Latest news with #PennSovicheat
The Star
10-06-2025
- Business
- The Star
Cambodia approves investment projects worth US$4.2bil in January-May period
PHNOM PENH: Cambodia attracted fixed-asset investment of US$4.2 billion in the first five months of 2025, up 52 per cent compared to the same period last year, said a Council for the Development of Cambodia (CDC)'s report released on Tuesday (June 10). The country approved 290 investment projects during the January-May period this year, up 89 per cent from 153 projects in the same period last year, generating roughly 203,000 jobs, the CDC said. China remained the top foreign investor in the kingdom, accounting for 62.27 per cent of the total investment amount, the CDC said. Cambodian Ministry of Commerce's Secretary of State and spokesperson Penn Sovicheat (pic) said the Regional Comprehensive Economic Partnership (RCEP) agreement and Cambodia's bilateral free trade agreements with China, South Korea, and the United Arab Emirates are major factors in attracting foreign direct investment. "These free trade pacts are magnets for foreign investors to Cambodia," he told Xinhua. Sovicheat said new investments would bring new capital, technologies and job opportunities for Cambodian people. - Xinhua
The Star
09-06-2025
- Business
- The Star
Cambodia's trade with Asean reaches US$5.9bil in Jan-April, up 4.6 per cent
PHNOM PENH (Xinhua): Cambodia's trade volume with its fellow Asean member states hit US$5.9 billion in the first four months of 2025, up 4.6 per cent from US$5.64 billion over the same period last year, said an official report on Monday. The kingdom exported products totally worth US$2.35 billion to other Asean countries during the January-April period this year, up 7.3 per cent from US$2.19 billion over the same period last year, said the report from the General Department of Customs and Excise. Meanwhile, the country's total import from its fellow Asean countries amounted to US$3.55 billion, up 2.9 per cent from US$3.45 billion, it added. Cambodia's trade volume with the Asean accounted for 29.9 per cent of the country's total trade volume of 19.7 billion dollars in the first four months of 2025, the report said. Cambodia's top five trading partners in Asean were Vietnam, Thailand, Indonesia, Singapore, and Malaysia, the report added. Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the main products Cambodia exported to Asean included garments, shoes, travel goods, solar panels, electronics, spare parts for vehicles and bicycles, and agricultural products such as milled rice and cashew nuts. Asean (the Association of South-East Asian Nations) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Cambodian Prime Minister Hun Manet said at a recent Cambodia-Asean business summit that Asean has established itself as a beacon of stability and prosperity, with immense potential highlighted by its status as the world's fifth-largest economy. He added that the Regional Comprehensive Economic Partnership (RCEP) agreement has further solidified Asean's unwavering commitment to deepening regional integration and fostering mutually beneficial economic and trade ties. - Xinhua
The Star
11-05-2025
- Business
- The Star
Cambodia's export up 14% during January-April period
Women sew clothes for export at a garment factory in the Phnom Penh SEZ. - STPM PHNOM PENH: Cambodia exported products worth US$9.13 billion in the first four months of 2025, a year-on-year increase of 14 per cent, said an official report released on Saturday (May 10). Main exported items included garments, footwear, travel goods, bicycles, car tires, solar panels, and potential agricultural produce such as rice, rubber, cassava, bananas, mangoes, and longans, said the report of the General Department of Customs and Excise. The top five export destinations for the South-East Asian nation are the United States, Vietnam, Japan, China, and Canada, the report added. Meanwhile, the kingdom recorded a total import of 10.36 billion dollars during the January-April period this year, a rise of 19.7 per cent year-on-year, the report said. Key imported goods included petroleum, raw materials for garment, footwear and travel goods, vehicles, machinery, electronic appliances, and consuming products, among others, it added. Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA) had injected momentum into the country's trade growth. "Both trade deals have served as a catalyst for our long-term and sustainable trade growth," he told Xinhua. "They are also a magnet to attract more foreign investors to Cambodia." - Xinhua
