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Monthly Archives: September 2010

World Bank sees steady recovery for Cambodia

The World Bank predicts that Cambodia’s economic recovery from the global financial crisis would continue in the immediate term, with GDP growing by 4% in 2010 before growth accelerates to 6% in 2011. In its report, which addressed the recovery status of the world’s developing countries, the organization stated that Cambodia’s recovery will hinge on

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Cambodia welcomes Japanese investors

The Japanese Business Association has brought a team of 30 delegates to Cambodia to explore potential investment and trade opportunities in the country. Meeting with Prime Minister Hun Sen, the association emphasized that the stability of the Kingdom makes it a conducive economic environment in which investment can flourish. The countries have a history of

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Government sets 2013 target for full electricity coverage, Hun Sen

Prime Minister Hun Sen announced that, fuelled by increasing hydropower facilities, Cambodia would meet its electricity requirements by 2013. Citing three Chinese-financed hydro plants – in Kompong Speu, Kampot and on the Pursat River – the Prime Minister stated that the new capacity would result in self-sufficiency and lower cost of power. The latter is

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CDC greenlights new airport for Siem Reap, project awaits PM’s approval

The Council for the Development of Cambodia has endorsed the construction of a new airport for Siem Reap. Believing that a bigger airport could increase Siem Reap’s tourism draw, the CDC has given its seal of approval to the proposal to construct a $1 billion dollar build-own-operate airport. The proposal was submitted by NSIA Company,

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Government calls halt to garment workers strike

With tens of thousands of garment factory workers taking themselves off the job over a salary dispute, the government acted to stem further damage to the reputation of the sector – Cambodia’s largest source of export income and a critical driver of the country’s recent high economic growth. Fearing negative investor responses – such as,

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Gold Tower construction suspension explained – What does it mean for Cambodian Real Estate sector?

A Korean Government-ordered restructuring exercise of construction outfit Hanil E&C is the reason why construction activities on Gold Tower 42, the 42-level skyscraper that is set to be Phnom Penh’s tallest structure, were halted this week. Yon Woo, the project’s Korea-based developer, explained that the suspension of construction activities was unrelated to any doubts about

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Cambodia garment factory strike enters second day, grows in size

The strike of garment factory workers continued yesterday, marking the second day the important sector has been hobbled by striking workers. Although the union representing the workers, the Cambodian Labour Association (CLA) and the GMAC, the trade group representing the owners (the Garment Manufacturers Association of Cambodia), differed on the number of workers on strike

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Postponing the construction of Phnom Penh’s Gold Tower 42

Radio Free Asia reported on Sept 12, 2010 that construction of Gold Tower 42 in the heart of Phnom Penh has been postponed. No supervisor or manager of Gold Tower 42, which has achieved a height of 31 levels, was reachable to explain the reason for the cessation of construction activities. The USD240 million project

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Asia Leads Global Tourism Rebound For First Half Of 2010

According to UNWTO World Tourism Barometer’s August Interim Update, international tourist arrivals increased by 7% for the first half of this year. The growth is led by Asia Pacific with 14%. Cambodia tourist arrivals are up 12%. Asian countries such as Sri Lanka (49%), Japan (36%), Vietnam (35%) and Myanmar (35%) registered strong results, propelling

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8 September 2010

CBRE notes that stakeholders in the national railway rehabilitation program, including JICA, AusAID, the ADB and JV concessionaire Toll Royal Railway, have reached agreement on the issue of whether the new railway will have access to the expanded Sihanoukville Autonomous Port. Their effective agreement to build a new railway terminal at the port is a

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Cambodia Daily on September 7,2010

Cargo levels at Sihanoukville Autonomous Port rose 15% in the first eight months of 2010, compared to the same period last year, with imports increasing 13% and exports 23%. The growth is further evidence that the Cambodian economy is enjoying a return to vibrancy, even as trading partners in Europe and North America continue to

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Phnompenh Post on Septemper 7, 2010

Construction of the US$10 million Mittapheap Shopping Centre is set for completion over the next three months, putting the Sihanoukville project – which will represent the coastal region’s first major shopping complex – on track for a commercial opening in early 2011… The mall, which will contain 800 shops and have parking space for 150

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Mekong Railway Project

CB Richard Ellis has seen plans for the Mekong Rail project which will link Singapore with Kunming. The investment project covers Singapore, Malaysia, Thailand, Cambodia, Vietnam, Laos, Myanmar and China. Infrastructure development in the last 10 years in the Mekong region has reached over US$11 billion. Cambodia’s railway network is undergoing a rehabilitation at a

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Phnom Penh Tower

Hyundai Amco have constructed up to the 17th floor of the 22 floor Phnom Penh Tower. The building will offer whole and split floor office space, located on Monivong Blvd with 150 car parking spaces. Completion is set for May 2011.

Business Registrations up 25%

The Cambodian Ministry of Commerce has reported that 121 foreign businesses registered to become Cambodian businesses in July 2010. This is an increase of 25% on the same month last year. A further 218 domestic firms registered as new businesses in a sign that the Cambodian economy is recovering and re-shaping itself as we approach

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CBRE appointed sales agent for GS site in Phnom Penh

CB Richard Ellis have been appointed sales agents for GS (Korea) for a 6.8Ha site in Phnom Penh. The site is filled and ready for construction, with a wide ranging permission for a number of uses including hotel, retail, residential and office to a height of 52 storeys. The site is one of the best

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