The Ministry of Commerce will lose $60 million in revenue annually after the government eliminated export procedures in a campaign to boost competitiveness, a senior official at the ministry has said.
The government has formed a technical working group to formulate a digital economy policy which will function as a roadmap to boost the Kingdom’s economy through technological innovation, an official said on Tuesday.
The Kingdom’s major tourism destinations attracted more than a half a million tourists during the New Year’s Eve celebrations, bringing the total number of tourists nationwide to three million, according to Ministry of Tourism figures.
Cambodia's economy is predicted to remain resilient and maintain a high growth rate this year in the face of challenges posed by the global economy, according to a National Bank of Cambodia (NBC) press release.
Buoyed by year on year growth, the Kingdom’s agriculture sector remained positive about its growth potential this year, despite the looming threat of EU safeguard measures hanging over the country’s rice industry.
Cambodia granted 52 licences to casinos last year, bringing the total awarded to 150 at the end of 2018, thanks largely to a surge in gambling businesses in the Kingdom’s Preah Sihanouk province.
The Angkor Archaeological Park welcomed nearly 2.6 million international visitors last year, generating more than $100 million in revenue, a statement from the state-run Angkor Enterprise released on Tuesday said.
The Kingdom’s total exports for this year increased more than 23 per cent from last year to $10.36 billion, led by garments and agro-products, according to the Ministry of Commerce’s annual report.
Over the last year, Kampot province has become an attractive destination for investment, especially in the tourism and real estate sectors, resulting in a dramatic increase in land prices.
Eleven development projects in the Kingdom were approved by the Council for the Development of Cambodia (CDC), bringing $297 million in total investment and more than 6,000 jobs to the Kingdom’s industry, according to a CDC press release posted on Facebook on Friday.