Property News Roundup October 3rd, 2022
We’re delighted to share the weekly news highlights below.
- MPWT: Major Kampot-Veal Renh Road Repairs Expected to Delay to 2024, Lacking Funding
The budget for the deep repair of the forever-damaged Kampot-Veal Renh road has not yet been approved by China, confirmed Minister of Public Works and Transport HE Sun Chanthol, apologizing that the approval timeline could be in late 2023 – 2024.
September 27, 2022 | Construction Property | Link: https://bit.ly/3SEQWiH
- Phnom Penh biomass power plant now online
A major rice husk biomass power plant in southeastern Phnom Penh’s Chbar Armpov district went online, marking a significant milestone and a big win for renewable energy in Kingdom.
September 22, 2022 | The Phnom Penh Post | Link: https://bit.ly/3SLhTl3
- Vietnam, Cambodia trade climbs to record level of $7.7 billion
Trade between Vietnam and Cambodia reached a record $7.7 billion in the first eight months of the year. Vietnam’s export rose by 32% year-on-year to $4.1 billion, as the country turned last year’s deficit into a surplus.
September 27, 2022 | Khmer Times | Link: https://bit.ly/3CidNeB
- World Bank projects Cambodia’s GDP growth at 4.8% in 2022, 5.2% next year
Cambodia’s real GDP growth is projected to reach 4.8% in 2022. Traditional export-oriented growth drivers – especially the garment, footwear, travel goods, and bicycle manufacturing industries as well as agriculture – continue to underpin the economic recovery.
September 27, 2022 | Construction Property | Link: https://bit.ly/3SHIX4E
- Free 1 month trail of Phnom Penh-Sihanoukville Expressway in October
The Ministry of Public Works and Transport has announced that the Phnom Penh-Sihanoukville Expressway will be free to use for one month from 1st October to 31st October 2022.
September 27, 2022 | Khmer Times | Link: https://bit.ly/3SnIuEY
- Korea ratifies free trade deal with Cambodia
Korean’s National Assembly on Tuesday ratified a respective free trade agreement (FTA) with Cambodia, wrapping up the final domestic procedure needed for its implementation.
September 27, 2022 | Khmer Times | Link: https://bit.ly/3SqKrAC
- Over 2,000 jobs created at Kampong Speu, Cambodia’s new leather factory
A new leather factory, which was launched in Kampong Speu province of Cambodia will create more than 2,000 employment opportunities.
September 25, 2022 | Khmer Times | Link: https://bit.ly/3rgRwI4
- MPWT warns locals to stop breaking expressway’s fence
The Ministry of Public Works and Transport (MPWT) has warned the locals to stop breaking or cutting barbed razor wire fences along the expressway after finding out many spots have been damaged.
September 28, 2022 | Construction Property | Link: https://bit.ly/3dUQC0M
- Japan urges Cambodia to further ease Japanese investment in Cambodia
Japanese Prime Minister Kishida Fumio has asked his Cambodia’s counterpart Samdech Hun Sen to continue supporting and easing Japanese Investment in Cambodia, as to date, Japanese private investment value in the kingdom has reached nearly US$3million.
September 28, 2022 | Construction Property | Link: https://bit.ly/3rlDbty
- Germany disburses $670 million in financing to Cambodia
Germany has disburse a total of $670 million in financing to Cambodia, equivalent to 2.6% of the total funding provided by development partners in Cambodia.
September 29, 2022 | Construction Property | Link: https://bit.ly/3LVm2AC
- Four Investment Projects Worth US$23.9m Approved for SHV and Svay Rieng Province
The Council for the Development of Cambodia (CDC) has decided to issue investment registration certificates with a total capital of US$23.9m to establish four factories in SHV and Svay Rieng Province.
September 29, 2022 | Construction Property | Link: https://bit.ly/3ClUDon
- Gov’t establishes inter-ministerial commission for Phnom Penh-Bavet expressway development project
The Royal Government of Cambodia has decided to set up an inter-ministerial commission to accelerate the implementation of the expressway infrastructure project connecting Phnom Penh to Bavet City.
September 29, 2022 | Construction Property | Link: https://bit.ly/3LW7Jf3
- Oil sale deal divides revenue amid new exploration negotiation
Even as a new negotiation is in progress for further commercial exploration into the Block A of Cambodia, a crude oil sale agreement was recently signed between government officials, the shipment company and the buying firm to divide the revenue from sale as a percentage to each party of the deal.
September 30, 2022 | Khmer Times | Link: https://bit.ly/3E1srbD
- Big data key to post-pandemic recovery in Cambodia, says ADB
The increasing use of digital technology and big data hold the key to fast-tracking post Covid-19 economic recovery in Southeast Asia (SEA), including Cambodia.
September 30, 2022 | Khmer Times | Link: https://bit.ly/3e0j9BT
- Ministry of Tourism reforming jobs to promote tourism.
The Ministry of Tourism continues to promote the work of public financial management to reform for the early recovery of Cambodia’s tourism sector.
September 29, 2022 | Khmer Times | Link: https://bit.ly/3SnHpgg