Cambodia to get 1.1 billion in donor aid

admin — Sat, 05 Jun 2010 06:36:25 +0000

The third Cambodia Development Cooperation Forum (CDCF) had been held during two days in the capital Wednesday for a landmark donor-government forum amid calls for the government to accelerate the pace of key reforms tied to the disbursal of aid. There are more than 100 representatives from different donor countries and international financial organizations attending this third forum.

In the last day of forum, Minister of Economy and Finance Keat Chhon hailed the outcome of the talks by saying that international donors have pledged a record US$1.1 billion in development assistance for the upcoming 18-month period. This pledged aid is surpassed the US$951.5 million at the last CDCF in December 2008.

Speaking in opening remark to forum, Prime Minister Hun Sen promised that the government would use aid money effectively, adding that officials will continue to tackle key issues, including corruption, land rights and the reform of the judiciary.

Even though, Keat Chhon declined to give detail of aid from different countries but speaking during the meeting, Japanese ambassador Masafumi Kuroki said that Tokyo had pledged $130 million at this year’s CDCF. US Embassy spokesman John Johnson said that the US government had earmarked $68.5 million in aid for fiscal year 2010.

In addition, UK ambassador Andrew Mace said at the meeting that his government had pledged around $33 million for 2010 after two days of open and constructive dialogue with the government. Rafael Dochao Moreno, charge d’affair of the EU Delegation to Cambodia said that The European Union pledged around $60 million to the government, with EU member states supplying an additional $190 million.

School director accused of corruption in Svay Rieng

admin — Thu, 03 Jun 2010 15:13:32 +0000

Teachers filed a complaint with the provincial Department of Education and the Education Ministry on Monday by accusing Ms. Touch Sothea, School director of Samdech Hun Sen Kraul Hor High School, in Svay Rieng province’s Svay Chhrom district of nepotism and corruption.

One out of teachers said that School principal is committing guilty of making false expense claims and pocketing the money, and engaging in unfair hiring practices.

Rong Chhun, president of the Cambodian Independent Teachers Association (CITA), was quoted by the Post as saying that he forwarded the complaint to Education Ministry officials on Wednesday.

CITA suspected the director of committing corruption on a number of instances, and that officials had neglected to take action despite significant evidence, he added.

“Their accusations are correct. The ministry should take action against her and punish her according to their disciplinary rules,” he said.

Transportation through Phnom Penh Autonomous Port increased 40 percent

admin — Thu, 03 Jun 2010 14:54:16 +0000

The traffic of Phnom Penh Autonomous Port increased 40.4 percent during the first five months of 2010, compared with the same period of last year. The increased is driven by activities of main sectors in Cambodian economy such as garment industry and agriculture sector.

Eang Veng Sun, the Phnom Penh Autonomous Port’s deputy director general, was quoted by the Phnom Penh Post as saying that “we hope shipments this year will increase more than last year because the economy has been recovering significantly,”

Statistics from Port show that some 20,997 TEUs (20-foot equivalent units) were transported through the capital’s port in the five months through May, compared to 14,964 TEUs last year.

Month-to-month increases were also recorded, with 4,783 TEUs shipped in May, compared to 4,207 in April, the statistics showed.

Trade between Cambodia and Singapore up 84 percent

admin — Thu, 03 Jun 2010 14:29:42 +0000

Secretary of State for Ministry of Commerce, Chan Nora, said on Monday that the international trade between Cambodia and Singapore rose 84 percent in 2009, driven by exports of sand from Cambodia to Singapore and later the government imposed ban on sand dredging for export May last year.

“I think the growth of our exports to Singapore last year was probably because of the export of sand,” Chan Nora was quoted by the Post as saying.

According to the figure from the ministry of commerce, bilateral trade between Cambodia and Singapore was up from US$640.4 million to US$1.8 billion in 2009.

By the way, Singapore’s exports to Cambodia increased 41 percent from $523.95 million to $740.9 million, while Cambodia’s exports to Singapore shot up 275 percent to $438.2 million from $117 million.

According to Ministry of Commerce, Singapore’s main exports to the Kingdom last year included unwrought gold, diesel, petrol, alcohol, non-industrial diamonds and electronic goods, while Cambodia’s main exports were natural sand, semi-manufactured and unwrought gold, cigarettes, silk, silica and quartz sand, and woven materials, including clothes.

Cambodia singed agreement with Japan oil company

admin — Sat, 08 May 2010 02:30:00 +0000

On Tuesday afternoon, Deputy Prime Minister and Council Minister Sok An had signed an agreement with the Japan Oil, Gas and Metals National Corporation, or Jogmec, in order to open the possibility of exploration on the northern edge of the Tonle Sap lack. The company will cooperate in the evaluation of business opportunities, researching technology and potential drilling.

Jogmec Executive Director Akira Suzuki was quoted by the VOA calling the agreement a first step in further oil and gas development between Cambodia and Japan. The state-run company would also be open to more private-sector development in the future.

Sok An said Tuesday the Jogmec deal will help bolster the economy with job opportunities. And Chiaki Takahashi, vice minister of economy and trade for Japan, said he hoped the development of oil and gas here would help Cambodia become a “famous nation,” reported VOA Khmer.

Jogmec’s predecessor, the Japan National Oil Corporation, surveyed Cambodia for onshore oil reserves between 1997 and 1999. Jogmec and Mitsui Oil Exploration Co., Ltd., will examine data from the survey, according to a joint statement by the government and the company. If the survey finds suitable oil reserves, Jogmec will work with Cambodia’s National Petroleum Authority for full exploration rights.

Cambodia rejected Thai border allegation

admin — Thu, 06 May 2010 11:14:10 +0000

Cambodian embassy in Bangkok sent letter dated Tuesday to the Thai foreign ministry by rejecting Thai accusation of the repair work which had been constructed entirely at a pagoda near Preah Vihear temple within the Cambodia’s territory.

Last month, Thai foreign ministry sent a not to Cambodian embassy to Thailand by saying that the repair on the monk’s quarters at the pagoda within their territory.

The embassy’s letter followed a similar communiqué written last Friday, in which it denounced accusations that a construction project near the Ta Krabey temple in Oddar Meanchey province had impinged on Thai territory, reported the Post.

Srey Doek, commander of Royal Cambodian Armed Forces Division 3 in Preah Vihear province, said repairs on the dilapidated dormitories at the Wat Keo Sekha Kirisvarak pagoda began about six months ago and took only a few days, according to the Post.

Khmer News: Cambodia news | Cambodian economy | Banking sector | Agricutlure | Technology | Education » Cambodia

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