Creators of GoSoccer to pitch idea to tech giants in Singapore

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitwOKah4eM8Gae5iXr7Dck_YAwtGgb22wx8zCqxmnz2BecMeWJo2QqBAxVScNmrNGLUj74mEQrXU8x-b6HumiHNV_xJ2H4vR0Mi5Y9-NqZ20LqsSw7VLVYeQQPayizBJsX-tJ8Rbdm180/s1600/founders-of-the-gosoccer-application-present-to-a-panel-of-judges-at-the-smartstart-competition-in-phnom-penh-yesterday.-supplied.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitwOKah4eM8Gae5iXr7Dck_YAwtGgb22wx8zCqxmnz2BecMeWJo2QqBAxVScNmrNGLUj74mEQrXU8x-b6HumiHNV_xJ2H4vR0Mi5Y9-NqZ20LqsSw7VLVYeQQPayizBJsX-tJ8Rbdm180/s640/founders-of-the-gosoccer-application-present-to-a-panel-of-judges-at-the-smartstart-competition-in-phnom-penh-yesterday.-supplied.jpg" width="640" /></a></div> <br /> What started as an idea to better coordinate pick-up soccer games has become an award-winning application, and now the five Cambodian university students who developed it are set to fly to Singapore and meet with high-powered tech executives.<br /> <br /> The GoSoccer application was declared the winner of the SmartStart competition in Phnom Penh yesterday morning, earning the app's creators the contest's top prize: an all-expenses-paid trip to meet with representatives of technology giants Facebook, Google and Microsoft in their Singapore offices.<br /> <br /> According to Sengkhun Lim, one of GoSoccer's founders, he and his friends created the app to help users find like-minded soccer players and reserve spaces to play in Phnom Penh.<br /> <br /> "We came up with the idea for finding matches to play, and then decided to include bookings for fields, too," Lim said, adding that GoSoccer's profits would hopefully come from the field-booking aspect of the application. While they have not yet officially launched the app, the five co-developers plan to charge a 5 percent commission on each field booking and sell membership packages to field operators.<br /> <br /> The SmartStart contest was sponsored by mobile operator Smart Axiata, which gave five teams of young developers $4,000 each six months ago to further develop their ideas. The five teams pitched their products to a panel of five judges in Phnom Penh yesterday morning, with GoSoccer coming out on top.<br /> <br /> Smart has kept open the possibility of additional funding for the app in the future, though GoSoccer's developers seemed more interested in the trip to Singapore than in any additional financing.<br /> <br /> "Right now, we're not thinking about money, we're just excited to learn from these companies [in Singapore] and use the knowledge to help us scale our platform," said team member Ratanak Hang.<br /> <br /> "Singapore is a high-tech country, and we can learn a lot from them," added Sovann Lyhour, another GoSoccer developer and a computer science major at Zaman University in Phnom Penh. "We look forward to visiting these big companies and allowing them to inspire us to work even harder on our own projects."<br /> <br /> Other ideas pitched at the final round of the contest included Ligo, a mobile platform for learning basic Khmer language and etiquette; Prestige Gift, a gift-wrapping and delivery service; Spare, a digital platform for renting available office and conference space; and Propey, a digital wedding planning service.

Creators of GoSoccer to pitch idea to tech giants in Singapore

What started as an idea to better coordinate pick-up soccer games has become an award-winning application, and now the five Cambodian uni...

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Tax revenue exceeds expectations following reforms

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLEPywmXBG0lJPYOxjotBsPkmicV51mJTxnBba2BKQxdchyphenhyphen7IT7udQvfH8F1iT8r0lLRqMjxdUSbjlWspbPnataD6AGfCZXDEj-JFEgsaIkpXgZi2_mlkfs4bx2ZhFCW6KATZLVWlxXXw/s1600/dept-taxation_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLEPywmXBG0lJPYOxjotBsPkmicV51mJTxnBba2BKQxdchyphenhyphen7IT7udQvfH8F1iT8r0lLRqMjxdUSbjlWspbPnataD6AGfCZXDEj-JFEgsaIkpXgZi2_mlkfs4bx2ZhFCW6KATZLVWlxXXw/s640/dept-taxation_0.jpg" width="640" /></a></div> <br /> The General Department of Taxation (GDT) collected $1.93 billion in tax revenue last year, a 30 percent increase over 2016 and well above the government's own projections, according to the department's director, Kong Vibol.<br /> <br /> Following the GDT's annual meeting in Phnom Penh yesterday, Vibol told reporters that the government expected to collect $1.71 billion, but reforms to the tax collection agency had resulted in the higher haul.<br /> <br /> "It is a good result for the GDT and for the government, which reflects the efficiency of the reformat of the tax system," he said, referring to the GDT's tax overhaul in 2015.<br /> <br /> According to Vibol, income-tax revenue and VAT collections increased by 31 percent, while real estate tax and salary tax increased by 12 percent and 10 percent, respectively.<br /> <br /> Anthony Galliano, CEO of Cambodian Investment Management, said yesterday that the increase in revenue could lead to a decrease in the Kingdom's reliance on foreign donors.<br /> <br /> "If this performance continues, I expect the Kingdom can substantially fund its annual budget within 3 years with the combination of GDT and customs revenues," he said.<br /> <br /> Galliano added that some taxpayers remained concerned regarding the "assertiveness of audits", and said it would be helpful if the GDT would continue to improve its application of tax laws and registration processes.<br /> <br /> Clint O'Connell, head of Cambodia Tax Practice for foreign investment advisory and tax firm DFDL Cambodia, called the revenue number "truly remarkable" and credited GDT officials for their reforms to the department.<br /> <br /> He also cautioned against predicting self-sufficiency in the annual budget, noting spending increases could accompany gains in tax revenue.<br /> <br /> "There are a number of variables that need to be taken into account, such as the growing expectations of Cambodian citizens to see some return on the State revenue that is being collected," O'Connell said.<br /> <br /> Customs tax collection also increased last year, up 10.4 percent to $1.9 billion, according to a document dated January 23 from the General Department of Customs and Taxation.

Tax revenue exceeds expectations following reforms

The General Department of Taxation (GDT) collected $1.93 billion in tax revenue last year, a 30 percent increase over 2016 and well above...

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Spike in Chinese visitors drives tourism boom

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsftPyWrd6bJHp_2vuuJ6nA0agZET9g3RutOgUpH0TAfwH6MProycA-6F9eSWT0LxIQ7__N9DZwAE7GTezX_KdaROlzNkexR_JmbuMcXZP4MIp4j1fiR3jSGoCUgJjsFOd7lrQy0y_guw/s1600/business_sihanoukville_tourism_sahiba_chawdhary_2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsftPyWrd6bJHp_2vuuJ6nA0agZET9g3RutOgUpH0TAfwH6MProycA-6F9eSWT0LxIQ7__N9DZwAE7GTezX_KdaROlzNkexR_JmbuMcXZP4MIp4j1fiR3jSGoCUgJjsFOd7lrQy0y_guw/s640/business_sihanoukville_tourism_sahiba_chawdhary_2.jpg" width="640" /></a></div> <br /> The number of Chinese tourists visiting Cambodia grew by 46 percent last year as China leapfrogged Vietnam to become the top country of origin of visitors to the Kingdom, according the Ministry of Tourism's annual report.<br /> <br /> China sent 1.2 million visitors to Cambodia last year, accounting for more than 21 percent of the total 5.6 million international visitors. That put China well ahead of second-place Vietnam's 835,335 visitors, Laos' 502,219 and Thailand's 394,934.<br /> <br /> Content image - Phnom Penh Post<br /> Click to enlarge. Jenni Reid<br /> The total number of tourists visiting Cambodia grew by 11.8 percent, an increase over the 6.1 percent and 7 percent growth rates from 2016 and 2015, respectively. That was largely driven by the boom in Chinese tourists, as the number of Vietnamese tourists – historically the largest group of visitors to Cambodia -- fell by 13 percent compared to 2016.<br /> <br /> Ho Vandy, Secretary General of the Cambodia National Tourism Alliance, praised the fact that Chinese tourists were helping grow Cambodia's tourism sector, but also said that the benefits of Chinese visitors were often concentrated in the hands of Chinese companies and business owners.<br /> <br /> "The growth of Chinese tourists doesn't mean it will bring [Cambodians] good business and increase profits, because most of the investments are done by Chinese people," he said yesterday. "The government should look at this case to protect the benefits for local businessmen."<br /> <br /> Similar concerns were raised by construction agencies earlier this month after the Land Management Ministry announced an increase in the number of new construction projects. Several company representatives said at the time that the money was largely staying with Chinese companies and not trickling down to Cambodian workers.<br /> <br /> Last year also saw a big boost in Cambodia's tourist traffic coming from Laos, which increased by more than 36 percent, while then number of tourists from neighboring Thailand decreased by about one percent.<br /> <div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOeJY47dHLPdZWQzqxt-LG2pDSVmPD7nok4a9F-KXNaLZza3Gw6J26efkpKdbnjrzVFznBpomNNaMNNG0gYiwTPW08szfKQLdRPqxl_K_Q9wO5nNH_P_gi1WbCMnzzR7l_oHcucW8WOUE/s1600/visitorsstatsfinal.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="273" data-original-width="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOeJY47dHLPdZWQzqxt-LG2pDSVmPD7nok4a9F-KXNaLZza3Gw6J26efkpKdbnjrzVFznBpomNNaMNNG0gYiwTPW08szfKQLdRPqxl_K_Q9wO5nNH_P_gi1WbCMnzzR7l_oHcucW8WOUE/s1600/visitorsstatsfinal.jpg" /></a></div> <br /> The total share of tourists in Cambodia hailing from Europe and the Americas was similar to 2016, with European visitors accounting for 15.3 percent and the Americas holding steady at 7 percent.<br /> <br /> Outbound tourists from Cambodia also increased by 22 percent to 1.75 million, which is a slight increase from the 20 percent growth rate in outgoing visitors in 2016.<br /> <br /> Men Phearom, director of the planning department at the Ministry of Tourism, said the government expected to host more than 6 million tourists in 2018.<br /> <br /> China, which is the number one source of foreign direct investment in the Kingdom, has cultivated an increasingly cozy relationship with Cambodia in recent years. Following the September arrest of opposition leader Kem Sokha, China expressed support for Cambodia's decision to "protect national security and stability", while the US, EU and Japan all condemned the crackdown.<br /> <br /> More recently, a January 11 visit to Phnom Penh by Chinese Premier Li Keqiang resulted in the signing of 19 agreements between the two countries, most of which involved cooperation agreements or Chinese financing for infrastructure projects.

