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Category: Money

Explore opportunities to boost your income in Cambodia with Angkor Times. From insightful blogs on starting a business, investing, and making money online, to updates on the latest trends in startups and SMEs in Cambodia, this category offers practical tips and strategies to help you succeed in the Cambodian market. Stay informed and take your financial journey to the next level.

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Angkor Times
Angkor TimesExperienced
Asked: February 13, 2024In: Money

Wondering why EMart24 has chosen Cambodia as its next destination for growth?

Great news for convenience store enthusiasts in Cambodia! South Korea’s beloved EMart24 is going to open in the kingdom of Cambodia this June 2024, marking its first foray into the Southeast Asian nation. But why is EMart24 choosing to open ...Read more

Great news for convenience store enthusiasts in Cambodia! South Korea’s beloved EMart24 is going to open in the kingdom of Cambodia this June 2024, marking its first foray into the Southeast Asian nation. But why is EMart24 choosing to open its doors in Cambodia, and what benefits does this expansion bring? Let’s break it down:

EMart24 in Cambodia
EMart24 in Cambodia

Enhanced Convenience

With EMart24’s arrival, Cambodian customers can look forward to increased convenience with easy access to a wide range of products right in their neighborhoods.

Job Opportunities

The expansion will create job opportunities for locals, contributing to economic growth and development in Cambodia.

Diverse Product Selection

EMart24 is known for its diverse product offerings, catering to various tastes and preferences. Cambodian consumers can expect a plethora of options to choose from.

Quality Assurance

As a reputable brand, EMart24 upholds high standards of quality, ensuring that customers receive top-notch products and services.

Franchise Opportunities

The master franchise agreement not only allows EMart24 to expand its presence in Cambodia but also presents franchising opportunities for local entrepreneurs, fostering entrepreneurship and business development.

Cultural Exchange

The collaboration between EMart24 and Saihan Partners facilitates cultural exchange between South Korea and Cambodia, promoting mutual understanding and cooperation.

Community Engagement

EMart24’s commitment to collaborating closely with Saihan Partners demonstrates a dedication to understanding and meeting the needs of the Cambodian community, fostering positive relationships and engagement.

Overall, EMart24’s entry into Cambodia signifies not only a business expansion but also a commitment to serving the local community and contributing to Cambodia’s economic and social development. Get ready to experience a new level of convenience and quality with EMart24’s arrival!

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Angkor Times
Angkor TimesExperienced
Asked: January 8, 2024In: Money

Accelerating Plans for High-Speed Expressway from Phnom Penh to Siem Reap: A Game-Changer for Cambodia’s Transportation

Accelerating Plans for High-Speed Expressway from Phnom Penh to Siem Reap: A Game-Changer for Cambodia’s Transportation The Ministry of Public Works and Transport (MPWT) is making significant strides in expediting the implementation plan for the urban light rail transit (ULRT), a ...Read more

Accelerating Plans for High-Speed Expressway from Phnom Penh to Siem Reap: A Game-Changer for Cambodia’s Transportation

The Ministry of Public Works and Transport (MPWT) is making significant strides in expediting the implementation plan for the urban light rail transit (ULRT), a high-speed passenger rail carrier connecting Siem Reap-Angkor International Airport (SAI) to the bustling heart of Siem Reap province. Minister Peng Ponea, also Deputy Chairman of the Inter-Ministerial Commission of ULRT, recently participated in a crucial meeting with representatives from China Metro Group (CMG), led by Deputy Prime Minister Sun Chanthol, the First Vice-Chairman of the Council for the Development of Cambodia (CDC).

This meeting aimed to accelerate the development of the light rail project, responding to Prime Minister Hun Manet’s recommendations in light of the growing tourism industry and transportation services since the official launch of the new airport operation on November 16.

The CDC conference hall in Phnom Penh set the stage for a focused discussion, centering on examining the project to ensure minimal disturbance in the Angkor Wat area, an archaeological site under the purview of the Apsara Authority. The session, attended by senior officials, leaders, and members of the Inter-Ministerial Commission, along with representatives from relevant institutions, sought to address potential concerns and ensure the preservation of Cambodia’s cultural heritage.

