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NBC pushes cross-border trade to be done in local currencies


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http://www.khmertimeskh.com/5087886/nbc-pushes-cross-border-trade-done-local-currencies/....................

 October 26, 2017

NBC pushes cross-border trade to be done in local currencies

Sok Chan / Khmer Times Share:    
12-CHOR7623.jpg?x54821

The National Bank of Cambodia (NBC) is cooperating with counterpart institutions in Thailand and Vietnam to expand the use of local currencies in cross-border trade and limit the use of the US dollar in regional transactions.

NBC director general Chea Serey, speaking during a conference on the promotion of the yuan and the riel in cross-border trade this week, said they are working with the central banks of Thailand and Vietnam to promote the use of local currencies in trade settlements between Asean nations and enhance region-wide recognition of the riel as legal tender.

“The objective is to use local currencies more often in cross-border transactions to increase acceptance of the riel regionally. The idea is we use their money and they use ours,” Ms Serey said.

On Tuesday, NBC and the People’s Bank of China (PBC) urged investors and traders to use the yuan and the riel in transactions involving both nations.

Last month, the yuan-riel exchange rate was officially launched during the China-Asean Expo in Nanning, China.

“Currently, we depend on five currencies, the US dollar, the euro, the Japanese yen, the British pound and the Chinese yuan,” Ms Serey explained.

“But the US dollar is the one dominating our economy, so if there are any issues with this currency, Cambodia will suffer the consequences as well. We have to diversify our currency use.”

Ms Serey called on businesses to help with NBC’s plans to promote the local currency.

“If the private sector does not value their own currency, other countries will certainly not value it either. It all starts with the private sector,” she said.

“If we don’t use the riel, we lose control of our monetary policy.”

Lim Heng, the vice-president of the Cambodia Chamber of Commerce (CCC), said he supports NBC’s policy towards the riel.

“We want the recognition of the riel in the Asean region. We want to be able to do trade in riel in order to stabilise our currency,” Mr Heng said.

Kouch Pheng, the president of Young Entrepreneurs Association of Cambodia (YEAC) and Advanced Glory Logistics, told Khmer Times that expanding the use of the riel will be easier as Asean integration continues.

“Currently, for cross-border transactions on trade and investment, the dollar is disproportionately dominant, but this will change with Asean integration,” Mr Pheng said.

“YEAC promotes the use of the riel and our members use riel for staff payroll and other operations,” he added.

 

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http://www.khmertimeskh.com/5087596/nbc-calls-cross-border-trade-yuan-riel/................

 October 25, 2017

NBC calls for cross-border trade in yuan and riel

Sok Chan / Khmer Times Share:    
10-Farbien__2.jpg?x54821

The National Bank of Cambodia (NBC) and the People’s Bank of China (PBC) have urged investors and traders to use the yuan and the riel in transactions involving both nations.

The request is in line with recent moves to strengthen economic and political ties between China and Cambodia.

Last month, the yuan-riel exchange rate was officially launched during the China-Asean Expo in Nanning, an initiative widely expected to bolster economic relations between both countries, improving efficiency and security and saving costs when exchanging the currencies.

NBC director general Chea Serey, speaking during a conference on the promotion of the yuan and the riel in cross-border trade, said increasing the use of the yuan in trade settlements between the two countries will also increase the use of Cambodia’s currency.

“We are encouraging Chinese and Cambodian companies to trade in yuan and riel as to avoid risks associated with currency exchanges,” Ms Serey said. 

She said that Cambodian businesses importing goods from China should pay in yuan and Chinese businesses importing goods from Cambodia should use riel.

According to Ms Serey, the use of a different currency, like the US dollar, as an intermediary for trade settlements could pose an exchange rate risk for investors from both countries.

Seventeen banks in Cambodia allow for transactions in yuan, while 11 more will enable the use of the Chinese currency in the near future, according to a representative of the NBC.

“At present, China and Cambodia are at a critical stage of development, facing the same task of deepening reform and optimising the industrial structure,” said Pan Hongsheng, the deputy secretary-general at the PBC’s Monetary Policy Committee.

“During the process, financial cooperation and, more specifically, bilateral local currency cooperation, can help pave the way for our common road to prosperity and development,” he said.

Lim Heng, the vice-president of the Cambodia Chamber of Commerce (CCC), said it was important to settle cross-border transactions with China in yuan or riel.

“Cambodia should increase reserves of foreign currencies and reduce its dependency on the US dollar,” Mr Heng said.

“When Chinese businesspeople accept the riel, the Cambodian private sector will also accept the yuan. We will push and encourage our members to use the yuan in cross-border trade and investment,” he said.