Spike in Chinese visitors drives tourism boom

The number of Chinese tourists visiting Cambodia grew by 46 percent last year as China leapfrogged Vietnam to become the top country of o...

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New business software launches in the Kingdom

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkGKAcVQm-lAAJ9YJBPXAVvDC-FCvpU8zCHIy7SG3_WlXpsofR-6vndBsSwZp4d5NYV230UyF1PNrzjlI0sLLfCq6z-e-fFRdfqHUzyN_NfY9bJ-2XeS2wi37Ik8gcfOogFxh25iABa2Q/s1600/a-screenshot-from-sustainability-maps-website-shows-the-standards-tool-for-supply-chain-mapping.-supplied.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkGKAcVQm-lAAJ9YJBPXAVvDC-FCvpU8zCHIy7SG3_WlXpsofR-6vndBsSwZp4d5NYV230UyF1PNrzjlI0sLLfCq6z-e-fFRdfqHUzyN_NfY9bJ-2XeS2wi37Ik8gcfOogFxh25iABa2Q/s640/a-screenshot-from-sustainability-maps-website-shows-the-standards-tool-for-supply-chain-mapping.-supplied.jpg" width="640" /></a></div> <br /> The two-month pilot program for Sustainability Map, a new software tool intended to help business owners monitor their suppliers and track sustainability, has proved successful, according to panelists at the program's launch event yesterday.<br /> <br /> The Sustainability Map is a highly detailed interactive site that can be used by private companies to tailor their sustainability analytics, monitor and track the sustainability of their suppliers, connect with partners to share sustainability profiles or monitor up-to-date market trends.<br /> <br /> When asked what "sustainability" meant in these contexts, Kif Nguyen, a consultant with the program's co-developer the International Trade Centre (ITC), said that the word meant different things for different companies.<br /> <br /> Among yesterday's panelists was Helene Obry, a quality manager at Cambodian specialty food producer Confirel. Obry said that during her company's two-month trial run with the program, they trained nine staff members to administer the program's Farmer Sustainability Assessment – a survey intended to highlight potential areas of improvement within individual farm operations – at three farms across the country.<br /> <br /> "The assessment was really comprehensive," she said. "We feel it will help us to choose what standards and certifications are right for us," and it also improved the company's audit management, training needs assessment and market access, she said.<br /> <br /> The program became available yesterday for private companies to use free of charge after they register with ITC, according to Kif.<br /> <br /> "If [the Sustainability Map] doesn't translate into useful business practices, it's not a good tool," he said. "In the end, it boils down to making sure that private companies find it helpful, and so far, they have."<br /> <br /> The program was co-developed by ITC, the UN's technical trade assistance body, and the United States Agency for International Development. The Cambodian version of the Sustainability Map was created after consultations with local companies and NGOs.

New business software launches in the Kingdom

The two-month pilot program for Sustainability Map, a new software tool intended to help business owners monitor their suppliers and trac...

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Government seeks to lower electricity prices ahead of election

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxfF2G44vb1u-X3XsR74Vda8WqBrvNMeTANmREF33HBkXcXDpIBkj-vNVr-zeOwRC_cYAi59WiJGdPQk4EvWHEh6NADIhXSXe2LGSIky9KmJmNLIm8DkV3IFAzBjmISG7ClMiBiNCh8pc/s1600/power-lines-in-koh-kong-province-in-2013.-heng-chivoan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxfF2G44vb1u-X3XsR74Vda8WqBrvNMeTANmREF33HBkXcXDpIBkj-vNVr-zeOwRC_cYAi59WiJGdPQk4EvWHEh6NADIhXSXe2LGSIky9KmJmNLIm8DkV3IFAzBjmISG7ClMiBiNCh8pc/s640/power-lines-in-koh-kong-province-in-2013.-heng-chivoan.jpg" width="640" /></a></div> <br /> The Electricity Authority of Cambodia (EAC) is preparing a proposal to further subsidise electricity prices ahead of July's national elections, according to two senior energy officials – a move that, if approved, would be in line with numerous populist promises made by ruling party officials in recent months.<br /> <br /> The remarks came from EAC President Ty Norin during the regulatory authority's annual meeting yesterday in Phnom Penh, which was also attended by Mines and Energy Minister Suy Sem. The government has undertaken an annual evaluation and reduction of electricity prices at the end of March for the past two years, but this year's cut would likely be larger than previous ones, according to Norin.<br /> <br /> "We will see the change [in electricity price] before the national election, as we are studying the fruitful result that we may gain from the price reduction," Norin said yesterday, without specifying what that "fruitful result" might be.<br /> <br /> The minister, too, encouraged a reduction in energy prices and urged officials to create a proposal he could then pass to Prime Minister Hun Sen for approval, also pointedly noting the step be taken ahead of the vote.<br /> <br /> "I want the authority and EDC to do an internal study, or consider if the electricity price for factories and enterprises can be lowered a little bit more before this upcoming election," Sem said.<br /> <br /> In addition to lowering prices, Sem encouraged officials to be extra diligent and avoid blackouts in the run-up to the July contest, suggesting that unspecified saboteurs may cause blackouts "to make people get angry at the government to lower the popularity of the ruling [Cambodian People's] Party".<br /> <br /> The CPP appears set to compete in the upcoming election unchallenged by its main competitor, the Cambodia National Rescue Party, which was dissolved by the CPP-stacked Supreme Court in a widely condemned decision in November. Even so, officials up to and including Prime Minister Hun Sen himself have been doling out populist favours to voters in recent months, including free public transportation for garment workers, and cash bonuses to certain mothers upon giving birth.<br /> <br /> According to Norin, the government's state-run electricity provider, Électricité du Cambodge (EDC), already subsidised electricity prices in 2017 to the tune of $51 million, about half of the company's total revenue. The remaining revenue goes to the statue budget to fund other infrastructure projects or government services, he said.<br /> <br /> "I am preparing a few scenario proposals for the government for approval. One is [more] beneficial to residents, compared to businesses and enterprise, while another one is [more] beneficial to businesses and industries," he said. "Then the government can decide which option to choose, or choose both of them."<br /> <br /> High electricity prices have long maligned Cambodia's industrial sector. In February, National Bank of Cambodia Director-General Chea Serey called high energy prices Cambodia's "biggest challenge on a macroeconomic level", and evaluations of Cambodia's investment potential regularly ding the Kingdom's competitiveness score due to the relatively high cost of power compared to regional neighbours.<br /> <br /> Chan Sophal, an economist and director of the Centre for Policy Studies, welcomed any reduction in electricity prices as a smart move that would boost the country's economy.<br /> <br /> "Even though the government will lose some revenue, it benefits the private sector more," he said. "The advantages could be bigger than the government's losses."<br /> <br /> San Chey, head of the Affiliated Network for Social Accountability Cambodia, said yesterday that while any subsidy might be motivated by politics, it would still benefit the average Cambodian citizen.<br /> <br /> "Any decision or any gift for people before the election is unavoidable, from the view that the government wants to gain political benefits," Chey said. "I cannot predict how much the government can gain from this decision . . . but I think there are many things that the government needs to do, such as solving corruption, combating smuggling, improving the health sector and other infrastructure improvements."

Government seeks to lower electricity prices ahead of election

The Electricity Authority of Cambodia (EAC) is preparing a proposal to further subsidise electricity prices ahead of July's national ...

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Hun Sen seeks to bolster trade at India-Asean meet

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiarlLBgb0yVmqLb5plynjsalJZbgJs8kLeA2w5U5i-JgVSrV-RbDKcRsCMpf-Q6P53OQ8X8IHS6dkcLyplBAdNIC3sRKFhOO3SpvYa0I5rldtAH6JGrZjgcsCTzfZM-l_FZGiaCSOawZA/s1600/sihanouk-vill-port_0_0_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiarlLBgb0yVmqLb5plynjsalJZbgJs8kLeA2w5U5i-JgVSrV-RbDKcRsCMpf-Q6P53OQ8X8IHS6dkcLyplBAdNIC3sRKFhOO3SpvYa0I5rldtAH6JGrZjgcsCTzfZM-l_FZGiaCSOawZA/s640/sihanouk-vill-port_0_0_0.jpg" width="640" /></a></div> <br /> Prime Minister Hun Sen departs today for the India-Asean Summit hosted in New Delhi, aiming to boost cooperation and expand a historically minor trade relationship with the world's seventh largest economy.<br /> <br /> The two-day summit begins on Thursday and comes on the heels of a draft agreement passed by Cambodia's National Assembly on January 15, which seeks to facilitate further economic cooperation between the two nations, particularly in the communication, construction and tourism sectors. During his visit, Hun Sen is scheduled to meet with Indian Prime Minister Narendra Modi, as well as deliver a keynote address to an India-Cambodia business group.<br /> <br /> Indian government data show that annual trade between the Cambodia and India has lagged of late, decreasing by nearly 30 percent to $141 million during the last Indian fiscal year, which ran from April 2016 to May 2017. That's the lowest level since the 2012-2013 fiscal year.<br /> <br /> "Merchandise trade between India and Asean is not very important at present, partly because of geography and partly because of India's traditionally protectionist policies," said Miguel Chanco, lead Asean analyst for the Economist Intelligence Unit (EIU).<br /> <br /> The slump in bilateral trade is likely a result of India's slowing economic growth, according to Chanco, and was unlikely to improve in the near future.<br /> <br /> "The EIU's current growth estimate for India for the 2017-2018 fiscal year is for a further slowdown, so I wouldn't be surprised if the country's trade with Cambodia remained weak," he said, adding that another reason for relatively weak trade was that both India and Cambodia largely export the same products, such as rice and textiles.<br /> <br /> Seang Thay, a spokesman at Cambodia's Ministry of Commerce, said that there had been little Indian investment in the Kingdom and limited overall trade between the two countries, in part because India is geographically farther – and therefore more expensive to trade with – than Cambodia's Asean neighbours.<br /> <br /> "We hope that having these talks will enable us to address any obstacles that could potentially disrupt trade relations, and to find appropriate solutions to further strengthen two-way trade and investment," he said.<br /> <br /> Thay added that the majority of Indian products to Cambodia are medical or health-related, and World Bank data show India's main exports to Cambodia largely fall in the chemical and textile categories.

