Category: Market

Cambodia has requested Korea Trade-Investment Promotion Agency (KOTRA) to invest in processing and packaging of agricultural products such as cassava, longan, rubber, banana, durian, mango, and other tropical fruits, to boost the export of Cambodian rich agricultural produce with good quality to the Korean markets.

The request was made by Cambodian Minister of Commerce H.E. Pan Sorasak, while meeting with Mr. YU Jeoung Yeol, President and CEO of KOTRA, at its Head Office in Seoul, Republic of Korea (ROK) late last week.

H.E. Pan Sorasak highly appreciated KOTRA’s roles and contribution to Cambodia’s economic development.

H.E. Minister laid stress on the entry into force of Cambodia-ROK Free Trade Agreement (CKFTA) in December 2022, saying that this is an appropriate time to discuss trade and economic promotion, and increase the use of Cambodia-ROK FTA.

For his part, Mr. YU Jeoung Yeol strongly believed that the CKFTA would improve the bilateral trade which could lead to the increased cooperation in the fields of digital technology and agriculture, and more.

The KOTRA President and CEO added that over 200 Korean companies are currently investing in Cambodia, and KOTRA is attracting more Korean investors, especially in the above-mentioned areas, as well as automobile spare parts, and wood products.

Source: Agency Kampuchea Press

General Department of Customs and Excise of Cambodia, and Korea Customs Service (KCS) of the Republic of Korea (ROK) will reach a Memorandum of Understanding (MoU) on customs affairs between both countries in the near future to contribute to boosting trade and investment activities.

The move was discussed during a recent working meal in Seoul, ROK between H.E. Pan Sorasak, Cambodian Minister of Commerce, and Mr. YOON Taesik, Commissioner of KCS, on the occasion of the celebration of 41st International Customs Day.

Taking the opportunity, H.E. Pan Sorasak requested KCS to continue to support Cambodia through training and capacity building programmes.

Mr. YOON Taesik, also Former Deputy Minister of Economy and Finance of ROK, supported the request, and pledged to continue to share knowledge, experience, and support capacity building of relevant Cambodian officials.

H.E. Pan Sorasak praised the close cooperation between GDCE and KCS in facilitating the export-import activities of both countries, and emphasised the importance of Cambodia-ROK Free Trade Agreement, which entered into force in December 2022, and which will significantly contribute to enhancing trade, investment and economic cooperation between Cambodia and ROK.

Source: Agency Kampuchea Press

The General Department of Taxation (GDT) has collected US$3,455 million as tax income in 2022, which is equivalent to 122 percent of the yearly target.

The figures were released by its Director General H.E. Kong Vibol in a special broadcast on tax service on Thursday.

Despite continued COVID-19 threat, as well as the outbreak of Russia-Ukraine war, which has slowed down the world economy and pushed up inflation, especially in the food sector, the GDT’s tax collection performance in 2022 was good, exceeding the target of 22 percent, he said.

The director general attributed the achievement to the government’s efficient measures against the pandemic, recovering the economy to the potential growth.

He also stated that the tax revenue will provide an opportunity for the government to invest in building roads and other key infrastructure and to contribute to projects supported by development partners.

Cambodia has two institutions responsible for collecting taxes. One is the General Department of Taxation, which focuses on interior taxes such as income tax, salary tax, value-added tax, and property tax, and the other is the General Department of Customs and Excise, which collects taxes on goods entering and leaving the country.

Source: Agency Kampuchea Press

COVID-19 pandemic, together with Internet and mobile usages has driven sharp growth in mobile payments in Cambodia, said the National Bank of Cambodia (NBC) Governor H.E. Chea Chanto on Thursday.

The online transaction has been on the trend of rapid growth while the number of mobile subscribers reached 19.6 million and internet subscribers 18 million, he said in an annual meeting to review the NBC’s work achievements in 2022 and set objectives for 2023.

The Cambodian payment system, especially the Bakong and KHQR (KHQR) system, facilitates cross-bank and financial institutional payments, boosts the financial environment, and raises the profile of the Cambodian payment system on the international stage for its high creativity and innovation, he said.

“Since the COVID-19 crisis, online trading has grown rapidly and electronic payment methods have become increasingly popular across the country,” he noted.

To keep up with this rapid development, the payment system is constantly being modernised to facilitate payments in an efficient, secure and fast economy, the NBC governor added.

“The benefits of modernising the payment system were clearly demonstrated during the lockdown, supporting the online business operations and the Royal Government’s socio-economic protection measures in the transfer of benefits to workers and the poor and vulnerable in an immediate and transparent manner,” H.E. Chea Chanto said.

Source: Agency Kampuchea Press

Cambodia and Indonesia are satisfied with their good collaboration in all sectors.

The remarks were affirmed in a farewell meeting here this morning between Samdech Akka Moha Ponhea Chakrei Heng Samrin, President of the National Assembly of Cambodia and H.E. Sudirman Haseng, Outgoing Ambassador of the Republic of Indonesia to Cambodia.

H.E. Sudirman Haseng congratulated Cambodia on the successful hosting of the ASEAN Summits and Related Summits and the ASEAN Inter-Parliamentary Assembly (AIPA) General Assembly.

The outgoing diplomat thanked Samdech Heng Samrin for his support and cooperation during his diplomatic mission in the country and asked for continued support for the new Indonesian ambassador.

H.E. Sudirman Haseng also lauded the rapid development of Cambodia, especially in Phnom Penh during his five-year diplomatic term.

He thanked the Royal Government of Cambodia for naming two streets in Phnom Penh after two former Indonesian presidents, saying that this reflects the intimate relations and strong cooperation between the two ASEAN nations.

Samdech Heng Samrin spoke highly of H.E. Sudirman Haseng’s efforts in actively contributing to the advancement of the diplomatic and friendship ties and bilateral cooperation in all domains.

Cambodia and Indonesia have established their diplomatic mission for more than 60 years and both countries’ leaders always exchange visits to promote the traditional relations, solidarity and cooperation, recalled Samdech Heng Samrin.

The Cambodian NA is satisfied with achievements and cooperation between the two governments, particularly between the two legislative bodies through visit exchanges and mutual support on inter-parliamentary forums, he added.

Samdech Heng Samrin also expressed thanks to the Government of Indonesia for its contribution to Cambodia’s peace building and development in all areas, mainly in human resource development, civil aviation, humanitarian actions and beyond.

Source: Agency Kampuchea Press