Category: Market

The export of renowned Kampot pepper, one of Cambodia’s only two products to be registered as a Geographical Indication in the European Union, had declined by almost a third in 2022, a farmers’ representative said, today.

Nguon Lay, president of Kampot Pepper Promotion Association said, it exported only 79 tonnes of Kampot pepper last year, down 30.7 percent from 114 tonnes the year before.

He said, some 85 percent of the pepper was shipped to Europe and the remaining 15 percent was sold to other countries, including the U.S., Canada, China, Japan, and South Korea.

“I believe that the slump was due to consumers’ cut in spending on non-essential goods, as Europe’s economy has slowed down,” he said.

“Also, it was due to the depreciation of the euro against the U.S. dollar, as most of the companies used the dollar to buy pepper from our association for exporting to Europe,” he added.

Renowned for its delicate aroma and strong spicy taste, Kampot pepper, the country’s geographical indication product since 2010, is currently popular in the European market.

Lay said, Kampot pepper comes in three varieties – black, red and white – selling for 15 U.S. dollars, 25 dollars and 28 dollars per kilogramme, respectively.

Cambodia and China signed, last Nov, a memorandum of understanding on the phytosanitary requirements for pepper export, paving the way for the direct shipment of Cambodian pepper to China.

“We hope that our Kampot pepper will also be famous in China in the future, as we see China as a huge market for our pepper,” Lay said.

Located in the south-western region, the coastal province of Kampot has some 240 hectares of pepper farms, he said, adding that, a hectare yields an average of 2.5 tonnes per annum and the harvest season runs from Mar to Jun

Source: NAM News Network

The Ministry of Commerce registered 10,701 new companies and enterprises in 2022, up 40 percent from 2021, reflecting Cambodia’s post pandemic economic recovery, said a report of the Ministry of Commerce released earlier this week.

At the same time, about 888 companies had been removed, up 38 percent from 643 in 2021, the source added.

More than 6,000 companies have applied for licenses electronically, the report pointed out, adding that more than 13,000 companies have applied to reserve business names.

Speaking at an annual meeting held here on Monday, H.E. Pan Sorasak, Minister of Commerce, said that the ministry has been working and continuing ranges of reforms in updating the business registration automation system by developing electronic business licensing.

Mr. Ky Sereyvath, an economist at the Royal Academy of Cambodia, sees the number of listed companies as a reflection of the effectiveness of management over private companies, which is an easy way to support them technically if needed.

“The growth of the Cambodian economy has partially contributed to boosting the number of businesses that have been closed or suspended during the pandemic time to restart operations,” he said.

Vice President of the Cambodian Chamber of Commerce Mr. Lim Heng said that the increase in business registration reflects the reopening of the country, all kinds of socio-economic activities under the effective policy of the Royal Government of Cambodia.

“The increase in the number of registered companies is a good sign for the national economy as the successful vaccination against Covid-19 has led to the socio-economic resumption, especially the implementation of the free trade agreements and RCEP which have made many investors interested to invest in Cambodia,” he said.

Source: Agency Kampuchea Press

A delegation of Sumitomo Mitsui Banking Corporation (SMBC), led by its Managing Executive Officer and Co-Head of the Asia Pacific Division Mr. Rajeev Kannan, is seeking for investment opportunities in Cambodia, especially in areas of logistics and tourism port.

The aim was shared during their courtesy visit to H.E. Sun Chanthol, Senior Minister and Minister of Public Works and Transport, at the ministry office in Phnom Penh yesterday.

SMBC expressed their particular interest in Kampot International Tourism Port and Logistics Master Plan Development Project which consists of some 332 projects worth more than US$48 billion.

On the occasion, H.E. Sun Chanthol informed his guests that transport infrastructure and logistics development remains a main strategy of the Royal Government of Cambodia to enhance the national economy.

H.E. Senior Minister laid stress on three expressway projects – Phnom Penh-Sihanoukville Expressway project already put into use, Phnom Penh-Bavet Expressway project which has already been studied and is scheduled to open its construction in mid-2023, and Phnom Penh-Siem Reap Expressway project which will be studied soon – as well as the Phnom Penh-Poipet Railway Upgrading Project.

H.E. Sun Chanthol also mentioned about the port development projects in Sihanoukville of Preah Sihanouk province and in Kampot province, the waterway transport on Bassac River connected to a seaport in Kampot province, and the promotion of Electric Vehicle (EV) use.

Source: Agency Kampuchea Press

Cambodian exports of bicycles to international markets hit 966 million U.S. dollars in 2022, up 48 percent from 651 million dollars in the year before, said a Ministry of Commerce report, released yesterday.

The Ministry of Commerce’s Undersecretary of State and Spokesman, Penn Sovicheat, said, the bicycles had been shipped to more than 50 countries and regions, including the European Union, Britain, the United States, Canada, Japan and China.

“Bicycles have become one of our main manufacturing products for exports, after clothes, shoes, and travel goods,” he said.

According to the spokesman, Cambodia is the top player in the Association of Southeast Asian Nations, in terms of bicycle exports.

Currently, five bicycle factories are operating in Cambodia, all located in special economic zones in Bavet city, in the south-eastern Svay Rieng province.

Source: NAM News Network

Cambodian Ministry of Agriculture, Forestry and Fisheries (MAFF), and the International Rice Research Institute (IRRI) have exchanged views on promotion of bilateral cooperation, especially in the fields of rice and agrifood systems.

The discussion took place here yesterday between H.E. Dith Tina, Minister of MAFF and Mr. Nurmi Pangest, IRRI Representative in Cambodia.

H.E. Dith Tina expressed welcome and support for the continued cooperation between MAFF and IRRI to ensure high efficiency for the agrifood security system.

According to MAFF, the IRRI and MAFF have formed a long-term partnership in research, development and promotion of Cambodia’s rice sector. In 1996, after working in partnership for 30 years, both sides signed a final agreement to strengthen Cambodia’s rice sector through more in-depth research and training programmes, and brought the cooperation between the two countries to a new level in order to turn Cambodia into a major rice exporter in the world.

Source: Agency Kampuchea Press