Hun Sen seeks to bolster trade at India-Asean meet

Prime Minister Hun Sen departs today for the India-Asean Summit hosted in New Delhi, aiming to boost cooperation and expand a historicall...

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Cambodia may be pressed by new EU palm oil regulations

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfDw2K8ybC8W5BuM5dWLHIRhNLA_Rk5i-EEnan57vMf7RkiZ17i8FBlm-aokF666tqsNjd5xyj-liZEHYaPXAMnVnLf5Dpj1cMFRr_hx1KakXKdDmD0Y8ZhL4_jAbns5CQ69IxzKqzRGg/s1600/business_a_worker_rests_near_palm_oil_fruits_at_a_factory_in_sepang_outside_kuala_lumpur_in_2014_mohd_rasfan_afp_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfDw2K8ybC8W5BuM5dWLHIRhNLA_Rk5i-EEnan57vMf7RkiZ17i8FBlm-aokF666tqsNjd5xyj-liZEHYaPXAMnVnLf5Dpj1cMFRr_hx1KakXKdDmD0Y8ZhL4_jAbns5CQ69IxzKqzRGg/s640/business_a_worker_rests_near_palm_oil_fruits_at_a_factory_in_sepang_outside_kuala_lumpur_in_2014_mohd_rasfan_afp_0.jpg" width="640" /></a></div> <br /> New proposed rules from the European Union restricting the import of palm oil would likely affect Cambodia's nascent palm oil sector, but the country's main exporter is hoping that demand from India and China will cushion the blow.<br /> <br /> Cambodia's palm oil exports rose by a whopping 143 percent last year, according to Ker Monthivuth, a sanitation expert at the Ministry of Agriculture. The country exported more than 44,000 tonnes of crude palm oil in 2017, up from nearly 19,000 tonnes the year before, he said.<br /> <br /> But the booming industry could slow down due to a decision from European lawmakers last Wednesday to reform the bloc's regulations surrounding palm oil imports, and specifically ban the use of palm oil in biofuels by 2020.<br /> <br /> Environmental groups have long been critical of the deforestation and ecological consequences caused by many palm oil plantations globally.<br /> <br /> The EU's new rules could have a devastating effect on the global demand for palm oil if they are ratified by European governments, and the move has elicited protests in major palm oil exporting nations such as Malaysia.<br /> <br /> Cambodia's largest exporter of palm oil, a joint venture between the Mong Reththy group and Thailand's TCC Group, exported around 37,000 tonnes of crude palm oil last year, mainly to Asian nations but with 15 percent of the exports headed to the EU as well, according to Prachak Kongtanomtham, vice president of sales and marketing at the Mong Reththy Investment Cambodia Oil Palm Co Ltd.<br /> <br /> While the company's exports grew by 73 percent last year, Prachak cautioned yesterday that the EU ban would likely decrease the price for palm oil and could present challenges for the industry.<br /> <br /> "We will look to what happen in India and China, if they increase [consumption] volume," he said. "We should find how can reduce our production cost, especially logistic cost and utility," he added, noting that costs were "very high" in Cambodia.

Cambodia may be pressed by new EU palm oil regulations

New proposed rules from the European Union restricting the import of palm oil would likely affect Cambodia's nascent palm oil sector,...

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Agriculture Ministry to request lower electricity costs for farmers

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiSNEaerHcfJtdbQo6Zv1bPif4JuJdIR-l_jHBzxNj-hRK37tB87MMif4LrMyiJhvZUVZCzvckdJDQbGGl3aiV7ilcBwNCNExs8N7l0g7Nc7kdVBnuogi6wzh6YLHr52eyRQIGoE8Idmg/s1600/agriculture-minister-veng-sokhon-centre-presides-over-a-forum-yesterday-at-the-phnom-penh-hotel.-facebook.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiSNEaerHcfJtdbQo6Zv1bPif4JuJdIR-l_jHBzxNj-hRK37tB87MMif4LrMyiJhvZUVZCzvckdJDQbGGl3aiV7ilcBwNCNExs8N7l0g7Nc7kdVBnuogi6wzh6YLHr52eyRQIGoE8Idmg/s640/agriculture-minister-veng-sokhon-centre-presides-over-a-forum-yesterday-at-the-phnom-penh-hotel.-facebook.jpg" width="640" /></a></div> <br /> Agriculture Minister Veng Sokhon said he would ask Prime Minister Hun Sen to take action to help farmers compete against neighbouring countries, including further measures to address high electricity costs, as the sector mapped out its challenges for the year at a ministry-led forum in Phnom Penh yesterday.<br /> <br /> The annual forum, held at the Phnom Penh Hotel, brought together businesses, farmers and government officials to discuss the sector’s ongoing challenges.<br /> <br /> Addressing the forum, Sokhon said Cambodia had the potential to increase its agricultural production, but poor irrigation, infrastructure, technology and access to finance was compounding productivity woes. High electricity costs also remained an impediment to the sector’s competitiveness, he added.<br /> <br /> “The main issues are costs and access to markets,” Sokhon said. “We need to seek investors who will work with the potential of our agricultural sector.”<br /> <br /> The government was working to reduce the costs of electricity and transport, and had plans for developing a new seaport, expanding airports and capping electricity prices for SMEs and industrial users. However, electricity prices would still remain higher than in neighbouring countries, he said.<br /> <br /> “We will prepare and send a report on the challenges to the prime minister to take action soon,” he said. “Even if we can’t solve everything immediately, we have to try our best to solve it step by step.”<br /> <br /> Cambodia Chamber of Commerce Vice President Lim Heng, who attended the forum, reiterated that the main issue for the sector was the cost of production, which prevented enterprises from being able to compete with imports.<br /> <br /> “The Ministry of Agriculture and the private sector have to work closely with each other in order to speed up [the development of] higher production,” he said after the forum. It was necessary to “reduce the cost of electricity or [be granted] tax exemptions in order to compete with imported products”, Heng added.<br /> <br /> Among the forum’s participants was Chet Phirum, deputy director of the Cambodia Livestock Raisers Association, who said afterward that it was important to keep highlighting the challenges that hindered the sector’s development.<br /> <br /> “The meetings have not yet led to satisfying results – the issues are still the same,” he said. “But at least we can raise our issues and hope they find a solution soon.”<br /> <br /> In his niche, illegal pig imports were hurting local pig farmers, he said.<br /> <br /> “We hope the government will take action,” Phirum said.

Agriculture Ministry to request lower electricity costs for farmers

Agriculture Minister Veng Sokhon said he would ask Prime Minister Hun Sen to take action to help farmers compete against neighbouring cou...

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NCAC seeking aid to continue operations

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTWBQqQhHAfxiJpEMv2Ulhuebk_lbIOCXsDKWaVBq_-EfPe0NBMM2JtoDDUHflm5bFhTwhsth_Lb2xbKs9d9IIgdKEXth2s05myp28MuO41D1yFxS8SrotGoVJgd3Bhu0IHxGDNKqVAjU/s1600/moc-biz_vireak-mai_0_0_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTWBQqQhHAfxiJpEMv2Ulhuebk_lbIOCXsDKWaVBq_-EfPe0NBMM2JtoDDUHflm5bFhTwhsth_Lb2xbKs9d9IIgdKEXth2s05myp28MuO41D1yFxS8SrotGoVJgd3Bhu0IHxGDNKqVAjU/s640/moc-biz_vireak-mai_0_0_0.jpg" width="640" /></a></div> <br /> The National Commercial Arbitration Centre (NCAC) is seeking further support from the Commerce Ministry to continue operating, saying that fees collected from dispute claims are too small to cover the centre’s costs.<br /> <br /> The NCAC, an independent body that works to resolve commercial disputes, was officially launched in 2013, but due to a lack of resources – including office space – it was relatively inactive until 2015 when it reached a deal with the commerce minister to receive assistance through 2017.<br /> <br /> With that deal – which mostly involved free office space – having just ended, Ros Mornin, the NCAC’s president, said yesterday that he was sending a proposal to the ministry to extend the deal.<br /> <br /> The centre needed the assistance to make ends meet, he said.<br /> <br /> “The revenue we get from administration fees from dispute claims is very little, and it is not able to cover the cost of rent,” he said, adding that he was hopeful the ministry would support the NCAC’s operation. “When the centre is more active in the future, we hope that we’ll able to cover all costs on our own.”<br /> <br /> The NCAC has now received five cases in total, Mornin said, with the first two now settled. For each case, parties are required to pay administration costs based on the size of the disputed claim and a $250 registration fee.<br /> <br /> Lim Heng, vice president of Cambodia Chamber of Commerce, said the NCAC offered crucial dispute-resolution options for businesses.<br /> <br /> Businesses had now begun to put clauses in contracts stipulating that if a dispute arose, they would agree to bring the case to the NCAC rather than the courts, Heng said.<br /> <br /> “Many business owners think that the legal system is time consuming and expensive,” he said. “I hope and believe that the ministry will provide further support to keep the centre operating.”<br /> <br /> Seang Thai, a Commerce Ministry spokesman, said the ministry had not yet received the NCAC’s proposal, but noted that the ministry recognised the advantages of having the centre.<br /> <br /> “Having the NCAC operate sustainably is our goal as it is important to build trust for investors,” Thai said.

