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  • camconomy 8:58 am on January 23, 2012 Permalink | Reply  

    Local Partner Named in US$47m Thai Venture 

    Cambodian-Thai joint-venture project Crystal Rice Company would invest US$47million in a rice-milling plant in Kampot province, although the application process had not yet been completed, provincial and company official said yesterday. Thailand’s second-largest rice exporter, Asia Golden Rice, and Cambodia’s Keo Maly Import-Export Group will invest in the company. The plant is expected to have a one-million-tonne rice milling capacity. Kampot governor Khoy Khun Hour told the Post CRC’s investment had been encouraged by the Cambodian government because of its job-creation potential. “Such a big investment will help to create jobs and strengthen the price of paddy for our farmers,” he said.
    [The Phnom Penh Post]

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  • camconomy 8:56 am on January 23, 2012 Permalink | Reply  

    New CEO Announced for ANZ Royal Bank 

    ANZ Royal Bank yesterday announced the appointment of Damian Bell, the current CEO at ANZ Laos, to the same position at ANZ Royal in Cambodia. He will replace Stephen Higgins, who has served as chief executive since 2008, from next month, according to a statement from ANZ Royal. The appointment is subject to regulatory approval. Higgins said yesterday the succession was routine, adding that leadership positions at the bank’s regional branches often lasted for three to four years. “It’s part of the regular cycle of CEOs,” he said. ANZ Royal is 55% owned by Australia and New Zealand Banking Group, and another 45% is held by Cambodia’s Royal Group.

    [The Phnom Penh Post]

     
  • camconomy 8:54 am on January 23, 2012 Permalink | Reply  

    Export Figures Up 42% in 2011 

    Strong growth in garment, textile and agricultural exports drove a 42.7% year-on-year increase in Cambodia’s total exports for 2011, official Ministry of Commerce data shows. The Kingdom exported US$4.98 billion in goods last year, compared with US$3.49 billion the year before. Market diversification and a relaxing of rules of origin in the euro zone fuelled last year’s growth, insiders and experts say. Heightened awareness of export schemes among investors, as well as government facilitation, also contributed to growth. “We got duty-free export treatment in the European Union, so we had a huge increase in exports to that market last year,” Garment Manufacturers Association of Cambodia (GMAC) secretary-general Ken Loo said yesterday. He noted the importance of exports to the European Union for Cambodia’s garment manufacturing sector.

    [The Phnom Penh Post]

     
  • camconomy 8:52 am on January 23, 2012 Permalink | Reply  

    CAMBODIA: 2011 rubber prices surge 132% on demand 

    Cambodia’s 2011 rubber exports and export prices grew by 55% and 131% respectively. The data shows rubber exports last year totaled 46,727 tons, compared to 30,040 tons in 2010. Export prices also rose to $200.9 million from US$86.76 million in 2010. Last year’s surge was primarily due to rising foreign demand and larger production hauls. The world’s demand for rubber in 2012 is predicted to exceed that in 2011 by only 5.5% due to a recovering Cambodian economy and slowed production in other fields. Currently, one tone of rubber fetched about $3,300 on the market. Rubber prices had increased for the first nine months of 2011. The Cambodian government is drafting policies concerning the production and processing of rubber, as well as developing plans to increase rubber exports.

    (The Phnom Penh Post)

     
  • camconomy 8:51 am on January 23, 2012 Permalink | Reply
    Tags: Business News   

    CAMBODIA: MIME backs Kingdom SMEs 

    The Ministry of Industry, Mines and Energy is set to provide a total of US$800,000 to small and medium enterprises as part of an initiative to strengthen the sector’s technical and competitive strategy. As many as 30 companies would receive the financing; the most important help is to upgrade technological capacity. Eligibility for the first phase of funding was limited to food and beverage businesses with capital investments of up to $500,000 and with as many as 100 staff. Financing will range from $5,000 to $30,000, or up to 50% of an enterprise’s total properties. The first phase of funding would total $300,000, and about 10 companies would be selected through a lottery process to ensure transparency. Fourteen SME owners had applied for financing so far, the applicants were in Pailin, Kampong Speu, Pursat, Battambang, Kampong Thorn, Phnom Penh and Kampot. A review of applications for the first phase of financing began on January 20.

    (The Phnom Penh Post)

     
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