Mekong Memo Cambodia 20231002

Mekong Memo Cambodia Weekly, October 2, 2023: Business, politics, finance, trade & legal news.

We monitor and filter the very best and most insightful stories from Southeast Asia directly to your inbox every week.

By reviewing a wide variety of media including legal, financial and other relevant industries along with government and NGO sources, we are able to sift through the noise and bring you only what we believe to be relevant to an informed observer of Cambodia business news.

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Here is your Mekong Memo Cambodia for the week of October 2, 2023.

Headlines:

Tourism Sees Mixed Results in 2023

Cambodia Reassesses Capital Gains Tax Strategy

Mega Supermarket Debut in Southeast Asia

EIU Spotlights Cambodia's 2024 Economic Rise

Global Crisis Dampens Latex Export Momentum

H1 2023 Witnesses $57.8 Billion in Banking Loans

$110 Million Move to Fortify Riel's Stability

Cambodia-Australia Kickstart Agri-Food Innovation

Private Investments Skyrocket in Q2

GDT Pushes Tax Deadline to End of October

Q2 Construction Flourishes with $1.5 Billion Boost

New Handbook for Investors Published

GSP Plus: Navigating Challenges to Seize Opportunities

Thai-Cambodian Leaders Forge Deeper Ties

Microfinance Magnifies Climate Risks for Farmers

Stingray Takes the Throne: World's Biggest Freshwater Fish

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Tourism Sees Mixed Results in 2023

In the first eight months of 2023, Cambodia welcomed approximately 3.5 million international tourists, marking a significant 250.8% rise from 2022. However, when compared to pre-pandemic levels in 2019, there's a decline of 19.7%. The majority of these tourists arrived by land from neighboring countries, emphasizing the importance of regional travel post-COVID-19. Despite the impressive recovery from 2022, air travel is still down by 60.9% compared to 2019, highlighting the lingering impact of the pandemic on international flights.

Read more: Khmer Times

Cambodia Reassesses Capital Gains Tax Strategy

Prime Minister Hun Manet has addressed concerns regarding the potential introduction of the Capital Gains Tax in 2024. He emphasized that the decision is not yet finalized and that no new taxes will be imposed on the public. This clarification comes after significant public backlash following comments from the General Department of Taxation's director-general. Manet confirmed that the tax, which was initially set for a 2020 introduction, has been postponed for three years. Discussions on tax policy adjustments will be held in a government-private sector forum in November.

Read more: The Star, KiriPost (Overview of the tax)

Mega Supermarket Debut in Southeast Asia

Southeast Asia's leading supermarket chain, Big C, is set to launch a hypermarket in Chroy Changvar Satellite City. This follows a partnership agreement with OCIC Group, a major Cambodian real estate conglomerate. The new venture aims to enhance the retail landscape and boost Phnom Penh and Cambodia's economic growth. The hypermarket, spanning 2.7 hectares, will feature a vast array of products and is anticipated to open within 18 to 24 months. This collaboration signifies a commitment to elevating the retail experience and catering to the evolving needs of Cambodia's young population.

Read more: KiriPost