NCAC seeking aid to continue operations

The National Commercial Arbitration Centre (NCAC) is seeking further support from the Commerce Ministry to continue operating, saying tha...

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NBC disavows Cambodia-based digital currency

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrXf7OSmks0CX6uQFBUOY-0cwgbAuSD9_gvPzonA1j9aJLc_HAZEHAr9nWig_iuR24DvXCPitfZb1DemKmDXmvdc95_umj0rq15YugE6IQrZNS8PnxWktAXRnefiy-PjeB1hCL9bkRGAE/s1600/blockchain_mini_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrXf7OSmks0CX6uQFBUOY-0cwgbAuSD9_gvPzonA1j9aJLc_HAZEHAr9nWig_iuR24DvXCPitfZb1DemKmDXmvdc95_umj0rq15YugE6IQrZNS8PnxWktAXRnefiy-PjeB1hCL9bkRGAE/s640/blockchain_mini_0.jpg" width="640" /></a></div> <br /> The central bank has threatened legal action after a Japanese tech firm announced the development of a Cambodia-based cryptocurrency with the claim that the National Bank of Cambodia (NBC) was backing the new digital tender.<br /> <br /> The NBC, which has previously warned of fraud related to the peddling of cryptocurrencies, said in a statement that it had never allowed the purchase, sale or circulation of any form of cryptocurrency in the country.<br /> <br /> “We condemn to the highest exten[t] any person who used [the] NBC’s name to disseminate such false information, and we are taking legal actions against this,” the bank’s statement said.<br /> <br /> The warning came on Friday as Japan-based Chaintope and Hong Kong-linked Digital Agriculture Exchange held a “cooperation signing ceremony” the day after a Khmer-language press release from Chaintope was disseminated to local reporters.<br /> <br /> An English version of the press release, dated December 19, announces the development of K-coin “together with Cambodian corporations and the Cambodian Central Bank”. It names Digital Agriculture Exchange as the local partner.<br /> <br /> The press statement says that K-coin is being developed for use in the import, export and processing of farm produce in Cambodia, with an ambitious initial goal of being adopted by 200,000 companies and later expanding to have a total issuable value of $200 billion.<br /> <br /> The NBC’s involvement in the digital currency would purportedly have been foundational: “Digital Agriculture Exchange will be able to conduct the issuing and management of K-coin with authorization from a central bank, and with the central bank providing a constant guarantee of trust,” the release says.<br /> <br /> It claims that the NBC’s backing would allow K-coin to overcome the fundamental flaws inherent in incumbent cryptocurrencies, such as bitcoin, which have exploded in value in recent years but have become all but useless for actually performing transactions.<br /> <br /> Asked by reporters at Friday’s ceremony how the company could claim collaboration with the NBC, Hideki Shoda, Chaintope’s CEO, suggested that reporters should raise the issue with its partner as Digital Agriculture Exchange was in charge of working with the NBC.<br /> <br /> Responding to reporters on the same issue, Bridget Lau, Digital Agriculture Exchange’s director, would not directly say whether she had received official recognition from the central bank, only stating that she had met with NBC officials three times to discuss the situation.<br /> <br /> Yesterday, a woman who answered a Digital Agriculture Exchange phone number listed with the Commerce Ministry hesitantly gave her name as Ly Leng, but said she did not know how to spell it. She identified herself as the company’s director of administration.<br /> <br /> Leng said Chaintope’s announcement was negatively affecting her company’s reputation and the management team was considering taking legal action against its partner.<br /> <br /> Leng acknowledged that her company had signed an agreement with Chaintope on Friday, but said it was only related to an agricultural development project and the construction of a golf club in Phnom Penh, and had nothing to do with K-coin.<br /> <br /> She said her company had a plan to study the market for cryptocurrencies in Cambodia and had only met with NBC officials to seek information.<br /> <br /> “It is just a plan to study the market, but it does not mean we have done the research,” Leng said. “We did not receive any approval from NBC.”<br /> <br /> Chaintope’s office phone went unanswered yesterday, while emailed queries to several addresses at the firm, including CEO Shoda’s, received no response.<br /> <br /> However, during the afternoon, the company’s press release on K-coin was removed from its website.<br /> <br /> Among Chaintope’s previously reported projects have been plans for the adoption of a cryptocurrency in a tiny southwestern Japanese town.<br /> <br /> Digital Agriculture Exchange, meanwhile, has had extensive dealings with the Agriculture Ministry. Even as the NBC was chastising the K-coin scheme, the Agriculture Ministry over the weekend publicised a visit by Minister Veng Sakhon to the company’s $10 million Phnom Penh facility involved in food processing and exports.<br /> <br /> Digital Agriculture Exchange’s CEO is Hong Kong-based Long Yunhai, who also heads Weihai Dragon Union Agriculture, with which the Agriculture Ministry last week announced an imminent $50 million deal involving mango processing for export to China and Japan.<br /> <br /> Chea Serey, the NBC’s director general, last month warned at an economic conference that cryptocurrencies remained “very risky”.<br /> <br /> “You should all be cautious if you are lobbied to accept the coins as a form of payment instead of regulated cash currency. This is a new form of fraud,” she said at the time.<br /> <br /> Nevertheless, the NBC has explored using blockchains – the mechanism that prevents cryptocurrency users from being able to forge transactions – internally to facilitate and monitor interbank lending.<br /> <br /> There has been a proliferation of cryptocurrency-based enterprises worldwide in recent years, and “initial coin offerings” have attracted billions of dollars in investment even as the underlying technology – particularly in the case of bitcoin – has come under criticism for its massive environmental footprint and lack of immediate practicality except as speculative investment.

NBC disavows Cambodia-based digital currency

The central bank has threatened legal action after a Japanese tech firm announced the development of a Cambodia-based cryptocurrency with...

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Chinese tourists help boost visitor numbers by 10%

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhQYonRVTXxtBLfAcGiRANHI1qp_4KKNtXzoxAKGBUtVOwvDMgK1kE29tJIokvewxEmDD0on4haxgyzPLj30i_6YyFrKivofHin1QXEWcbcy9LQ1wQyzw52tXXeGPMhN_JqbnaOhtDepo/s1600/chinese-tourists-leaves-the-royal-palace-in-phnom-penh-earlier-this-year.-pha-lina.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhQYonRVTXxtBLfAcGiRANHI1qp_4KKNtXzoxAKGBUtVOwvDMgK1kE29tJIokvewxEmDD0on4haxgyzPLj30i_6YyFrKivofHin1QXEWcbcy9LQ1wQyzw52tXXeGPMhN_JqbnaOhtDepo/s640/chinese-tourists-leaves-the-royal-palace-in-phnom-penh-earlier-this-year.-pha-lina.jpg" width="640" /></a></div> <br /> As Cambodia enters peak tourist season, industry insiders say they expect foreign visitor numbers to continue to rise after a record-setting 2017, but exhort a need to keep up with infrastructure improvements and adapt to the needs of a now significantly Asia-centric visitor base.<br /> <br /> Cambodia welcomed a landmark 1 million Chinese tourists over the course of 2017, with the numbers of Chinese visitors climbing by over 45 percent in a single year. In the first 10 months, the Kingdom welcomed nearly 5 million tourists, a 10 percent increase in foreign visitors from the same period in 2016, according to a report from the Ministry of Tourism.<br /> <br /> According to Men Phearom, director of planning at the Ministry of Tourism, Cambodia’s tourism industry is projected to continue to grow in 2018, welcoming at least 6 million international visitors and reaching an anticipated $4 billion in revenue, while also catering to 15 million domestic tourists.<br /> <br /> “We keep increasing direct flights to Cambodia, so tourist arrivals are increasing year by year,” he said. “However, we worry that global issues – like airplane failure, ISIS attack or problems with North Korea – will impact our tourist industry.”<br /> <br /> He added that Cambodia needed to continue strengthening security to encourage safety across the sector.<br /> <br /> Ho Vandy, adviser to the Cambodia Chamber of Commerce and president of World Express Tour and Travel, said that even though tourist numbers had increased, the sector had difficulty marketing itself to international visitors.<br /> <br /> “It was a bit tough to promote tourism in Cambodia in 2017 because of the political situation,” he said, referring to the tumultuous political climate that saw Cambodia’s main opposition party dissolved in November, months before the national elections. “But it should be better in 2018,” he added.<br /> <br /> Nevertheless, he urged that the tourism sector needed to improve infrastructure for domestic tourism, enforce traffic laws, and create more domestic airports for ease of travel around the Kingdom.<br /> <br /> Harry Greig, marketing manager at the Sofitel Phnom Penh Phokeethra Hotel, said a rise in corporate travellers had driven an increase in visitors to the high-end hotel in 2017.<br /> <br /> “China in particular played a significant role in this growth, with an overall 51 percent increase in Chinese clientele and a 300 percent increase in business groups originating from mainland China,” he said. He added that Asia accounted for 75 percent of visitors to the hotel, with Europeans accounting for only 11 percent as the property’s second-strongest market.<br /> <br /> Chim Sophal, owner of Happy Herb Pizza restaurant along Phnom Penh’s riverside, said he was struggling to adapt to the changes in tourist demographics since the establishment of his restaurant in 1995.<br /> <br /> “I lost money every month this past year,” he said. “Without the Westerners coming to Cambodia, it’s hard to continuing operating. Now it’s mostly Chinese, and they don’t come here.”<br /> <br /> While the Kingdom’s top five markets for foreign tourism were once dominated by Western countries, with the US, France and the UK ranking near the top throughout the early 2000s, visitors now overwhelmingly come from Asian countries. The US, France and the UK have been supplanted instead by China, Vietnam, Laos, South Korea and Thailand.