One of the pivotal moments regarding the project occurred during the ‘Third Belt and Road Forum’ in Beijing on October 17. CMG’s Chairman of the Board of Directors, Li Kuo, apprised Prime Minister Hun Manet of the company’s plans to develop a light rail system linking Cambodia’s two newest international airports in Phnom Penh and Siem Reap. The discussion revolved around the potential of the light rail project to connect airports with their adjacent cities and CMG’s interest in exploring solutions to alleviate traffic congestion, enhancing transportation efficiency throughout the Kingdom.

In August, CMG expressed interest in constructing a high-speed Light Metro Rail in Siem Reap, seeking additional data to complete a feasibility study. This request was made during a consultation meeting organized by MPWT at Siem Reap Provincial Hall. The company sought comprehensive data and information from the Cambodian government, emphasizing the need to navigate through Angkor without impacting the archaeological site or the protected areas designated by the Apsara Authority.

Duch Sareth, Managing Director of Angkor Destination Travel, highlighted the positive impact of the SAI airport’s operation on Siem Reap province’s international tourism. Visitors from the United States and European countries, particularly Americans, French, and Germans, have become the leading contributors to the province’s tourism influx.

In addition to these advancements, the proposed high-speed expressway from Phnom Penh to Siem Reap brings forth seven key advantages:

Enhanced Connectivity: The high-speed expressway will seamlessly connect the capital, Phnom Penh, with Siem Reap, fostering improved connectivity and accessibility between these key urban centers.

Boost to Tourism: The expressway is poised to further stimulate the tourism industry by facilitating faster and more convenient travel for domestic and international visitors, contributing to the economic growth of Siem Reap province.

Time Efficiency: Travel time between Phnom Penh and Siem Reap will be significantly reduced, enhancing efficiency for both business and leisure travelers.

Economic Growth: The expressway’s construction and operation will create employment opportunities and stimulate economic growth in the regions it traverses.

Trade and Commerce: The improved transportation infrastructure will facilitate the movement of goods and services, fostering increased trade and commerce between Phnom Penh and Siem Reap.

Environmental Impact: The high-speed expressway, when compared to traditional modes of transportation, is likely to have a lower environmental impact, aligning with global sustainability goals.

Modernization of Transportation: The introduction of a high-speed expressway represents a leap forward in the modernization of Cambodia’s transportation network, bringing the country in line with international standards.

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Angkor Times
Angkor TimesExperienced
Asked: December 29, 2023In: Money

Bakong Embarks on a Global Journey, Showcasing Key Benefits

Unveiling 7 Key Benefits of the Revolutionary Payment Solution In the remarkable year of 2023, Bakong, Cambodia’s pride in digital payments, not only emerged as a national success but also paved the way for central banks globally. Even the ...Read more

Unveiling 7 Key Benefits of the Revolutionary Payment Solution

In the remarkable year of 2023, Bakong, Cambodia’s pride in digital payments, not only emerged as a national success but also paved the way for central banks globally. Even the technologically advanced Prime Minister of Japan, Fumio Kishida, commended Bakong’s innovative strides.

National Bank of Cambodia Governor Dr Chea Serey
National Bank of Cambodia Governor Dr Chea Serey

Pioneered by the visionary National Bank of Cambodia (NBC) Governor, Dr. Chea Serey, Bakong marked a sincere endeavor to modernize the country’s payment systems by leveraging cutting-edge technologies.

Launched in October 2020, Bakong, a collaborative effort between NBC and Japanese technology company Soramitsu, utilizing the open-source Hyperledger Iroha blockchain framework, has witnessed an impressive adoption rate, with around 10 million accounts created since its inception. The key benefits of Bakong that have contributed to its success include:

1. Blockchain Flexibility

Bakong’s use of blockchain for digital asset management has allowed the implementation of fiat-backed digital representations of the Khmer riel and US dollar, catering to both wholesale interbank transactions and everyday retail payments.

2. Decentralized Operation

The NBC Bakong core system, geographically distributed, contains all transactions but no personally identifiable information (PII). This decentralized approach enhances security and privacy for users.

3. Voting Method for Transactions

Unlike traditional permissionless blockchains, Bakong employs a voting method rather than mining for finalizing transactions. A supermajority of servers maintains the blockchain, enhancing transaction finality.

