Cambodia and Hungary have agreed to further boost economic and tourism ties, while the private sector offers a rosy view of the EU country as a hub for expanding exports to Europe.
Cambodia has approved in principle amendments to the Law on Commercial Enterprises and the Law on Commercial Rules and Registration in a bid to further enhance the investment attractiveness of the Kingdom, according to a press release on the minutes of an Economic and Financial Policy Committee meeting.
Bilateral trade volume between Cambodia and South Korea amounted to $884.88 million in 2020, down 17.77 per cent from $1.032 billion in 2019, according to data from the Korea International Trade Association (KITA).
The number of companies initiating the registration process on the government’s newly-launched e-Business Registration Platform has increased to 7,293, nearly seven months since the system went online.
The Kingdom is set to host a consultative meeting with EU representatives and partners based in the country next month and prepare a 2021-2027 joint development cooperation plan that centres on market diversification, according to the Council for the Development of Cambodia (CDC).
Optimism prevails in the private sector that the Investment Law widely anticipated to launch later in the year will spell new momentum in the Kingdom’s industrial diversification in parallel with the region and beyond.
The year 2020 was an economically tense year with every country in the region and around the world – including Cambodia – striving to combat the spread of Covid-19, which not only poses a global health risk, but also threatens a serious impact on global economic growth.Cambodia’s economy will contract two per cent in 2020 before swiftly recovering to four per cent growth this year, the World Bank projects, citing effective government measures that respond to the specific needs of the most affected sectors – including tourism, garments and textiles, and construction.These figures are similar to the government’s projections of a 1.9 per cent contraction for 2020 before a return to 3.5 per cent growth this year.The government has been pulling out all the stops to boost local production capacity for export and sign free trade agreements (FTA) in hopes of reinforcing trade and investment relations with countries in the region and around the globe.The Post’s May Kunmakara, sat down with World Bank senior economist for Cambodia Ly Sodeth to discuss the Kingdom’s 2020 economic performance and what we can expect this year.
The National Bank of Cambodia (NBC) on December 31 forecast that the Kingdom’s economic growth will return to four per cent growth this year if Covid-19 vaccines can successfully curtail the spread in the first half.
The Council for the Development of Cambodia (CDC) on December 29 approved three new investment projects worth more than $15 million.
Ministry of Commerce officials are combing over a list of nine products, commodities, services and incentives to develop a trade strategy that maximises the benefits of the newly-inked free trade agreement (FTA) with China.