Chinese tourists help boost visitor numbers by 10%

As Cambodia enters peak tourist season, industry insiders say they expect foreign visitor numbers to continue to rise after a record-sett...

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Transport Ministry to launch water taxi service

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitvw7W6LyEmQ1Jxked8RTCO2IeDaLmXJyvQCdgNY7XzBdos9eqsn-rhtVnmRFR99tVzKvGiqGVQUrMqK3yZEMc2wcj-jRVZ29H2g79aS5GoRedjywwJTD6wU6v8tBhZ7E5Vsj3dARtfxg/s1600/26114274_801907283326947_1154161786550440355_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitvw7W6LyEmQ1Jxked8RTCO2IeDaLmXJyvQCdgNY7XzBdos9eqsn-rhtVnmRFR99tVzKvGiqGVQUrMqK3yZEMc2wcj-jRVZ29H2g79aS5GoRedjywwJTD6wU6v8tBhZ7E5Vsj3dARtfxg/s640/26114274_801907283326947_1154161786550440355_n.jpg" width="640" /></a></div> <br /> The Transport Ministry and Phnom Penh Autonomous Port (PPAP) are looking to launch a ferry service by the Khmer New Year in mid-April, connecting Prek Pnov in the north of Phnom Penh to Kandal province’s Takhmao City via six initial terminals, the ministry said yesterday.<br /> <br /> Va Sim Sorya, a ministry spokesman, said six floating terminals were now being built and would later be transported to the docking points.<br /> <br /> The six terminals would be in or near Prek Pnov, Russey Keo, the Night Market, Areiy Ksatr, Phrea Monivong and Takmao, but exact sites had not yet been selected, Sorya said.<br /> <br /> “We expect that civil servants and workers at some factories [near the river] will use the service, and we hope it will help to reduce traffic congestion,” he said.<br /> <br /> There are no details yet on transportation schedules, price, or the number of passengers each ferry will be able to carry, Sorya said, though he added that PPAP had confirmed that it would have two ferries available for the initial operation.<br /> <br /> Though a public transportation system taking advantage of Phnom Penh’s waterways could potentially reduce the load on land transport, Cambodian people have typically favoured personal transport, which could pose a challenge for new schemes, Sorya said.<br /> <br /> According to a post on the ministry’s Facebook page on Monday, the project includes plans to eventually expand the number of terminals to 15.<br /> <br /> Last year, Phnom Penh City Hall and CPP Senator Ly Yong Phat’s LYP Group announced a similar water taxi project, to also run from Prek Pnov to Takhmao City and scheduled to launch early this year.<br /> <br /> Representatives for City Hall could not be reached for yesterday.

Transport Ministry to launch water taxi service

The Transport Ministry and Phnom Penh Autonomous Port (PPAP) are looking to launch a ferry service by the Khmer New Year in mid-April, co...

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Fishermen seeing fruitful prahok season, almost doubling last year’s catch

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK4q55asGLAyETv5ZUJGcPq63EbPxLbLQc_WdoiXbYKbbKK2-9LizFbp26-JqX3I7-anKYxJt0xMmUeZAyTnQXVaOfeRckYVSR1gYVwGBOYjTBlt2QWpPUB0AVTuC-6cEhUw85-VNcy6o/s1600/fisheries_secretary_of_state_nao_thouk_centre_wearing_a_hat_examines_a_haul_of_mudfish_yesterday._fresh_news.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK4q55asGLAyETv5ZUJGcPq63EbPxLbLQc_WdoiXbYKbbKK2-9LizFbp26-JqX3I7-anKYxJt0xMmUeZAyTnQXVaOfeRckYVSR1gYVwGBOYjTBlt2QWpPUB0AVTuC-6cEhUw85-VNcy6o/s640/fisheries_secretary_of_state_nao_thouk_centre_wearing_a_hat_examines_a_haul_of_mudfish_yesterday._fresh_news.jpg" width="640" /></a></div> <br /> Fishermen on the Tonle Sap river are smelling success: The season’s first harvest of the fish now being crushed into the famously pungent prahok has hauled in a bounty set to almost double last year’s catch.<br /> <br /> As the fishermen temporarily packed their nets ahead of last night’s full moon, marking a pause in the frenzied fishing of prahok season, fisheries officials and others in the business said that this year’s high water levels had brought a welcome turnaround in fortunes compared to the poor harvest a year ago.<br /> <br /> “It will satisfy the demand for fish to process into prahok,” said Nao Thouk, secretary of state at the Ministry of Agriculture, Forestry and Fisheries.<br /> <br /> Water levels were 1.5 metres higher than last year, he said. The Tonle Sap has been teeming with fish being carried in its flow as it once again drains towards the Mekong.<br /> <br /> Last season’s yield was roughly 10,000 tonnes, Thouk said. This season, fishermen are looking at a total haul of 15,000 to 20,000 tonnes. The average catch in recent years has been around 12,500 tonnes, he added.<br /> <br /> Finger-sized fish for making prahok – typically mudfish – are collected in giant nets called dai over two periods of peak activity, each lasting about two weeks ahead of a full moon. They are then gutted, crushed, dried, salted and fermented until they become the much-loved – though for many foreigners highly divisive – fish paste.<br /> <br /> The first peak this season was from December 22 to 27, with fishing continuing until early yesterday morning. The second peak period is expected from January 21 to 26.<br /> <br /> Chhin Chansa, the owner of one of 60 allotted dai operating on the river, said he had collected about 80 tonnes of fish during the first period.<br /> <br /> He had sold the fish to a broker for about 1,400 riel per kilogram – which would amount to total revenue of $28,000 – but after the costs of equipment, labour and rents, his estimated profit for the season would be $2,000 to $3,000, Chansa said.<br /> <br /> “The result is that we got a lot more fish than last year,” Chansa said.<br /> <br /> Another dai owner, Phe Van, said he thought he could do even better during the second fishing period.<br /> <br /> “During the first period I collected around 60 tonnes – it was a smaller amount because of rains and storms,” Van explained. “I hope the next period will give me 100 tonnes.”<br /> <br /> Luy Maly, a prahok seller, has made her first order of about 50 kilograms of fish, and noted that the prahok supply lines were smooth flowing.<br /> <br /> “This season is good for me,” she said. “I get a fair price and all the amount that I want.”

Fishermen seeing fruitful prahok season, almost doubling last year’s catch

Fishermen on the Tonle Sap river are smelling success: The season’s first harvest of the fish now being crushed into the famously pungent...

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Many tuk-tuk drivers passing on the apps disrupting their industry, citing low pay and long hours

