(CAAI News Media)
Cambodia’s Hard Year is Over, Prosperous Years to Come
Wednesday, 06 January 2010 13:36 DAP-NEWS .By Ek Madra
PHNOM PENH– Cambodia likes others countries across the globe has hit hard by the international financial crisis which began in mid-2008, but today this Asian nation sees prosperity to come given the sign of economic recovery in the region.
The Asian Development Bank (ADB) said on Tuesday that the emerging East Asian economies to growth higher than expected to 6.8 percent for 2010 from early projected 6.5 percent. The Bank also said last year’s Asian growth should be 4.2 percent for last year rather 3.6 percent.
“The global economic situation is changing rapidly, necessitating frequent reassessments. The prospects for much of the region look rosier than they did in September when we last did a full study of the region,” said the release seen by DAP.
Another contribution to Cambodia’s growth is the injection of the financial assistance from China. During the visit of China’s vice President Xi Jingping to Cambodia in December, 2009, he pledged another $1.2 billion in grant aid and loans for Cambodia to develop own nation, whose infrastructures were devastated by wars.
This budget is another big plus for the nation’s upgrading its infrastructures, which partially contributes to allure more foreign investment to the kingdom.
Also, the Vietnamese and Cambodian businesses have signed on December 26, in Saigon, South Vietnam, on the investment agreements and contracts—worth US$6 billion to invest in Cambodia’s power generation, food processing, fertilizer production, rubber plantation and health care—are contributing to Cambodia’s growth.
Both countries signed more than 60 documents for bilateral cooperation in almost all areas, and established appropriate mechanisms to facilitate cooperation. Two-way trade has increased significantly in recent years, reaching US$1.7 billion in 2008, up 40 percent against 2007.
Vietnamese businesses have invested in over 60 projects in Cambodia with a total capitalization of nearly US$900 million, making Vietnam among the top three foreign investors in Cambodia. Most invested projects have been operating efficiently, especially in forestry, agriculture, mining, telecommunications, banking and insurance.
Cambodia will create a favorable investment environment for Vietnamese businesses to operate in Cambodia which was assured by Prime Minister Hun Sen assured his Vietnam’s counterparts who attended the event.
The increasing of foreign tourist arrivals in Cambodia last year and the country’s bountiful rice production are contributing to the economic growth for the coming years.
Tourist arrival in Cambodia increased 2 percent for 2009. That is to say Cambodia received 2,160,000 tourists last year compared with 1,125,465 in 2008, a 2 percent increase—which is a sign of recovery of tourism industry, according to the tourism ministry obtained by DAP.
Cambodia received 2,015,128 tourists in 2007. It was 1,700,041 in 2006, said the report.
Tourism minister Dr. Thong Khon said the recovery of the regional economy also contributed to the last year’s increase. Cambodia’s tourist arrival in Cambodia is projected a 15 percent increase per year. Dr. Thong Khon said Cambodia has planned to establish more tourist destinations in the southwest, the north and northeast where the resources in the areas can be transformed as attractive sites for natural loving tourists.
“We have abundant resources for the development of eco-tourism and cultural tourism sector,” Dr. Thong Thong said.
Cambodia has more than 800 ancient temples, 900 historic hills and 80 ancient bridges.
Also, the Kingdom is expected to produce 7.286 million tonnes of rice for 2009/2010 of which the country saw another surplus of rice of 3.1 million tonnes for exports, said the agricultural report on Tuesday.
“Although we faced some problems with bad weather of drought and Ketsana storm during the cultivation period of the rainy rice season, but the government’s supplies along with the farmers’ hard working enabled us to achieve a remarkable result,” said the report.
Last but not least, Cambodia also foresees the ASEAN-China Free Trade Area is to play a key role in attracting the foreign investment to flow millions of dollar investing in this kingdom given the political stability and trade facilitating policy in addition to a high potential investment in the area of agro-industry, tourism and garment sector.
The establishment of the China-ASEAN free trade area (FTA) on Jan. 1, 2010 would be another plus to promote the development of trade and economic cooperation of the region and benefit greatly the country and the people.
The world’s largest free-trade area (FTA) came into force since Friday, an initiative that analysts said gives a shot in the arm for global trade troubled by rising protectionism.
That means most goods traded between China and the 10-member Association of Southeast Asian Nations (ASEAN) attracted zero or little tariff. The average tariff on goods from ASEAN countries is cut to 0.1 percent from 9.8 percent. The six original ASEAN members - Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand - will slash the average tariffs on Chinese goods from 12.8 percent to 0.6 percent.
