MLMUPC and CBC Partner to Enhance Property Data Access in Cambodia
On December 12, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) and Credit Bureau (Cambodia) Co., Ltd. (CBC) launched a strategic data collaboration at Phnom Penh’s Institute for Banking Studies. This partnership enables banks and financial institutions (BFIs) to access comprehensive property reports, including ownership details, rental history, and mortgage status, streamlining loan applications and approvals. Deputy Prime Minister Say Samal emphasized the importance of digitalization in boosting productivity and reducing costs. Chea Serey, Governor of the National Bank of Cambodia (NBC), highlighted that the new online property verification service will allow BFIs to quickly verify land titles, enhancing decision-making and borrower services. Developed with FunGi Co., Ltd., this initiative supports Cambodia’s push towards a more efficient and secure financial environment.
Source: KhmerTimes
Cambodia’s Public Debt Steady at $11.78 Billion in Q3 2024
Cambodia’s public debt reached $11.78 billion by the end of Q3 2024, remaining sustainable and low-risk, according to the Ministry of Economy and Finance. Of this, 99% ($11.67 billion) is external debt, with 64% from bilateral and 36% from multilateral development partners, and 1% ($115 million) is domestic debt. The debt is composed of 45% USD, 19% SDR, 12% JPY, 11% CNY, 8% EUR, and 5% other currencies. From Q1 to Q3 2024, new loans totaled $1.07 billion, utilizing 46% of the legal ceiling, with 38% from bilateral and 62% from multilateral sources—a 7% increase from last year. All loans are highly concessional, averaging a 47% grant element, and are aimed at financing public investment projects to support sustainable economic growth. Deputy PM Aun Pornmoniroth highlighted the robust debt management system ensuring Cambodia’s capacity to manage and repay its obligations effectively.
Source: KhmerTimes
Four Company Delegations Seek Investment Opportunities in Cambodia’s Clean Energy Sector
On December 10, Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC), hosted four company delegations led by Neak Oknha Sam Soknoeun, Chairman of Sam Sn Group. The delegations also included representatives from Bolt Battery Company Limited and Bolt Energy, Genezen Energy, and Sam St Investment Pte., Ltd. During the meeting, the companies explored Cambodia’s favorable investment climate, government incentives, and opportunities within the rapidly growing clean energy sector. Deputy PM Chanthol highlighted Cambodia’s attractive attributes, such as a young and dynamic workforce and the government’s strong support for the private sector as a key driver of economic growth. This engagement underscores Cambodia’s commitment to expanding its clean energy infrastructure and attracting international investments to promote sustainable development.
Source: KhmerTimes
Over 50 KIAF Companies Seek Investment Opportunities in Cambodia
Prime Minister Hun Manet welcomed Marn-Ki Jeong, Chairman of the Korea Industry Alliance Forum (KIAF), and a delegation of 35 trading companies at PH Green Hall Centre in Phnom Penh. Leading a group of 50 Korean businesses, the delegation aims to explore investment opportunities in Cambodia’s key sectors, including engineering, infrastructure construction, automotive human resource development, healthcare, beauty services, commercial systems, and media. Prime Minister Hun emphasized Cambodia’s commitment to building robust infrastructure, such as international airports, expressways, railways, and deep-water ports, alongside enhancing human capital through automotive and technological skills training. He highlighted the Royal Government’s competitive investment environment supported by favorable policies and incentives, and the importance of connecting Cambodia to regional and global markets through free trade agreements. Hun encouraged continued collaboration between KIAF and Cambodian ministries to maximize investment potential and drive economic growth.
Source: KhmerTimes
Cambodia Raise $70M Bonds in First Three Quarters
Cambodia successfully issued government securities worth 295.30 billion riels ($70 million) in the first three quarters of 2024, marking a significant increase from the $58.26 million raised last year. This achievement represents over 65% of the annual 440 billion-riel target, compared to last year’s 29% of an 813 billion riel ceiling. Hong Sok Hour, CEO of the Cambodian Securities Exchange, highlighted the steady growth of the nascent government securities market, emphasizing its role in reducing reliance on foreign funds. The government aims to raise 500 billion riels ($125 million) in 2025 and up to $1 billion over the next five years to finance infrastructure projects. Incentives such as a 50% withholding tax cut on interest and a three-year capital gains tax exemption are attracting local investors, fostering sustainable public debt management and economic growth.
Source: KhmerTimes
Cambodia’s economy enjoys healthier growth in 2024 despite downturn in real estate
Cambodia’s economy is set to grow by approximately 6% in 2024, up from 5% in 2023, driven by a revival in the garment sector, increased non-garment manufacturing, and a gradual recovery in tourism, according to Economy and Finance Minister Aun Pornmoniroth. Looking ahead to 2025, growth is projected to reach 6.3%, boosting GDP to $51.39 billion and GDP per capita to $2,924. The industrial sector is expected to expand by 8.6%, the service sector by 5.6%, and agriculture by 1.1%, with inflation forecasted at 2.5% in 2025. Despite a significant 29.1% year-on-year decline in property development projects, Cambodia remains resilient. The World Bank forecasts a 5.3% growth for 2024, emphasizing the importance of trade, tourism, and foreign direct investment. Regional and bilateral free trade agreements, including the ASEAN Free Trade Area and the Regional Comprehensive Economic Partnership (RCEP), continue to support sustainable economic growth by providing access to markets of approximately 2.3 billion people.