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzuLA7KKmcJ7Pv9d1hAJIazy6I8PZ1AxD2oAgpoMqfPkRy72zFcSeTR23TQu5KyKMXMk2VelHHt9knA03yBTX2P5DPsf02rL3c1Crm2F5BCiJpWcnc5SjvnbdEdc_Gek-bR9JcCjEHyws/s1600/a_passapp_tuk-tuk_seen_in_the_capital_earlier_this_week._heng_chivoan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzuLA7KKmcJ7Pv9d1hAJIazy6I8PZ1AxD2oAgpoMqfPkRy72zFcSeTR23TQu5KyKMXMk2VelHHt9knA03yBTX2P5DPsf02rL3c1Crm2F5BCiJpWcnc5SjvnbdEdc_Gek-bR9JcCjEHyws/s640/a_passapp_tuk-tuk_seen_in_the_capital_earlier_this_week._heng_chivoan.jpg" width="640" /></a></div> <br /> As international giants Grab and Uber battle it out in Phnom Penh’s crowded ride-hailing industry, local apps have begun to expand their platforms by finally incorporating traditional Khmer tuk-tuks as options for rides. Some drivers, however, are seeing more liabilities than opportunities, with many fearing the apps will encroach on their livelihoods with lower rates and longer hours, while also feeling the pinch as their industry shifts beneath them.<br /> <br /> The Post spoke to eight traditional tuk-tuk drivers in Phnom Penh, most of whom said their incomes had suffered since the rise of ride-hailing apps. They were sceptical about how much money they would be able to keep for themselves, though several expressed interest in using the apps in the future if their fears about profitability were allayed.<br /> <br /> A common theme was confusion around how the services work, including misconceptions about having to be available at all hours and concerns about how to secure smartphones on motorbikes as they pulled their carriages.<br /> <br /> Locally owned ride-hailing apps have built sizeable traction in recent months with cheap rides on three-wheeler autorickshaws, a smaller, metal-framed version of traditional Khmer tuk-tuks. Phnom Penh has seen a surge of the yellow autorickshaws take to the streets as leading apps PassApp and ExNet have risen in popularity.<br /> <br /> There have been some obvious benefits to the apps. Rather than flagging down tuk-tuk drivers and motodops on street corners and haggling over fares, customers have their rides come to them with predetermined fares based on distance. And apart from consumer convenience, the system has also introduced flexibility for new drivers like Soriya Sor, a police officer who signed on to PassApp to supplement his income.<br /> <br /> “I can start driving any time of day, and I have constant business,” he said. “It’s a very good job.”<br /> <br /> He could not have worked as a tuk-tuk driver – unable to balance his police work with the full-time service of a tuk-tuk – but with PassApp he has made enough money to buy his own autorickshaw after initially renting one, he said.<br /> <br /> However, the opportunity for flexible work has had little attraction for tuk-tuk drivers already working full-time.<br /> <br /> Sarun Sok, waiting for business in his tuk-tuk on Sothearos Boulevard, said that even as PassApp and ExNet opened up their platforms for drivers like him, he had no interest in joining up.<br /> <br /> Autorickshaw drivers would tell him that the long hours were difficult to manage, and that he – as a privileged member of the organised tuk-tuk crews working along bustling Sothearos Boulevard and at the Sorya Shopping Centre – had enough business to keep him profitable even while taking far fewer daily rides.<br /> <br /> “I have regular customers, and I can make about $25 a day off of only five rides,” he said. “My friend who drives the autorickshaw, he’s tired. And every ride is so cheap.”<br /> <br /> Autorickshaw fares on PassApp and ExNet are typically under $2. PassApp takes a cut of 13 percent, or about 500 riel per dollar, while ExNet takes $0.25 plus 10 percent.<br /> <br /> Chay Khem, another tuk-tuk driver, said he also relied on his regulars, a routine he preferred over the idea of being called out to frequent and unfamiliar runs.<br /> <br /> “I’m better off keeping my own customers,” he said.<br /> <br /> Yaem Yary agreed that he couldn’t understand what was in it for him.<br /> <br /> “I have no idea how this app works,” he said. “What’s the benefit?”<br /> <br /> He acknowledged, nevertheless, that the business was changing and squeezing tuk-tuk drivers’ livelihoods.<br /> <br /> “Profits for me and most tuk-tuk drivers have dropped by about 50 percent in the past three or four months,” he said.<br /> <br /> <div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR2h6f3aGNPeoDJsAVig6UyN2VE1m1lRIBSA-eGLT7Uk7XrAsC5noPGLgxZsLhPJ89zg0RvTvS7-YYOCNNBRNWavy_PuOe6o-EgdstXgXE2C_Pov0Y6uCFlRF_h5GZWM_soNCQ8aNFMd8/s1600/a_passapp_tuk-tuk_driver_helps_a_tourist_with_directions._heng_chivoan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="364" data-original-width="546" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR2h6f3aGNPeoDJsAVig6UyN2VE1m1lRIBSA-eGLT7Uk7XrAsC5noPGLgxZsLhPJ89zg0RvTvS7-YYOCNNBRNWavy_PuOe6o-EgdstXgXE2C_Pov0Y6uCFlRF_h5GZWM_soNCQ8aNFMd8/s640/a_passapp_tuk-tuk_driver_helps_a_tourist_with_directions._heng_chivoan.jpg" width="640" /></a></div> <br /> Keo Poeurn, spokesman for the Independent Democracy of Informal Economy Association (IDEA), a union for informal workers including thousands of tuk-tuk drivers, said tuk-tuk drivers had been struggling since the rise of the apps, with the lower-paying rides cutting into their work.<br /> <br /> “Still, many drivers are interested in joining these apps, because it will be easy for them to get customers,” he said.<br /> <br /> The union was preparing to organise talks with the operators of local apps to encourage higher pay for their drivers, Poeurn said.<br /> <br /> Ride-hailing operators have also encountered reluctance among tuk-tuk drivers to change their habits.<br /> <br /> Hor Daluch, founder of ExNet, said he was the first of the local apps to begin recruiting traditional tuk-tuks, opening his platform to registration two months ago. However, he has run into unexpected obstacles, thus far signing up only 10 tuk-tuk drivers.<br /> <br /> “I don’t understand why [tuk-tuk drivers] don’t like to get passengers,” he said, adding that he has held events and offered promotions to encourage drivers to sign up, with limited success. “Most drivers seem to prefer the traditional way of giving rides.”<br /> <br /> The rate for customers ordering tuk-tuks on ExNet is 10 percent more expensive than for an autorickshaw, he said, because tuk-tuks can carry more people and often use more fuel. While offering even cheaper motorbike-hailing services is a possibility in the future, he said he would like to focus on recruiting more tuk-tuks first.<br /> <br /> Top Nimol, founder of the highly popular PassApp, said he started with autorickshaws instead of tuk-tuks because the smaller carriages were both safer and faster than traditional tuk-tuks. But the price of autorickshaws has begun to creep higher, he said – originally priced around $2,000, they are now sold for nearly $3,000 and rented at $140 per month. Opening up the platform to tuk-tuks, which are generally cheaper to buy, was a way to let prospective drivers avoid the rising prices, he said.<br /> <br /> After completing a one-week pilot in Phnom Penh last week, Nimol currently has 20 tuk-tuk drivers on the streets. His company inspects each bike and carriage and ensures all drivers have valid identification, he said.<br /> <br /> As far as Nimol is concerned, tuk-tuk drivers need to join the new wave or disappear.<br /> <br /> “I want my customers to have options, and I also want more options for traditional tuk-tuk drivers, because if we do not include them, they will soon be gone,” he said.<br /> <br /> “I’ve actually been trying to launch tuk-tuk services for a while now, but drivers don’t always understand the meter, and sometimes prefer to negotiate with their customers to get higher prices,” Nimol added.<br /> <br /> He defended his pricing as appropriate, particularly considering the competition.<br /> <br /> He has been able to compete against Grab and Uber because their prices are much higher, he said. If they were to lower their prices he would not be able to keep undercutting them, he said.<br /> <br /> “The current price is already low, but PassApp drivers are happy with it, and they make good profits,” he said. “If we lower the price to try to compete, the impact will be on the Cambodian drivers.”<br /> <br /> What seems clear, regardless, is that the sector is only expanding.<br /> <br /> PassApp anticipates taking its service to Siem Reap later this month, becoming the first local ride-hailing app to grow beyond Phnom Penh, mostly by recruiting tuk-tuk drivers. Nimol already has 50 registered to begin operations. He has plans to expand to Sihanoukville in the first quarter of the year as well.<br /> <br /> The app has also been incorporating mobile banking service Wing into its operations, initially for drivers’ payments and soon for customers’ fares, Nimol added. Grab has also launched online payment options through Wing.<br /> <br /> Tomas Pokorny, CEO of popular cashless payment app Pi Pay, said his company had also reached agreements with multiple local ride-hailing services, and intends to introduce payment options with them in the next few weeks.<br /> <br /> “Pi Pay is very keen to partner with international ride-hailing applications [Uber and Grab] as well, and has been reaching out to them for the past several months,” he said, adding that negotiations with the two giants were still underway.<br /> <br /> According to representatives from both Grab and Uber, there are no current plans to expand services beyond Phnom Penh, to partner directly with any popular local ride-hailing platforms or to include autorickshaw-, tuk-tuk- or motorbike-hailing services in the near future.<br /> <br /> Sok, the tuk-tuk driver, mimed gestures of trying to navigate online maps with his thumb as he lamented the changes taking place in his industry.<br /> <br /> “You have to have a smartphone,” he said, and pointed to his old-school Nokia. His income was still safe, but others weren’t doing so well, he said.<br /> <br /> “I would never join these apps. I hate them.”<br /> <br /> Additional reporting by Cheng Sokhorng

Many tuk-tuk drivers passing on the apps disrupting their industry, citing low pay and long hours

As international giants Grab and Uber battle it out in Phnom Penh’s crowded ride-hailing industry, local apps have begun to expand their ...

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Ticket revenue at Angkor Wat jumps 72 percent after price hik

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyy8trsLIb9bUM_-pf-N53glzQxZrKIBe_7zxFPxYNLciDV8rvU8vyUgOUKlEwte-KFwqNaDNN4xNq-TFIDipHZQeoyRFCxzO0FnyaRF8F9UnhIZ1uQrGmHhwZWFVB7iGvr3Q1NTwAMGQ/s1600/business-angkor-wat_hong-menea_1_0_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyy8trsLIb9bUM_-pf-N53glzQxZrKIBe_7zxFPxYNLciDV8rvU8vyUgOUKlEwte-KFwqNaDNN4xNq-TFIDipHZQeoyRFCxzO0FnyaRF8F9UnhIZ1uQrGmHhwZWFVB7iGvr3Q1NTwAMGQ/s640/business-angkor-wat_hong-menea_1_0_0.jpg" width="640" /></a></div> <br /> Angkor Archaeological Park saw a rise in visitor numbers and a 72 percent jump in ticket sales revenue to over $100 million last year, allaying fears that increased prices would discourage tourists from visiting the site.<br /> <br /> According to an Angkor Enterprise statement released yesterday, the number of visitors to Angkor Wat reached nearly 2.5 million over the course of 2017, exceeding those figures from 2016 by 12 percent.<br /> <br /> Total revenue from Angkor Wat ticket sales increased to $108 million over the course of 2017 as well, thanks to the increase in ticket prices, which went into effect on the second month of the year.<br /> <br /> Prices of admission for foreign visitors to Angkor Wat are now set at $37 for a single day pass, $62 for a three-day pass and $72 for a weeklong pass. They used to be $20, $40 and $60, respectively.<br /> <br /> Ho Vandy, secretary-general of Cambodia National Tourism Alliance, said he had initially been fearful that the increase in ticket prices would result in fewer tourist visits to Cambodia, which would have negatively impacted the tourism sector as a whole.<br /> <br /> He attributed the fact that tourist visits to the site had continued to increase despite higher prices to an overall strengthening of the tourism industry, and said he was optimistic that ticket sales would continue to increase this year.<br /> <br /> “The government has been working hard with the private sector to pursue PPPs [private public partnerships] and opening a dialogue that has helped to strengthen the whole sector,” he said.<br /> <br /> Chhay Sivlin, president of the Cambodia Association of Travel Agents, said such partnerships included the promotion of Cambodia at travel fairs around the world.<br /> <br /> “Also, there has been major steps taken in ensuring the quality of our country’s hospitality system in terms of cleanliness, friendliness, and security,” she said.<br /> <br /> Sivlin added that even with the increased prices, tickets to Angkor Wat were not expensive compared to similar sites around the world.<br /> <br /> “With that said, it seems that foreign tourists deem the newly increased price acceptable, hence the steady increase in tourists to Angkor Wat,” she said.