Neav Chanthana, the deputy governor of the NBC, said about 14 percent of trade between Cambodia and China was conducted in yuan.

“Promoting the use of the yuan and the riel in trade will bolster trade, tourism, investment and economic growth in general,” Mrs Chanthana said.

Since 1998, China has been Cambodia’s biggest trade partner. From 2004 to 2016, imports from China to Cambodia amounted to $23 billion.

In 2016, the volume of imports from China to Cambodia reached $4.5 billion, an increase of 15 percent year-on-year. During that same period, China’s imports of Cambodian products were valued at $609 million.

 

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http://www.khmertimeskh.com/5087737/siem-reap-mega-mall-nearing-completion/.........

 October 25, 2017

Siem Reap mega mall nearing completion

Khmer Times Share:    

SR.jpg?x54821

Adding to the several small malls in Siem Reap including Lucky Mall and Angkor Trade Centre and several more shopping complexes, The Heritage Walk will provide 40,000 square metres of covered and open-air retail space, accommodating about 100 shops including restaurants, coffee shops and a cinema.

Located on one hectare of land at the corner of National Road 6 and Oum Chhay Street in Siem Reap’s Svay Dongkoum commune, The Heritage Walk is set to launch its soft opening in February and a grand opening in April 2018.

The Heritage Walk project is good news for the real estate sector in Siem Reap with local real estate agents expressing optimism towards the new project.

Mario Tan, the Sales and Marketing Director of Hunter Estate, said: “The new mall would give tourists and local people more shopping and leisure options and will attract them to spend more and stay longer in Siem Reap.

“With some small malls operating successfully in the province, The Heritage Walk, the first big mall in Siem Reap, tends to have a high chance to be successful as there will be local and international tourists flocking to go shopping in this mall.”

Mr Tan added: “This is a good thing for the local economy as there will be more business activity taking place in the province. Moreover, this will also help give investors more confidence in real estate market in Siem Reap.”

It is worth noting that land prices are stagnating at the moment ahead of the coming general election with an average of between $350 and $400 per square meter.

It is hoped that The Heritage Walk will push investors to have more confidence to invest in the province, helping land prices to rise again after the election.

Vat Vin is an Editor @ RealEstate.com.kh

 

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http://www.khmertimeskh.com/5087738/poipet-gambling-hub-industrial-boomtown/.........

 October 25, 2017

Poipet: From gambling hub to an industrial boomtown

/ Khmer Times Share:    
25-Poipet_im.jpg?x54821

The town of Poipet, which hosts Cambodia’s main border crossing with Thailand, is located between Siem Reap and Battambang and has gained its popularity as a cross-border gambling destination.

Because most forms of gambling are banned in Thailand, for years the casinos just across the border in Poipet have been full of Thais trying their luck.

However, government plans are now in action to turn Poipet into an industrial zone. It is believed that due to this – and the town’s convenient proximity to Thailand – that investors will seek opportunities to invest in the town’s manufacturing sector.

Already infrastructure improvements are nearing completion, such as the railway link between Phnom Penh and Bangkok, via Poipet, and that has encouraged many to move to the town to pursue employment opportunities.

Once this railway link is completed, border trade between the two nations is expected to increase substantially.

Eric Wong, the administrator of the website SkyscraperCity Cambodia, said: “Poipet has seen remarkable development in recent times with the establishment of more factories and businesses.”

Mr Wong’s family has invested in multiple businesses in Poipet due to the town’s strategic location next to Thailand and believes that border trade between Cambodia and Thailand is already growing.

The establishment of the Sanco Poipet Special Economic Zone (SEZ) in 2014 is one of the key reasons for this growth and acts as a vital economic trading gate between Cambodia and Thailand, and it’s poised for future development.

Soeng Sophary, a spokesperson for Cambodia’s Ministry of Commerce, said: “Thailand is one of the kingdom’s main trade partners with both governments enjoying very close and amicable relations.’’

Ms Sophary believes that due to these strong government ties, cross-border trade could increase to $15 billion by 2020.  “The value of imports from Thailand has decreased marginally, due to the fact that more Thai investors are building factories in Cambodia,” she said.

“However, Cambodia’s exports to Thailand have actually increased.”

She also believes that the new railway will be a major catalyst for improving infrastructure and will aid both Cambodia and Thailand in reaching their trade goals.

In terms of Poipet’s real estate market, land prices are consistent and not seeing any signs of big increases.

However, Sorn Seap, the CEO of Key Real Estate, believes that prices will rise once the railway project is finished and more industrial activity takes place.

