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ខ្មែរ Economy and Finance
IMF Forecasts Strong Economic Growth in Cambodia’s Key Sectors for H2 2023
- 12 May 2023
The second half of 2023 is set to witness robust economic growth in Cambodia, driven by four key sectors, according to Mr. Davide Furceri, Chairman of the new IMF Mission. During a meeting with HE. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance, on 9 May 2023, Mr. Furceri highlighted the factors expected to propel Cambodia's economy forward. The projected econom...
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Why Would a 10-Year Golden Visa for Investors Not Popular?
- 12 May 2023
Since its launch last year, Cambodia's 10-year golden visa, designed to entice foreign investors, has struggled to gain traction. Industry experts attribute this lukewarm response to the existence of easier and more cost-effective visa alternatives available to investors. Introduced on July 22, 2022, the long-term visa program is was created with the aim of attracting executives, professionals,...
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Cambodia Seeks Vietnam’s facilitation in Power Line Connection from Laos to Singapore
- 10 May 2023
PM Hun Sen of Cambodia urged PM Pham Minh Chinh of the Socialist Republic of Vietnam to collaborate in facilitating the connection of power lines from Laos for electricity transmission to Singapore. The request was made during a bilateral meeting at the 42nd ASEAN Summit held in Labuan Bajo, Republic of Indonesia, on 9th May 2023. In the meeting, PM Hun Sen expressed Cambodia's intention to pur...
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Cambodia and Vietnam Forge Closer Tourism Ties with Feasibility Study to Connect Phu Quoc and Key Cambodian Destinations
- 10 May 2023
In a landmark development for regional tourism, Cambodia and Vietnam have embarked on a joint feasibility study to establish connectivity between the idyllic island of Phu Quoc (or Koh Tral) and two prominent tourist destinations in Cambodia. This significant agreement was formalized through the signing of a Memorandum of Understanding between the Ministry of Tourism of Cambodia and the Ministry o...
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Cambodia and Japan Plan to Establish More Private Business Centers as Trade Volume Exceeds US$2.4 Billion
- 5 May 2023
The bilateral trade volume between Cambodia and Japan is set to surpass US$2.4 billion in 2022, prompting discussions to establish more Cambodian private business centers by 2023. This was announced during the opening ceremony of the "Cambodia Expo 2023" event held in Tokyo on May 3, 2023. According to HE Chhuon Dara, Minister Delegate to the Prime Minister and Secretary of State of the Ministr...
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Single Portal for Business Registration Attracts Nearly US$2 Billion in Construction and Real Estate Investments
- 3 May 2023
The govt's efforts to streamline business registration processes and improve the country's investment climate have paid off. The Online Business Registration platform, a single portal for registering new businesses, has received a total of 24,466 applications as of April this year, with a combined investment value of US$7.42 billion. The construction sector accounted for the largest share of in...
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Svay Rieng Province’s Strategic Border Checkpoints and Customs Revenue Surges to US$400m in 2022
- 2 May 2023
Svay Rieng province's strategic location on the Cambodian-Vietnamese border has facilitated the opening of eight border gates, including two international and two bilateral gates, as well as four regional gates. This was highlighted by HE Men Vibol, Governor of Svay Rieng Province, during a press conference on April 27, 2023, where he presented the province's achievements in the past five years. ...
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Singapore Doubles Property Tax for Foreign Buyers in Effort to Cool Market
- 30 April 2023
In a move to address concerns over the affordability of housing for locals and maintain its position as a competitive financial hub, Singapore has raised taxes on property purchases. The Ministry of Finance, National Development Ministry, and Monetary Authority of Singapore have jointly announced that stamp duties for foreign buyers will increase from 30% to 60%. While Singaporeans and permanen...
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Cambodia’s Construction and Real Estate Sector to Benefit from Stronger Partnership between CCA and CVEA
- 26 April 2023
The Cambodia Constructors Association (CCA) and the Cambodia Association of Appraisers and Realtors (CVEA) have pledged to work together to enhance Cambodia's construction and real estate sector. In a meeting held on 25 April 2023, Mr. Sorn Seap, President of CVEA, and Oknha Charles Van, representing Neak Oknha Pung Kheav Se, President of CCA, expressed their commitment to cooperate with each othe...
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Japan Approves Ambitious $13.5 Billion Casino Project, A Game-Changer for Country’s Tourism Industry
- 23 April 2023
The Japanese government has given the green light to the country’s first-ever legal casino project, set to transform the nation’s tourism industry. The initial investment cost for the ambitious project is estimated to be 1.8tn yen (approximately US$13.5 billion) and is expected to be completed in 2029. According to The Guardian, the MGM Resorts International and Orix-led casino complex in Osaka...
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