Capital investment in newly-approved construction projects over the first eight months of 2021 reached $3.843 billion, contracting by 24.4 per cent year-on-year, largely as a result of the protracted Covid-19 epidemic.
Private sector actors and experts have welcomed the promulgation of the new competition law, to create a fair-playing field and attract more investment.
The results of a crucial ongoing study will enable Cambodia to set out a framework of strategies to enhance the efficiency of the trade facilitation environment and the Kingdom’s competitiveness on the international stage, according to General Department of Customs and Excise (GDCE) director-general Kun Nhem.
International Monetary Fund (IMF) resident representative for Cambodia Yasuhisa Ojima is optimistic that Cambodia’s economy will see a quick recovery that reflects the “proactive measures” taken by the government to blunt the socio-economic impacts of Covid-19.
Bilateral trade between Cambodia and the US in the first eight months of 2021 totalled $5.4994 billion, surging by 28.47 per cent versus $4.2805 billion in the same period of last year, according to the US Census Bureau (USCB).
Seventy-five private investment projects outside of special economic zones (SEZ) were approved by the Council for the Development of Cambodia (CDC) in the first eight months of 2021, down by nearly 30 per cent year-on-year, the Ministry of Economy and Finance reported.
E-commerce and the ongoing digital transformation have been boosting the productivity and competitiveness of small and micro-, small- and medium-sized enterprises (MSME) in Cambodia, Minister of Commerce Pan Sorasak said last week.
Cambodia's non-gold exports reached $11.010 billion in the first eight months of this year, surging by 20.4 per cent year-on-year, while the analogous imports amounted to $14.6 billion, marking a 26.7 per cent year-on-year jump, the Ministry of Economy and Finance reported.
The Cambodian economy could be expected to grow by around two per cent this year and five per cent in 2022 with extensive government support and a recovery in external demand, according to the International Monetary Fund (IMF).
Cambodia and the UAE have concluded the first round of talks on a Double Taxation Agreement (DTA), agreeing on most of the draft articles.