Property News Roundup October 09th, 2023
We’re delighted to share the weekly news highlights below.
- Cambodia Receives US$43 Million Boost from AIIB to Expand Cross-Border Animal Trade
The Cambodian government and the Asian Infrastructure Investment Bank (AIIB) have solidified their commitment to fostering cross-border animal trade and elevating the animal value chain infrastructure in Cambodia. This strategic partnership is marked by a co-financing agreement worth $43 million, aimed at catalyzing sustainable growth and development.
30 September 2023 | Construction & Property | Link: https://tinyurl.com/3tztnj9v
- Cambodian Gov’t Extends Property Tax Relief: Fines and Penalties Waived Until End of 2023
In a proactive measure to support property owners facing tax-related challenges, the Ministry of Economy and Finance has taken a decisive step. They have announced the waiver of administrative sanctions, which include additional taxes and interest, on property taxes and unused land taxes.
02 October 2023 | Khmer Times | Link: https://tinyurl.com/9x3n5nbz
- Foreign arrivals up 250.8% in first eight months
Cambodia received some 3.5 million foreign visitors in the first eight months of 2023, a year-on-year increase by 250.8 percent, but a decrease by 19.7 percent compared to the same period in 2019, according to a report of the Ministry of Tourism.
04 September 2023 | The Phnom Penh Post | Link: http://tinyurl.com/yc6mbd8x
- Growth pegged at 5.5% for ‘23 recovery stage by World Bank
The World Bank has upheld its economic growth forecast for Cambodia this year at 5.5 per cent, supported by the resurgence of the services sector, particularly tourism, following the post-pandemic recovery.
02 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/2m27n335
- Cambodia-Oz trade dips 8.5%
Cambodia’s exports to Australia reached $236.92 million in the first eight months of 2023, marking a six per cent decline from the $252.16 million recorded during the same period last year, according to the General Department of Customs and Excise (GDCE). Concurrently, imports from Australia dropped by 13.8 per cent, from $115.23 million to $99.29 million.
02 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/4k4pa6wb
- CDC approves investment of $256.56 million, ‘27K new jobs’
The Council for the Development of Cambodia (CDC) approved 26 private ventures in September, totalling an investment of $256.65 million, projected to create 27,262 jobs.
01 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/56wmnrv2
- Electrical exports spark to $2.1B
Exports of electrical machinery, equipment and related products surpassed $2.1 billion in the first eight months of 2023, marking a near 100 per cent growth from the same period last year, according to the General Department of Customs and Excise (GDCE).
03 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/ayxy4z8y
- Cambodian Banks and Microfinance Inject $57 Billion in Loans into the Economy in H1 2023
During the first half of 2023, Cambodia witnessed a remarkable surge in financial support to the economic sector. Banks and microfinance institutions disbursed an impressive sum of $57.8 billion (equivalent to 238.7 trillion riels), signifying an impressive year-on-year increase of 10.5%.
03 October 2023 | Construction & Property | Link: https://tinyurl.com/f4nt33d7
- Over 4.2 mln vehicles travel on 1st Chinese-invested expressway in Cambodia: official
More than 4.2 million vehicles had travelled on the Phnom Penh-Sihanoukville Expressway in the first 11 months since its official opening to the public in November last year.
04 October 2023 | Khmer Times | Link: https://tinyurl.com/bshr5hu7
- Looking forward: Cambodia unveils FinTech policy 2023-28
Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth unveiled Cambodia’s Financial Technology (fintech) Development Policy for 2023-2028, asserting its potential to harness the advantages of digital transformation in the financial sector and invigorate the country’s socio-economic landscape.
04 October 2023 | The Phnom Penh Post | Link: https://tinyurl.com/2ejjktpu
- WB warns Cambodia of ‘overheating’ real estate credit market
World Bank called for close monitoring for signs of overheating in the real estate credit market in Cambodia even as it forecast that the country’s economy will grow at 6.1 percent in 2024, the fastest growth for any country in the Asean region despite a looming China slowdown.
04 October 2023 | Khmer Times | Link: https://tinyurl.com/yc5pk7mm
- India plans to launch direct flights to Cambodia by the end of October
For people-to-people connectivity, Cambodia and India are planning to launch direct flights between the two countries by the end of October 2023, Dr Devyani Uttam Khobragade, Indian Ambassador to Cambodia, while paying a courtesy call to Cambodian Prime Minister at the Peace Palace Wednesday.
05 October 2023 | Khmer Times | Link: https://tinyurl.com/bde9zhwu
- Siem Reap Smart City Roadmap officially launched
The Siem Reap Smart City Roadmap is a roadmap for preparing Siem Reap to become a smart city, with a vision to be achieved by 2035 which has also received the assistance of technical cooperation from the Japan International Cooperation Agency (JICA) from 2020 until now.
05 October 2023 | Khmer Times | Link: https://tinyurl.com/ycknnk9y