Source: News.cn
The 9th PropertyGuru Cambodia Property Awards Recognize Top Developments and Designs
The 9th PropertyGuru Cambodia Property Awards, supported by CBRE Cambodia, celebrated the nation’s premier real estate achievements at the prestigious PropertyGuru Asia Property Awards International Luncheon held at The Athenee Hotel in Bangkok. OCIC Group distinguished itself by winning the inaugural Sustainable Design Award for the Connexion project and Best Township Development for Koh Pich City, showcasing the company’s commitment to ESG principles and innovative urban planning. In the design categories, V.I Land Investment Co., Ltd. earned the Best Housing Architectural Design (Greater Phnom Penh) for Vong Residence, while LP Residences Co., Ltd. secured the Best Housing Interior Design for Palm Springs, highlighting exceptional creativity and functionality in residential spaces.
Jules Kay, General Manager of PropertyGuru Asia Property Awards and Events, praised the winners for setting new benchmarks in sustainability and architectural excellence, stating that “this year’s winners are poised to inspire the next generation of developers.” Sorn Seap, chairperson of the Cambodia Awards, emphasized the dedication to quality and sustainability demonstrated by the awardees, underscoring the resilience and innovation within Cambodia’s real estate sector. The awards were judged by a distinguished panel of industry experts, ensuring a fair and transparent selection process. These accolades reflect the ongoing growth and sophistication of Cambodia’s property market, reinforcing its position as a dynamic and forward-thinking sector in the region.
Source: AsiaPropertyAwards
Economy Ministry Rejects Claims China is Halting Loans to Cambodia
The Ministry of Economy and Finance of Cambodia has officially denied reports that China has stopped lending to the country. Meas Soksensan, the ministry’s spokesperson, addressed the allegations in a video statement, emphasizing the strong and ongoing relationship between Cambodia and China. He clarified that numerous joint projects are still underway, involving investment, cooperation, and concessional financing agreements. These projects are currently in the feasibility study phase, with economic and social impacts being assessed before final agreements are signed. Soksensan highlighted recent high-level visits, including those by Cambodian leaders to China and vice versa, as evidence of the enduring partnership. He also noted the continued interest of Chinese investors in Cambodia, with many exploring investment opportunities and engaging with Prime Minister Hun Manet. Additionally, he referenced Prime Minister Hun Sen’s recent visit to China, where he expressed gratitude for China’s support in hosting the SEA Games and praised Cambodia’s stable leadership and economic progress.
Source: KhmerTimes
Phnom Penh Port Handles 27.64% More Cargo from Jan-Nov 2024
The Phnom Penh Autonomous Port (PPAP) reported a significant surge in cargo handling for the first eleven months of 2024, managing 4,644 cargo vessels—a 27.64% increase compared to the same period last year. Container throughput also saw a substantial rise, reaching 436,839 TEUs, up by 20.69%, while the total volume of cargo and gas-fuel handled grew by 16.01% to 4,366,589 tonnes. Additionally, passenger vessel traffic increased by 25.35%, accommodating 32,850 passengers, a 47.17% rise from the previous year.
Chairman Sam Soknoeun of SAM SN Group highlighted Cambodia’s entry into a “golden era” of development, emphasizing the anticipated growth in waterway transportation following the completion of the Funan Techo Canal project. This infrastructure advancement is expected to enhance the competitiveness of Cambodian goods by reducing shipping costs and linking PPAP with key seaports in Preah Sihanouk and Kampot provinces. The collaboration with international companies aims to establish a special economic zone near the canal, further boosting investment and economic growth.
Source: Phnom Penh Post
Cambodia’s Trade Volume Nears $50B in First 11 Months of 2024
Cambodia’s international trade surged to nearly $50 billion in the first eleven months of 2024, marking a 17.4% increase from $42.50 billion in the same period last year, according to the General Department of Customs and Excise (GDCE). Exports accounted for 48% of the total trade volume, reaching $23.93 billion with a 16.8% growth, while imports rose by 17.9% to $25.94 billion, resulting in a trade deficit of approximately $2.01 billion. Lor Vichet, Vice-President of the Cambodian Chinese Commerce Association, attributes the growth to global geopolitical shifts, increased production capacity, and rising demand for traditional exports like garments, footwear, and travel bags, which support around 800,000 jobs. Pen Sovicheat, Secretary of State for the Ministry of Commerce, highlighted the diversification of export markets through enhanced FTAs, including the Regional Comprehensive Economic Partnership (RCEP), and improvements in infrastructure and investment laws. Future growth is expected as Cambodia expands its agricultural exports and strengthens manufacturing sectors.
Source: Phnom Penh Post
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