By 2015, 90 percent of goods are expected to flow without tariffs between China and the four new ASEAN members: Cambodia, Laos, Myanmar and Vietnam. Border traders were happy with the launch of the FTA, the world’s largest in terms of population, 1.9 billion, and third largest by GDP, trailing the European Union and the North American Free Trade Area.
SRP Lawmaker Calls for Reconciliation on VN Border
Thursday, 07 January 2010 02:51 DAP-NEWS
A Cambodian Opposition Party lawmaker on Wednesday called for reconciliation over the case of Sam Rainsy. Svay Rieng Provincial court has charged opposition leader Sam Rainsy with pulling up 6 border markers between Cambodia and Vietnam on October 25, 2009.
SRP lawmaker Chea Pohc asked for discussions after Prime Minister Hun Sen on Tuesday insisted that he would not request the Cambodian King pardon Sam Rainsy. The premier said he had already helped Sam Raisny several times.
The December 14 visit by an SRP parliamentary delegation, accompanied by independent observers, to Svay Rieng border allegedly exposed evidence of countless Cambodian farmers having lost their rice fields because of border encroachments, say the opposition SRP.
Cambodians Awarded in Azerbaijan
Thursday, 07 January 2010 02:52 DAP-NEWS
Four Cambodian students under the age of 16 were awarded silver and bronze medals during an exam held in Azerbeijan. All were awarded with 3 million riel from the Education, Youth and Sports Ministry.
The awards were for the mathematics subject as an Olympic International exam.
“In 2009, Cambodia sports players achieved a lots as we achieved in SEA Games so that it showed our making effort and the development in our country,” the Minister, Em Sothy, said during the award ceremony.
“The government is making effort to improve the education sector, leading to success,” he stated. “Since 2000, Cambo- dia has sent 140-150 students to take exams internationally, and this week, we will send some to camp in the South Korea.”
Sorn Sopheak, one of those to win an award and a valued DAP staff member, said that two factors had led him to such an incredible achievement. “The first, it is the student factor and the second is teacher factor,” he said, “Following our achievement and the successful result, international partners admired us, especially they admired Cambodia traditional dancing.”
Cambodia encourages more investment in rubber
Thursday, 07 January 2010 02:52 DAP-NEWS
(Xinhua)-The Cambodian government is urging more investment in rubber plantations in the country to take advantage of high prices on global markets, local media reported on Wednesday.
Ly Phlla, director general of the General Department of Rubber under the Ministry of Agriculture, Forestry and Fisheries, was quoted by the Phnom Penh Post as saying that rubber was now fetching around 2,800 U.S. dollars per ton, up from 1,000 U.S. dollars per ton early last year.
“There is high demand for rubber on the global market, so we need more investment in the sector. Whoever wants to plant, we welcome them,” he said, adding that investment in rubber plantations has no negative impact on local farmers.
Prices for rubber in Cambodia have soared in the latter half of the year, reaching 1,918 U.S. dollars per ton in October, 2,435 U. S. dollars per ton in November and about 2,800 U.S. dollars at the end of December 2009, Ly Phalla said. The increase came as demand for robber soared on the global market amid expectations that manufacturing may recover from a slow 2009 as the U.S. economy began to “sing” in recovery, he said, adding that rising oil prices also contributed.
Cambodia currently has 123,000 hectares of rubber plantations and is expected to have 150,000 hectares under rubber by the end of this year, according to Ly Phalla.
However, Cambodian Rubbet Association President Mak Kimhong said he expected the area under plantation to exceed government estimates, with Vietnamese investors in particular beating a path to the country.
Cambodia signed a memorandum of understanding in November with the Vietnam Rubber Group in Cambodia, a consortium of 14 Vietnamese firms that plan to invest 600 million U.S. dollars in Cambodia’s rubber sector by 2012.
Mok Kimhong, who has 15,000 hectares in rubber in Kampong Cham province, 7,000 of which is currently producing, said most rubber exports already go to Vietnam. The rest goes to Malaysia, Thailand and Singapore, with some bought by Germany and France. Mok Kimhong said he exported around 9,000 tons of natural resin to Vietnam last year. Official export figures of resin were not available Tuesday but Ly Phalla previously said Cambodia exported 50,000 tons last year and 40,000 tons in 2008.
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