January Newsletter 2020

January Newsletter 2020

15/January/2020

Chinese Lunar New Year 2020 

New sun rises in a brand new year, Meridian Management Group sincere wishing all employees, colleagues, valued customers and business partners, may it bring good luck, prosperity, joy, and contentment abound in your families. Happy Mouse Year 2020!

KINGDOM TO HOST INT'L BAY CONGRESS IN DEC 2022

Cambodia will be hosting 18th World Congress of Worlds’ Most Beautiful Bays Club in 2022 announced by the Ministry of Tourism.
 

Since 2011, Cambodia had become a member of the Club. The club has 44 bays (from 27 countries) as members. This will be the second time for the Kingdom to organize this world event. The first time was in 2013 at Bokhor Thansur Resort, one of the latest tourism development projects in Southern Cambodia.
 

Prime Minister Hun Sen urged everyone work together to develop the tourism sector in the country sustainability by keeping it hygienic and orderly. The cities along the beach should go green and clean.

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CSX RAISES RECORD $151 MILLION FROM SECURITIES, CORPORATE BOND TRADING 

The Cambodia Securities Exchange (CSX) risen a record of USD 151 mil from securities and corporate bond trading in 2019.
 

This marks a substantial 26 per cent increase from 2018 with a record of USD 120 mil, released by Securities Exchange Commission of Cambodia (SECC) director-general Sou Socheat.
 

He further informed that next year, CSX will list a small number of new companies by trading their securities. Several firms will also be listed on the corporate bond market.
 

Currently, five firms are listed and on trading, while three financial institutions are on the exchange corporate bond market. 

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TURKISH INVESTORS EYE ELECTRONICS, ELECTRICITY PRODUCTION IN KINGDOM

Turkish investors expressed interest in seeking investment partners on electricity production and electronics sectors in Cambodia.
 

Guven Uckan, the head of the Electrical Electronics and Services Exporters’ Association (EESEA), said Cambodia had great potential for investment. Currently, a numbered of Turkish investors are doing business in the Kingdom.
 

In April, he will be leading a group of Turkish business delegates whom specialize in electricity production and electronics, to visit the Kingdom for investment partnership purposes. Besides, he had requested a collaboration with Cambodia Chamber of Commerce to hold a Cambodia-Turkey Business Meeting.


HERTZ MAKES INROADS INTO CAMBODIA

Hertz Asia has announced City Link Transportation (Cambodia) as its franchise partner in Cambodia.
 

The Cambodian rental company will operate several Hertz brands – Hertz, Dollar, Thrifty and Firefly – in Phnom Penh, where vehicles range from sedans to luxury limousines. City Link will also offer Hertz Chauffeur Drive service for airport transfers and business travellers.
 

Eoin Macneill, vice president Asia Pacific, Hertz, said: “This is the first time Hertz has awarded all four brands to a single franchisee in Asia; showcasing that we’re confident City Link has the expertise to deliver a range of mobility solutions with the great service that our customers have come to expect.”

IS CAMBODIAN INFRASTRUCTURE READY FOR REAL ESTATE IN 2020?

2019 real estate market in Cambodia has been growing due to high demand from both local and international buyers across different property types.
 

Will 2020 be more of the same? Industry insiders have mixed answers.
 

According to the Ministry of Land Management, Urban Planning and Construction (MLMUPC), there were 4,446 construction projects approved amounting to $9.3 billion as of August in 2019. By comparison, within the same period in 2018, government only approved 2,867 projects amounting to $5.2 billion – these projects being mostly high-rise buildings located in Phnom Penh and Sihanoukville.

RUBBER EXPORTS GROW NEARLY 24% LAST YEAR

Cambodia’s rubber exports saw a 24 per cent increase compared to year 2018, according to General Directorate of Rubber.
 

According to the source, the Kingdom exported 233,677 tonnes of rubber with a total value of USD 311 million during the period. The data also showed that 434,552ha of rubber had been planted in first 11 months in 2018, with more than 230,000ha of rubber had been harvested.
 

In a bid to increase rubber quality and market prices, the Ministry of Agriculture, Forestry and Fisheries in November last year urged the industry to apply for quality certification.