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(7 votes, average: 4.43 out of 5)
Loading ...With all the negativism about Cambodia, many overseas Cambodians may not realize that there is a huge urban development project to build an entirely new town within Phnom Penh.
The $2 billion dollar project, undertaken jointly by Cambodia and South Korea, is located in North Phnom Phnom near Pochentong Airport and covers 119 hectares of land. It is constructed in 6 phases and is expected to be completed by 2018.
This advanced urban complex will have residential, commercial, and public facilities, including 4- to 6-lane paved roads, water supply, reliable sewage and electrical systems, and high-speed telecommunications infrastructure.
More information about CamKo City: www.worldcitycambodia.com
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(1 votes, average: 4 out of 5) Loading ...Entertainment | Health | Sci-Tech | Odd | Life | Learning
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(6 votes, average: 2.83 out of 5) Loading ...AFX News Limited
09.06.07, 6:10 AM ET
PHNOM PENH, Cambodia (Thomson Financial) - Cambodia Thursday launched a project to establish the country’s first securities market, partnering with South Korea in a programme that hopes to see a stock exchange established by 2009.
‘The securities market is essential for sustained national economic growth,’ said Dr Young-Tak Lee, chairman of the Korea Exchange who joined senior Cambodian officials, including Prime Minister Hun Sen, for the opening of the project.
While still one of the world’s poorest countries, Cambodia has emerged from decades of conflict as one of the region’s rising economies.
Its annual economic growth has averaged 11 percent over the past three years on the back of its strong garment and tourism sectors.
‘Cambodia has achieved remarkable macro-economic stability and economic progress,’ Hun Sen said, while acknowledging the challenges of setting up a bourse — particularly the raft of legislation that still needs to be drafted before an exchange can become a reality.
This is a very interesting development. With all the serious problems, including corruption, human rights abuses, and sex tourism, that still persist in Cambodia, the country’s economy has been growing at 11% for the last three years. I for one am very excited about the creation of a Cambodian stock market.
I see that the stock exchange project is being undertaken jointly with South Korea. While the South Koreans’ guidance and expertise are needed for this extraordinary undertaking, it is absolutely critical to our national interests that we Cambodians understand all the ramifications of this endeavor.
A stock market has the ability to influence every aspect of the Cambodian economy and affect the lives of all our citizens. It is absolutely essential that the brightest and most knowledgeable Cambodian minds are recruited to take part in this momentous undertaking. Cambodia will risk getting short-changed by much more experienced and market-savvy foreigners if our smartest and most educated young people are not involved in this process.
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(3 votes, average: 2.33 out of 5) Loading ...PHNOM PENH, Cambodia
The Cambodian government Thursday announced plans to set up a stock market in the next two years in an effort to mobilize capital as part of an effort to expand its economy.
“The national economic development will not be sustainable and cannot reach its growth potential without effective contributions from the financial sector,” Prime Minister Hun Sen said in a speech.
Hun Sen said that stock market — partially funded by $1.8 million in aid from South Korea — is “a new option of financing the national economy” because it could serve as a mechanism to mobilize capital for investment in the country.
The Cambodian economy has been one of the fastest growing in Asia, expanding at 11.4 percent in each of the past three years. However, its development has been heavily reliant on hundreds of millions of dollars (euros) in international aid.
Foreign donors have also urged Cambodia to diversify its economic structure, which has largely been based on the textile industry. Last year, garment exports were worth $2.6 billion and accounted for nearly 80 percent of Cambodia’s total exports.
Annual foreign aid and limited foreign direct investment are “still not sufficient to fulfill enormous capital demand of the Cambodian capital-hungry economy for investment in all sectors,” Hun Sen said.
To help ready the country for a stock market, Cambodia is also planning to introduce a series of measures aimed at reforming it securities sector.
Finance Minister Keat Chhon said the National Assembly will soon begin discussion on a securities market draft bill, one of several laws the government is considering to successfully establish a securities market.
Also last month, the government began requiring some 400 enterprises to submit their financial statements to independent auditors by December this year.
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(8 votes, average: 3.75 out of 5) Loading ...But it also continues to be buffeted by labour disputes which will become especially critical next year when restrictions against Chinese garment exports expire, forcing Cambodia into greater competition with this Asian giant.
“In short, there are too many unions,” said Van Sou Ieng of the Garment Manufacturers Association of Cambodia (GMAC), urging greater government regulation of the more than 1,000 workers’ groups.
Should Cambodian garment workers be blamed for the potential downturn in the industry?
Just how much of the $2.5 billion generated by the garment industry is paid to the 350,000 workers?
Let’s do a little number crunching to put things in perspective, shall we?
Let’s say each worker earns $60 a month, which amounts to $720 a year. Multiplying $720 by 350,000, we get $252,000,000 ($252 million).
Dividing $252,000,000 ($252 million) by $2,500,000,000 ($2.5 billion) yields just 10.1%.
Yes, just 10% of the money generated by the industry is paid out as salary to the 350,000 workers.
Granted, this calculation is a bit rough and oversimplified. But it shows how little of the money generated by the garment industry is going to the hundreds of thousands of Cambodian laborers. If one is to look for the culprit for any future downturn in the industry, wouldn’t it make more sense to focus on how the other 90% of the money is being distributed rather than the 10% earned by 350,000 workers?
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