The Council for the Development of Cambodia (CDC) has approved three garment-related investment projects worth nearly $15 million and expected to generate more than 3,200 jobs, according to a press release.
Backed by rapid technological and innovation development, Cambodian tech and digital businesses achieved $470 million in revenue for 2019, according to the latest report from Asian Development Bank (ADB) released late last month.
The government is looking to unleash the immense economic potential of southwest Cambodia’s Preah Sihanouk, the Kingdom’s most important shipping gate.
Although the economic crisis unleashed by Covid-19 has driven large international trade declines, Cambodia-US trade seems to have largely eluded the clutches of the pandemic wobbles, worth $2.6549 billion in January-April, an increase of 24.48 per cent over the $2.1327 booked in the same period of 2020.
The Ministry of Commerce is poised to roll out CambodiaTrade, an e-commerce marketplace, to open new pathways for the Kingdom’s small and medium-sized enterprises (SMEs) to sell their wares to a broader audience and capture a slice of the growing global digital economy.
All members of the Eurasian Economic Union (EAEU) have voiced backing for formal talks on a Cambodia-EAEU free trade agreement (CEFTA), except for Kazakhstan, as Russia smoothens preliminary negotiations, according to a senior official at the Ministry of Commerce.
Cambodia-Vietnam trade sharply increased by 22 per cent in the first quarter of 2021 on a yearly basis, reaching a record high of $3.892 billion, despite tightened border controls over fears of spreading the Covid-19 pandemic, according to the Vietnamese embassy in Phnom Penh.
Cambodia and Kyrgyzstan are exploring the possibility of launching formal negotiations for a bilateral free trade agreement (FTA), within the framework of the Eurasian Economic Union (EAEU), among other bilateral arrangements, according to the Kyrgyz embassy in Ankara.
The Cambodia Chamber of Commerce (CCC) has renewed its support for the Japan External Trade Organisation (Jetro) in organising trade meetings between Cambodian and Japanese businesses to promote better trade cooperation between the two countries.
The value of foreign direct investment (FDI) into the Kingdom registered a slight fall in 2020 amid a much sharper contraction among non-banking sectors and uncertainty over the evolution of the Covid-19 pandemic, but inflows into the financial sector remained strong.