Ticket revenue at Angkor Wat jumps 72 percent after price hik

Angkor Archaeological Park saw a rise in visitor numbers and a 72 percent jump in ticket sales revenue to over $100 million last year, al...

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China order lifts rice imports for 2017

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMMt9nB8gUB5eLhsO3oKvBd7dEdsTwu5FTSrvQNOh2j1zYJsU3UGKmrpDQGCHx35ZAXeeQgTaqXN_5doxDt_PciHe3ZArernGwil62BVgHmnuzTOlYB-ME_8T_62_XsgioYWRwyEpGW0E/s1600/business_a_woman_harvests_her_rice_crop_at_a_paddy_field_in_phnom_penh_dang_kor_district_late_last_year_20_12_2016_heng_chivoan_2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMMt9nB8gUB5eLhsO3oKvBd7dEdsTwu5FTSrvQNOh2j1zYJsU3UGKmrpDQGCHx35ZAXeeQgTaqXN_5doxDt_PciHe3ZArernGwil62BVgHmnuzTOlYB-ME_8T_62_XsgioYWRwyEpGW0E/s640/business_a_woman_harvests_her_rice_crop_at_a_paddy_field_in_phnom_penh_dang_kor_district_late_last_year_20_12_2016_heng_chivoan_2.jpg" width="640" /></a></div> <br /> Cambodian rice exports in 2017 increased 17 percent by volume compared to the year before, with exporters pushing to fill orders under China’s expanded import quota while shipments to European markets remained steady, according to Agriculture Ministry figures.<br /> <br /> A total of 635,600 tonnes of rice was exported to international markets in 2017, up from 542,144 tonnes the previous year, according to a Facebook post by Hean Vanhan, director general of the general directorate of agriculture at the ministry.<br /> <br /> China, which agreed to accept 200,000 tonnes of rice from Cambodia in 2017 – doubling the previous limit – and will expand the quota to 300,000 tonnes this year, was the top destination for rice shipments.<br /> <br /> Over five years, total rice exports have grown 67.78 percent from 378,800 tonnes in 2013, the figures show.<br /> <br /> Chray Son, deputy director of Capital Food Cambodia, a Battambang province rice exporter, said the increase in exports to China was welcome, but Europe remained the market with high potential for future growth.<br /> <br /> “Cambodian rice is becoming more popular and the quality is being recognised in the international market,” he said.<br /> <br /> But rice exports were still small compared to neighbouring countries, and the industry would need to focus on quality seeds and building more storage, drying and irrigation facilities in order to reach its goal of exporting 1 million tonnes a year, Son added.<br /> <br /> Som Song, director of Agricultural Development Chamroeurn Phal, an agricultural cooperative in Raing Kesei commune in Battambang province’s Raing Kesei district, said that even though 2017 was a profitable year, farmers in his area were still hampered by a lack of storage and drying facilities.<br /> <br /> “We do not have a place to dry our paddy rice, so we have to sell at a low price,” Song said.<br /> <br /> The state-run Rural Development Bank (RDB) provided about $15 million in low-interest loans last year to two companies to build and operate rice storage warehouses and rice-drying facilities. Amru Rice is building one facility in Kampong Thom, while Khmer Food Group is constructing two in Prey Veng and Takeo provinces.<br /> <br /> The facilities, which are each set to have the capacity to store 50,000 tonnes of paddy rice and dry approximately 1,500 tonnes of rice daily, are scheduled to be completed this month.<br /> <br /> Meanwhile, another RDB project, based on a $15 million loan to Thaneakea Srov (Kampuchea) Plc in 2016, is also set to start operating in Battambang province this year with a massive 200,000-tonne capacity silo and warehouse facility and the ability to dry 3,000 tonnes of paddy rice a day.

China order lifts rice imports for 2017

Cambodian rice exports in 2017 increased 17 percent by volume compared to the year before, with exporters pushing to fill orders under Ch...

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Business Insider: Curewel growing with the Kingdom

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNbBp0eF5tt-TX32hht1cfpNiuJEnK5VK_O3WdKkaHh1bWEJ4VAlFSRr_81lFAnwrTgb6QXCGpIwFPKkCcCLuZXwRLvoIZhmA9ItarBnlspF7DOV7vaEf_LNAYpdtmMFg-5E7RqpvBYN8/s1600/curewel-ceo-sandeep-majumdar-speaks-with-a-reporter-at-his-office-in-phnom-penh-last-week.-robin-spiess.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="780" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNbBp0eF5tt-TX32hht1cfpNiuJEnK5VK_O3WdKkaHh1bWEJ4VAlFSRr_81lFAnwrTgb6QXCGpIwFPKkCcCLuZXwRLvoIZhmA9ItarBnlspF7DOV7vaEf_LNAYpdtmMFg-5E7RqpvBYN8/s640/curewel-ceo-sandeep-majumdar-speaks-with-a-reporter-at-his-office-in-phnom-penh-last-week.-robin-spiess.jpg" width="640" /></a></div> <br /> Cambodia’s pharmaceutical industry has been steadily growing for the past decade, and is expected to become more profitable as the Kingdom both develops economically and sees its young population begin seeking medical attention for age-related diseases. The Post’s Robin Spiess sat down with Sandeep Majumdar, Chairman and Managing Director of pharmaceutical company Curewel International, to discuss the sector.<br /> <br /> Curewel International Co Ltd is a company that operates in many different industries in Cambodia. Can you describe what your company does?<br /> Curewel is an international company based mainly around pharmaceuticals and medical devices. We were among the first pharmaceutical companies to move into the Cambodian market from India, back in 2001.<br /> <br /> I could already tell back then that in 10 to 15 years, there were going to be too many players in the pharmaceutical market in Cambodia. I knew a price war would drive down profitability and also wanted to explore other types of businesses, so I began to offer other products as well, including consumer products, inverters and batteries. These industries are less reliable than pharmaceuticals because the prices change with consumer demand, while in pharmaceuticals, the price is set. Still, our consumer products are selling well in Cambodia.<br /> <br /> Do you believe the pharmaceutical industry in Cambodia will continue to grow?<br /> According to a recent report on the state of Cambodian pharmaceuticals and health care, pharmaceutical spending will continue to grow in the upcoming years. Spending on pharmaceuticals in Cambodia used to be about $241 million in 2015, grew to $265 million in 2016 and now, in 2017, has reached $296 million. In 2021, the total market in Cambodia for pharmaceuticals is projected to be about $437 million.<br /> <br /> Also according to the report, last November, the country budget for the pharmaceutical health sector was increased to about $487 million. This is a good sign that the pharmaceutical sector in the Kingdom is growing. On average, the pharmaceutical industry in the next couple of years is projected to grow by about 10 percent.<br /> <br /> How do you cope with growing competition in the pharmaceutical industry?<br /> Healthy competition is always welcome. As long as no one is compromising the quality of their product, whoever works harder and strives more will remain standing. We don’t like fly-by-night companies, which not only spoil pharmaceutical companies’ names, but also the names of the countries where they are from. The Ministry of Health is on the lookout for these types of companies.<br /> <br /> Imports of pharmaceuticals are still common here, where there are not as many trusted companies as there are in neighbouring countries. Local companies are important, however, because oftentimes poor people cannot afford imported products.<br /> <br /> Cambodia has gradually risen out of poverty, but there are still needy populations who need medicines that may be hard to acquire. Are you working on any initiatives to serve these communities?<br /> There are a lot of poorer people, especially in the provinces, who the government hospitals give free basic medicines like paracetamol, vitamins and cough syrup. When it comes to more complicated medicines, some companies here are able to offer these at a discounted rate.<br /> <br /> Some organisations also do charitable work, and I have taken the initiative to speak with pharmaceutical companies about the opportunity to collectively donate free medicines every couple of months or so. Some medicines which are a few months from expiration, which would otherwise be thrown out or sold at a discount, could be donated to some of these local charities to disseminate. A program like this has yet to begin, but we’d like to start this genuine social work sometime soon.<br /> <br /> Are you working on any exciting projects in the new year?<br /> We are working on two new projects this year. One is an agriculture project we launched recently, which is based on selling organic products. This company has done a lot of trials all over the world, perfecting an organic product that should increase the productivity of the plant by 25 to 45 percent depending on the type of crop. By investing in this product, farmers can get a higher yield from their crops and they don’t have to worry about health hazards because the product is organic. [The product has previously been reported as being a supplement that increases the uptake of nutrients from fertiliser.]<br /> <br /> We also have the exclusive Pacific Asia rights for a fishery project we are planning to pursue next year with an Israeli company. These guys install these machines and technology and raise fish in giant drums. We’ve already done three installations in India, and plan to have a plant here in Cambodia as well.<br /> <br /> This interview has been edited for length and clarity.

Business Insider: Curewel growing with the Kingdom

Cambodia’s pharmaceutical industry has been steadily growing for the past decade, and is expected to become more profitable as the Kingdo...

