Cambodia 20231023

Mekong Memo Cambodia Weekly: 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 23, 2023.

Headlines:

Saudi-Cambodia Ties Flourish: Focus on Trade, Energy, and Development

IMF Adjusts ASEAN Economic Projections

A Triumph of Dramatic Poverty Reduction

Phnom Penh Eyes Modern Metro System with Chinese Collaboration

CP Group Plans Major Cambodia Investment Expansion

Rubber Exports Rise, Revenue Declines

Germany's Generous Commitment to Trade

Cambodia, Vietnam Champion Local Currency Trade in Malaysia

Webcash Brings Payment Service to Cambodia

Mega Market Set to Reshape Wholesale

Brazil and Cambodia Forge Ties in Ag Investment

AirAsia's Cambodian Skies Debut Approaches

Real Estate Faces Headwinds Despite Economic Uptick

China Powers Cambodia with Energy Investments

Data Centre Boosts Digital Ambitions

Cambodia's Craft Beer Revolution Brews On

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Saudi-Cambodia Ties Flourish: Focus on Trade, Energy, and Development

Saudi Arabia and Cambodia are forging stronger ties, with a focus on trade, investment, and energy. Prime Minister Hun Manet's recent meetings with Saudi officials, including Crown Prince Mohammed bin Salman, have emphasized the potential for increased bilateral collaboration. The Saudi Fund for Development has expressed interest in funding Cambodian projects, particularly in agriculture and infrastructure. These developments come as Cambodia seeks to diversify its diplomatic relations and attract investment from major oil-exporting nations like Saudi Arabia.

Read more: The Star (Trade & Investment), Arab News (Economic Collaboration), Phnom Penh Post (Trade), Phnom Penh Post (ASEAN-Gulf Cooperation), Phnom Penh Post (Development Funding)

IMF Adjusts ASEAN Economic Projections

The International Monetary Fund (IMF) has updated its economic growth forecasts for ASEAN countries, including Cambodia, due to global and regional economic challenges, notably influenced by China's economic deceleration. The IMF now predicts ASEAN's growth to be 4.2% in 2023 and 4.6% in 2024, marking a slight decrease from earlier predictions. Specifically, Cambodia's growth has been adjusted from 5.8% to 5.6% for 2023. Despite these revisions, the IMF remains more optimistic than the World Bank's projections, citing expected improvements in exports, diversification, and increased foreign direct investment.

Read more: Phnom Penh Post, Investing.com

A Triumph of Dramatic Poverty Reduction

Cambodia has witnessed a remarkable decline in its poverty rate over the past 7 and a half years, with the Multidimensional Poverty Index (MPI) value dropping from 0.168 in 2014 to 0.070 in 2021/2022. This translates to a reduction in the incidence of poverty from 36.7% to 16.6%. As a result, approximately 2.8 million Cambodians have risen out of poverty. This positive trend is attributed to advancements in health and living standards, particularly in areas like child mortality, nutrition, and sanitation. Challenges continue to persist in the education and housing sectors.

Read more: Khmer Times