10-Poipet_2.jpg?x54821 A casino and street scape in Poipet. Milei Vencel

“Currently land prices for residential projects in areas without construction are between $200 and $300 per square metre, and in construction dense areas are priced between $300 and $500 per square metre,” he said.

“For commercial areas or downtown Poipet, prices range anywhere between $500 and $1,000 per square metre, while land prices along National Road 5 or close to the border can reach up to $1,000 and $2,000 per square metre.”

Although residential property development isn’t seeing any drastic growth at present, Mr Sorn said he has seen a lot of progress, with a handful of borey projects in the $50,000-$100,000 price bracket being developed.

He is convinced there is serious potential in the Poipet real estate industry in the future, due to increased employment opportunities from the existing SEZ and the government’s industrial plans.

Ultimately, more demand for labour in the city will lead to a need for residential housing.

Once the railway project is completed in 2018, it is predicated by real estate agents and experts alike that the increase of trade between Thailand and Cambodia will encourage a rapid influx of investors building factories in Poipet.

This will have flow on effects of boosting the local economy and incomes across the board.

Ultimately, this casino dominated border town is rapidly changing and is anticipated to become one of the most attractive investment destinations in Cambodia in the years to come.

Search property for sale in Poipet on Realestate.com.kh today – and invest early for the highest future returns.

Vat Vin is an Editor @ RealEstate.com.kh

 

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http://www.khmertimeskh.com/5085553/message-ambassador-federal-republic-germany-kingdom-cambodia-h-e-dr-ingo-karsten/................

 October 10, 2017

Message from the Ambassador of the Federal Republic of Germany to the Kingdom of Cambodia H.E. Dr. Ingo Karsten

Khmer Times Share:    
83211970_lay.jpg?x54821
 

Almost three decades ago, we celebrated German reunification and the end of the division of Europe into East and West. To this day, people all over the world are moved when they recall how this separation was overcome. We look back with gratitude at this historic opportunity and at the politicians who laid the foundations for reunification at the time – Willy Brandt and Helmut Kohl, who passed away this year.

Following German reunification and the wave of democracy and the rule of law that reached many countries in the world at the time, we now find ourselves in an era in which opposing interests are coming to the fore once again. Global challenges have increased further in recent years. Geopolitical conflicts,
terrorism, migration and refugee flows, poverty, hunger, epidemics and advancing climate change pose great tasks for societies worldwide.

In recent decades, the global community has made significant progress. The 2030 Agenda for Sustainable Development is a milestone for the international community, serving both as a mandate and a promise. Global challenges, such as climate change with its dramatic consequences including droughts and floods, can only be overcome if we work together and as equal partners. Pacifying regional conflicts and crises is also a global task. Stabilisation and development create opportunities for people’s lives.

No country in the world can solve the international problems facing us on its own. In view of its own history and its experiences as regards overcoming tyranny and establishing and consolidating a democratic state founded on the rule of law, our country is facing up to these challenges. Germany is willing to shoulder international responsibility. That is why it is applying for a non permanent seat on the United Nations Security Council for the 2019/20 term. We live in times of great challenges, and solving them will decide the future of humankind and the planet. At the same time, we live in a world of wide-ranging new opportunities, which we should shape actively. The Day of German Unity is a good occasion to remind ourselves of this.

With the Kingdom of Cambodia, Germany has a long-standing and friendly relationship. This year we celebrate 50 years of diplomatic relations. The Kingdom of Cambodia is an important Partner Country of our development cooperation in Southeast Asia since 1993. Germany closely cooperates with Cambodia on the basis of the Cambodian Rectangular Strategy and the Millennium Development Goals of the United Nations. Main focuses of the successful German-Cambodia development cooperation are rural development and food security, the health sector and decentralisation reforms. The Civil Peace Service with its partners is strengthening reconciliation in Cambodia. Germany has also been supporting Cambodia with scientific knowledge to conserve the temples of Angkor for 20 years now and vocational training on stone conservation. We also continue our assistance to mining clearance though the organisation of Halo Trust with major financial contributions. The German Chapter within the EuroCham plays an important role in fostering bilateral trade which still has great potential on both sides.  German political foundations and NGOs supported by Germany play a great role in the institution building process of Cambodia.

As the German Ambassador to the Kingdom of Cambodia, let me express my confidence and hope that this long-standing relationship between our two countries remains solid and trustworthy for the benefit of our peoples. The reunited Germany remains committed with its European partners to further support the development of peace, democracy and well-being of the Cambodian people.

Ingo Karsten

Ambassador of the Federal Republic of Germany to the Kingdom of Cambodia

 

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