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Hello tomorrow: the new Sathapana Bank

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD_MyGYpdKgmFRHNgzzXusZ9yqsFgp4ZUrtWx21680esOpvDpDINmelpT5IHiFhiBSJ36flY51jeIuExvlYcGxbUinFCOPqeoe9Vb26o57cVOUP87qk6umZH-AwMREBCki_pXnoZ_h_h8/s1600/mr.-kato-norihiko-chief-executive-officer-of-sathapana-bank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="546" height="364" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD_MyGYpdKgmFRHNgzzXusZ9yqsFgp4ZUrtWx21680esOpvDpDINmelpT5IHiFhiBSJ36flY51jeIuExvlYcGxbUinFCOPqeoe9Vb26o57cVOUP87qk6umZH-AwMREBCki_pXnoZ_h_h8/s640/mr.-kato-norihiko-chief-executive-officer-of-sathapana-bank.jpg" width="640" /></a></div> <br /> As the second largest bank in Cambodia in terms of its branches and staff, Sathapana Bank reveals a new refreshing look to coincide with a promising future providing innovative banking solutions in the Kingdom.<br /> <br /> Transparency, solidity, reliability, harmony, growth and innovation; these are the qualities conveyed in Sathapana Bank’s new logo, which form the core of the bank’s mission. The new design features the shape of a honeycomb, nature’s ideal storage of valuable assets. With its multiple hexagons one next to the other, it represents the bank’s extensive branch network, reaching customers in every province.<br /> <br /> A blue triangle that runs through the center of the comb represents Mount Fuji, one of Japan’s symbols of solidity and harmony.<br /> <br /> “The blue color with the relative shade is to show the transparency and modern image to utilize our latest technology,” says Chief Executive Officer Kato Norihiko.<br /> <br /> Sathapana has been operating in Cambodia since 1995 – first as a microfinance lender for more than 20 years. It merged in April 2016 with Maruhan Japan Bank to form Sathapana Bank PLC., a fully licensed commercial bank. Sathapana Bank has expanded its branch network to 168 branches throughout the country. This is the second largest branch network of all commercial banks in the country and will only keep growing.<br /> <br /> “We want to continue to be nice and kind to the people all over the country, and also in low income rural areas. It’s a big challenge to make such an efficient operation in rural areas but we are one of the few banks that can provide true nationwide banking products and services,” Kato says. “We’re committed to continue to providing banking services throughout the country.”<br /> <br /> Cambodia presents the perfect landscape for financial innovation, with a developed financial sector and technological readiness, providing a unique opportunity for product-market fit – an opportunity Sathapana embraces as they look to launch a digital banking solution in the near future.<br /> <br /> “It’s a must have product,” says Kato, cognizant of the recent uptick in digital banking solutions. “We’ve studied and are currently in the process of introducing the most modern multi-channel digital platform so that we can provide Internet banking, mobile banking, e-wallet or QR [Quick Response] code payment.” While their current plans for mobile banking are still not public, the awareness around being thoughtful around the market and consumers shows Sathapana’s dedication for putting their customers, and in this case, users, first.<br /> <br /> Another way Sathapana shows their dedication to making sustainable, impactful digital banking solutions is through their eagerness to partner with some of the big names in E-wallet and digital payments.<br /> <br /> “We’re positively thinking about an alliance with other types of financial services, such as money transfer companies and digital payment companies. They need banking services and a partner bank like Sathapana. There’s a mutual opportunity there for collaboration to increase the customer’s convenience as well.”<br /> <br /> This mindset of seeing the bigger picture and creating a better banking future for Cambodia through collaboration is key to the next phase of Sathapana’s plans to service their customers better.<br /> <br /> As Sathapana reinvents itself in the digital age, it makes sure to do so through self-awareness and social consciousness. Though there’s a rapid race towards providing the best online solution for all, Sathapana prides itself on operating at the intersection of innovation and social responsibility, a quality increasingly required around the world in doing businesses.<br /> <br /> One of the bank’s highlighted goals is to support sustainable and green projects, as well as businesses with a positive impact on the environment, or which contribute in other socially positive ways.<br /> <br /> This goal carries the same weight as do their other business objectives, which means occasionally rejecting clients if the business is deemed to be harmful to society. In looking to provide the best, sustainable solution for their customers, embracing both innovation and social consciousness is the unique card Sathapana plays, which sets them apart from those who may put economic development or making profit first.<br /> <br /> “For that purpose we study what kinds of projects can be very positive and in the world globally there are such international institutions or funds that are waiting to support such activities,” Kato says, adding that this should be a “day to day effort” within the bank’s operations.

Hello tomorrow: the new Sathapana Bank

As the second largest bank in Cambodia in terms of its branches and staff, Sathapana Bank reveals a new refreshing look to coincide with ...

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Pig factory exports first batch of leather

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8ovlw4klkCpfc0EM7uDEpatA7lKb_S4vnloxq338gLC0zmmQMWkQNm9aBBaFb-0KJUPbvAexhaBtpWm5935sqAdaqfzoqXIJ2qIDMc7X2oYqujSdR4F0lTcuSyFhzFbTnbE1fS2uZM2A/s1600/business_pigs_are_inspected_at_a_mong_reththy_feed_mill_in_preah_sihanouk_province_sam_rith.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="546" height="364" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8ovlw4klkCpfc0EM7uDEpatA7lKb_S4vnloxq338gLC0zmmQMWkQNm9aBBaFb-0KJUPbvAexhaBtpWm5935sqAdaqfzoqXIJ2qIDMc7X2oYqujSdR4F0lTcuSyFhzFbTnbE1fS2uZM2A/s640/business_pigs_are_inspected_at_a_mong_reththy_feed_mill_in_preah_sihanouk_province_sam_rith.jpg" width="640" /></a></div> <br /> Agro-industrial giant Mong Reththy Group exported its first batch of processed pig skin leather in September and has spent the last three months testing its factory operations before scaling up exports destined for European and Japanese markets, a company executive said yesterday.<br /> <br /> Mong Reththy Group’s pig skin factory, which is the first of its kind in Cambodia, began construction in early 2016 with the help of an unnamed Chinese partner which invested into the $30 million joint project, according to Tan Monivann, the group’s vice president. The factory is located near the group’s private port in Preah Sihanouk province.<br /> <br /> According to Tan, the first export shipment accounted for 18 tonnes of leather.<br /> <br /> “We are now partially operational and have already hit our goal of making our first shipment to the international market,” he said, adding that the factory imported the unprocessed pig skins.<br /> <br /> While the group is eyeing the European and Japanese markets, an accountant for the firm who declined to be named said yesterday that the first 18 tonnes of leather went to China to be tested for quality.<br /> <br /> Despite the group operating its own commercial pig farm, Tan said that the pigs the company raises are not suitable for leather production.<br /> <br /> “Even though we have the same species of pigs here, we can’t use them for leather production because the size of their skins does not meet leather standards,” he said. “Plus, we do not have the experts to properly slaughter the pigs for leather purposes.”<br /> <br /> Hort Pheng, director of Industrial Affairs Department at the Ministry of Industry and Handicraft, said that the production of leather for export is a sign of economic diversification in a country heavily reliant on garments.<br /> <br /> “The exporting of leather shows off another industrial achievement by Mong Reththy Group and also is an indicator that we don’t need to only rely on garments,” he said. “Cambodia is on the path of transforming its industries as we gain more skills.”

Pig factory exports first batch of leather

Agro-industrial giant Mong Reththy Group exported its first batch of processed pig skin leather in September and has spent the last three...

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Accor to manage Ibis, Novotels in Kingdom

<div class="separator" style="clear: both; text-align: center;"> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzHOi57Fi6WrwvQMJjNTZLFQG3VJQXf5iPfbTkbvje-30XK5Zo4TDcPa9bFxGvffrOkgKfOjSW7COVC6G99racM537l4uF7QNvJSCt3uCoRL5HIdU2eNJtj_ROC8t9wkGxjkG2PC05i1w/s1600/business_-_raffles_hotel_-_hong_menea.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="546" height="364" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzHOi57Fi6WrwvQMJjNTZLFQG3VJQXf5iPfbTkbvje-30XK5Zo4TDcPa9bFxGvffrOkgKfOjSW7COVC6G99racM537l4uF7QNvJSCt3uCoRL5HIdU2eNJtj_ROC8t9wkGxjkG2PC05i1w/s640/business_-_raffles_hotel_-_hong_menea.jpg" width="640" /></a></div> <br /> Accor Hotels, a French multinational hotel group, announced yesterday that it has signed three new management contracts with Western hotel chains that will be entering the Cambodian market for the first time.<br /> <br /> Accor’s economy brand, Ibis Styles, is scheduled to open up shop in Siem Reap sometime next year, while its mid-range brand Novotel plans to launch in Phnom Penh and Sihanoukville. The Novotel hotels have not yet announced opening dates.<br /> <br /> Patrick Basset, COO of Thailand, Vietnam, South Korea, Cambodia, Laos, Myanmar and the Philippines at Accor SA, explained that the decision to expand in the Kingdom was a result of healthy GDP growth, an increase in international tourist arrivals and better international flight connectivity.<br /> <br /> Currently, Accor has management contracts to run luxury-based Sofitel and Raffles hotel brands. Basset stressed that Accor’s expansion was to help bring more affordable brands here.<br /> <br /> “We do not have mid-scale representation here yet,” he said. “These new hotels will allow us to diversify ourselves.”<br /> <br /> He added that the three new hotels are expected to provide roughly 600 jobs in the hospitality sector, supplementing the already 1,200 jobs offered at the four Accor-managed hotels currently operational in the Kingdom.<br /> <br /> Kuy Vat, president and CEO of VTrust Group, said yesterday that western brand hotels establishing a presence in Cambodia shows solid progress in developing the country’s hospitality sector.<br /> <br /> He added that an increased inflow of foreign tourists to the Kingdom has had a positive impact on the economy, and that the demand for accommodation services for tourists continues to grow.<br /> <br /> He said this is the perfect time for western hotels and world-renowned brands to be entering the local market.<br /> <br /> “Basic infrastructure in the hotel industry is improving very fast, and this is essential to attract new investment,” he said, adding that the tourism sector has benefitted from improvements to roads and utility services.<br /> <br /> “Cambodia’s image is improving, and I believe that the arrival of famous hotel brands will further help our country to become more known internationally,” Vat said.<br /> <br /> Additional reporting Hor Kimsay

Accor to manage Ibis, Novotels in Kingdom

Accor Hotels, a French multinational hotel group, announced yesterday that it has signed three new management contracts with Western hote...

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