The Bangkok Post
Thursday August 28, 2008
Garment, tourism businesses targeted
NAREERAT WIRIYAPONG
PHNOM PENH : State-owned Krung Thai Bank is looking to expand its presence in Cambodia by opening a new branch in the port town of Sihanoukville. Sihanoukville, about 230 kilometres southwest of Phnom Penh, is considered a strategic location for the new branch of KTB as it is the centre of logistics, trade and investment, as well as tourism, said Pisit Buranakitpinyo, general manager and vice-president of KTB's Phnom Penh branch.
The Thai bank, which has had a presence in Cambodia since 1994, currently operates two branches in the country _ one in Phnom Penh and a sub-branch in Siem Reap.
''The deep-sea port at Sihanoukville has created a big volume of business transactions including shipments of goods exported from Thailand, China and Vietnam,'' said Mr Pisit.
''At the same time, factories, mainly those in the garment industry, are operated there while beaches have led to developments of tourism businesses around the area.''
Garments are the biggest industry in Cambodia since it has enjoyed tariff privileges from exporting to the US market. Through the operations of roughly 300 factories, garments accounted for a major share of Cambodia's gross domestic product (GDP), noted Mr Pisit.
According to the Office of Commercial Affairs of the Thai embassy in Phnom Penh, a cluster of 20 Chinese garment factories in Sihanoukville takes advantage of cheap labour and tariff privileges for exporting to the US.
Siam Commercial Bank (SCB), which operates in Cambodia under the name Cambodian Commercial Bank, has four branches at present including the one in Sihanoukville, Mr Pisit said.
According to Mr Pisit, Cambodia is currently the biggest overseas operation of KTB, which operates 200 branches locally. The bank has one branch each in Vientiane, Mumbai, Kunming, Singapore and Los Angeles. The two branches in Hanoi and Ho Chi Minh City had been closed.
''Cambodia is one of the emerging markets that have high potential,'' he said, citing the country's double-digit growth rates seen over the past decade. ''But this year, the (Cambodian) economy is likely to expand below 10% due to high oil prices and the global economic slowdown.
''The government here has introduced aggressive economic measures, for example the establishment of a stock exchange by the end of next year. Laws and regulations have been adjusted to facilitate the plan,'' he added.
On the bank's performance, Mr Pisit said first-half results remained on target despite tensions over Thailand's border with Cambodia.
''So far, I think we are still on track to achieve the whole year's target,'' he said but decline to elaborate the figures.
KTB shares closed yesterday on the SET at 7.50 baht, up 10 satang, in trade worth 112.13 million baht.
Thursday August 28, 2008
Garment, tourism businesses targeted
NAREERAT WIRIYAPONG
PHNOM PENH : State-owned Krung Thai Bank is looking to expand its presence in Cambodia by opening a new branch in the port town of Sihanoukville. Sihanoukville, about 230 kilometres southwest of Phnom Penh, is considered a strategic location for the new branch of KTB as it is the centre of logistics, trade and investment, as well as tourism, said Pisit Buranakitpinyo, general manager and vice-president of KTB's Phnom Penh branch.
The Thai bank, which has had a presence in Cambodia since 1994, currently operates two branches in the country _ one in Phnom Penh and a sub-branch in Siem Reap.
''The deep-sea port at Sihanoukville has created a big volume of business transactions including shipments of goods exported from Thailand, China and Vietnam,'' said Mr Pisit.
''At the same time, factories, mainly those in the garment industry, are operated there while beaches have led to developments of tourism businesses around the area.''
Garments are the biggest industry in Cambodia since it has enjoyed tariff privileges from exporting to the US market. Through the operations of roughly 300 factories, garments accounted for a major share of Cambodia's gross domestic product (GDP), noted Mr Pisit.
According to the Office of Commercial Affairs of the Thai embassy in Phnom Penh, a cluster of 20 Chinese garment factories in Sihanoukville takes advantage of cheap labour and tariff privileges for exporting to the US.
Siam Commercial Bank (SCB), which operates in Cambodia under the name Cambodian Commercial Bank, has four branches at present including the one in Sihanoukville, Mr Pisit said.
According to Mr Pisit, Cambodia is currently the biggest overseas operation of KTB, which operates 200 branches locally. The bank has one branch each in Vientiane, Mumbai, Kunming, Singapore and Los Angeles. The two branches in Hanoi and Ho Chi Minh City had been closed.
''Cambodia is one of the emerging markets that have high potential,'' he said, citing the country's double-digit growth rates seen over the past decade. ''But this year, the (Cambodian) economy is likely to expand below 10% due to high oil prices and the global economic slowdown.
''The government here has introduced aggressive economic measures, for example the establishment of a stock exchange by the end of next year. Laws and regulations have been adjusted to facilitate the plan,'' he added.
On the bank's performance, Mr Pisit said first-half results remained on target despite tensions over Thailand's border with Cambodia.
''So far, I think we are still on track to achieve the whole year's target,'' he said but decline to elaborate the figures.
KTB shares closed yesterday on the SET at 7.50 baht, up 10 satang, in trade worth 112.13 million baht.
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