Property News Roundup July 25th, 2023
We’re delighted to share the weekly news highlights below.
- FDI in Cambodia Surges to US$45 Billion in Q1 2023
In an impressive display of investor confidence, Cambodia’s foreign direct investment (FDI) has soared to over US$45.8 billion in the first quarter of 2023. According to a report from the National Bank of Cambodia, the country has witnessed a steady inflow of capital from major sources including China, South Korea, Singapore, Japan, Vietnam, Malaysia, Thailand, and the United Kingdom.
15 July 2023 | Construction & Property | Link: https://bit.ly/3PZMKvP
- Gov’t Approves Payment Guarantee for 670 MW Power Plant Projects in 4 Provinces
The King of the Kingdom of Cambodia has promulgated a law endorsing the government’s payment guarantee for 07 power plant projects, totaling 670 megawatts, in Koh Kong, Prey Veng, Svay Rieng, Kampong Chhnang, and Pursat provinces.
14 July 2023 | Construction & Property | Link: https://bit.ly/3XSExM6
- Cambodia collects 58% of planned 2023 tax revenue in first six months
In the first half of this year, the General Department of Taxation (GDT) of Cambodia has collected over $2.072 billion in tax, which is about 58 per cent of the projected tax revenue for 2023 as per the financial management law.
14 July 2023 | Phnom Penh Post | Link: https://bit.ly/3OeXe9A
- CBRE issued mid-year real estate review: highlighting globalization as the key factor for the slow recovery
CBRE has just released its Phnom Penh Real Estate Market Rating Report for the second half of 2023, highlighting the impact of global macroeconomic conditions, particularly the slowdown in the Chinese economy combined with the oversupply of markets domestically, pushing Cambodia to prolong the recovery of the real estate market.
17 July 2023 | Construction & Property | Link: https://bit.ly/3XXTrjX
- H1 vehicle imports slow down by 20% on-year to $457M
Cambodia imported a total of $456.673 million worth of “rot’yon” -class automotive motor vehicles in the first half of 2023, down 19.90 per cent year-on-year from $570.099 million, according to the Ministry of Commerce.
17 July 2023 | Construction & Property | Link: https://bit.ly/3XXTrjX
- Feasibility study planned for rail links with Thailand and Vietnam
A major study is in the pipeline to evaluate the feasibility of building a new railway line through Cambodia linking Thailand and Vietnam, which aims to spruce up the domestic transportation system and enhance cross-border trade, according to Minister of Public Works and Transport Sun Chanthol.
17 July 2023 | Phnom Penh Post | Link: https://bit.ly/46RuDyk
- Ring Road 3 is temporarily open and will be officially inaugurated on August 3
Ring Road 3, a vital infrastructure project in Cambodia, is set to bolster connectivity and drive economic growth in the country. The road construction has reached its completion milestone, and a temporary opening is currently in effect.
18 July 2023 | Construction & Property | Link: https://bit.ly/43yAoOH
- South Korea exports climb 28.2% on record June
Cambodia exported $142.743 million worth of merchandise to South Korea in the first half (H1) of 2023, surging by nearly 28.2 per cent from $111.357 million in 2022H1 as well as by 16.73 per cent from over $122.28 million in 2022H2, according to Customs (GDCE). A record $28.964 million was shipped in June alone, making up 20.29 per cent of the total.
18 July 2023 | The Phnom Penh Post | Link: https://bit.ly/3XXBimw
- Cambodia’s export to RCEP countries up 24 percent in H1
Cambodia’s total export to other Regional Comprehensive Economic Partnership (RCEP) countries amounted to $4.07 billion in the first half of 2023, up 24 percent from $3.28 billion over the same period last year, said the Ministry of Commerce’s latest report released on Tuesday.
19 July 2023 | Khmer Times | Link: https://bit.ly/3pTwYZ0
- UAE and Cambodia sign bilateral trade deal
The United Arab Emirates and Cambodia signed a bilateral trade agreement on Thursday, the Gulf state’s fifth such deal under a trade strategy launched in 2021. Known as Comprehensive Economic Partnership Agreements (CEPA), the trade strategy is a key pillar of the UAE’s economic growth plans as it seeks to reduce its dependence on fossil fuels.
8 June 2023 | Reuters | Link: https://shorturl.at/gsGJN
- CDC updates law, sub-decree to investors
Officials of the Council for the Development of Cambodia (CDC) on Tuesday disseminated the new Law on Investment to the members of the Travel Goods and Leather Association (CTLA) and Cambodia Footwear Association (CFA).
20 July 2023 | Khmer Times | Link: https://shorturl.at/gpvW3
- Light-rail line to new Siem Reap airport?
The government is studying a possible light-rail line from Siem Reap town east to the new international airport, which remains on track to open in October, according to Minister of Public Works and Transport Sun Chanthol.
20 July 2023 | Phnom Penh Post | Link: https://shorturl.at/gpvW3