International Monetary Fund (IMF) managing director Kristalina Georgieva on April 7 said the Cambodian economy is expected to grow 4.2 per cent this year, following a 3.5 per cent contraction in 2020, but cautioned that local governments around the world should proceed with prudential policies and proactive management.
The trading value of the US-Canadian (USD-CAD) currency pairing has been fluctuating in a downward trend, and it is expected to continue in a bearish mood next week with the Canadian dollar looking much stronger.
The US embassy in Phnom Penh and American Chamber of Commerce in Cambodia (AmCham) will take a four-point strategic approach to ramp up US business and investment into the Kingdom.
Last year saw 7,860 new businesses register with the Ministry of Commerce, down 40.72 per cent from 13,259 in 2019.
The Ministry of Commerce posted $12.7 million in revenue for 2020, down by 50.83 per cent over $26.60 million in 2019, driven down by reductions in business registration fees and an increasing number of merchants self-certifying their products’ origins.
CAMBODIA’S trade balance is expected to worsen by $2.3 billion per annum or around 17 per cent due to the recently-signed Regional Comprehensive Economic Partnership (RCEP), startling data from a joint study led by Dr Rashmi Banga of the UN Conference on Trade and Development (UNCTAD) revealed.
The government on March 26 approved five new investment projects worth about $1.3 billion and expected to absorb 2,250 workers, even amid a dramatic escalation in the ASEAN member’s fight against the spread of the Covid-19 disease.
The private sector rejoiced as the government on March 25 announced its eight round of measures to keep businesses afloat and stimulate economic growth as the Kingdom grapples with surging novel coronavirus infections.
The much-anticipated Inclusive Business Enabling Environment for Cambodia (IbeeC) strategy will be adopted soon to meet the needs of 1.7 million poor and low-income Cambodians by 2023, a wide-ranging virtual meeting conducted by the Ministry of Industry, Science, Technology and Innovation heard on March 18.
Cambodia approved eight investment projects worth over $69 million in the first three weeks of this month that are expected to deliver 5,249 jobs, according to a report from the Council for the Development of Cambodia (CDC).