4. Privacy Preserving

The separation of data, with end-users’ PII stored by financial institutions, ensures user privacy. The central bank can still monitor and leverage transactional data for improving monetary policy.

5. Security Measures

Bakong’s advanced security features mitigate risks of fraud, hardware failure, tampering, and cyberattacks, ensuring a robust and secure digital payment environment.

6. Cost Reduction and User Inclusivity

By unifying banking processes under Bakong, interbank transaction costs are minimized, and transactions by end users are currently free. This fosters financial inclusion and reduces barriers to digital payment adoption.

7. Auditable and Criminal Activity Deterrent

The permanent digital record of all transactions makes Bakong easily auditable, unsuitable for criminal activity, and ensures financial institutions continue to carry out due diligence.

The NBC’s annual report reveals significant growth, with cash payments through Bakong soaring in 2022. Notably, 0.52 million accounts were created by financial service consumers, and Bakong has garnered support from 69 banks and financial institutions.

Furthermore, Bakong’s expansion into cross-border payments is a testament to its global influence, connecting with countries like Malaysia, Thailand, Vietnam, Laos, and aspiring to expand to China, Myanmar, and India.

The innovative cross-border QR code payment system and talks with the National Bank of Rwanda showcase Bakong’s potential to transform global financial landscapes. Additionally, the collaboration with UnionPay International and Soramitsu’s ‘Mukumi’ network underline Bakong’s role in facilitating international transactions, benefiting Japanese merchants and Southeast Asian economies alike.

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Angkor Times
Angkor TimesExperienced
Asked: December 27, 2023In: Money

What potential opportunities does the Cambodia-Japan Special Economic Zone offer for business expansion and investment?

The story of Cambodia and Japan have a diplomatic history Cambodia and Japan have a diplomatic history that spans several decades, characterized by evolving political, economic, and cultural ties. Here is a brief overview of the key milestones in Cambodia-Japan relations: Post-World ...Read more

Council for the Development of Cambodia

Council for the Development of Cambodia

The story of Cambodia and Japan have a diplomatic history

Cambodia and Japan have a diplomatic history that spans several decades, characterized by evolving political, economic, and cultural ties. Here is a brief overview of the key milestones in Cambodia-Japan relations:

Post-World War II Reconstruction (1950s-1960s):

After World War II, Japan underwent significant reconstruction and economic development. During this period, diplomatic relations between Cambodia and Japan were established, laying the foundation for future collaboration.

Development Assistance and Cooperation (1970s-1990s):

In the 1970s and 1980s, Cambodia faced political turmoil, including the Khmer Rouge regime. Japan extended development assistance to Cambodia during its reconstruction efforts, supporting infrastructure projects and humanitarian initiatives.

Normalization of Relations (1990s):

In the early 1990s, as Cambodia emerged from conflict and entered a phase of political stabilization, diplomatic ties between Cambodia and Japan were further strengthened. Japan played a crucial role in supporting Cambodia’s post-conflict reconstruction and development.

Economic Partnership and Investment (2000s-2010s):

The 2000s saw a significant increase in economic collaboration between the two nations. Japan became one of Cambodia’s major economic partners and investors. Japanese companies invested in various sectors, contributing to Cambodia’s economic growth.
Cultural and Educational Exchanges:

Cultural and educational exchanges between Cambodia and Japan have flourished over the years. This includes programs that promote language learning, student exchanges, and cultural events, fostering a deeper understanding and appreciation of each other’s traditions.

Infrastructure and Development Projects:

Japan has been actively involved in supporting Cambodia’s infrastructure development. Projects such as the expansion of ports, transportation networks, and energy initiatives have been undertaken with Japanese assistance.

Special Economic Zones (Recent Developments):

Recent years have witnessed discussions and initiatives aimed at establishing a Cambodia-Japan Special Economic Zone. This underscores a shared commitment to enhancing economic cooperation and attracting Japanese investments.

Diplomatic Dialogues and High-Level Visits:

Diplomatic dialogues and high-level visits between officials from both countries continue to strengthen bilateral ties. These interactions often focus on economic cooperation, regional stability, and shared interests.

Cambodia and Japan maintain a positive and cooperative relationship, with a shared commitment to fostering economic development, cultural understanding, and regional stability.

Cambodia and Japan recently engaged in discussions regarding the establishment of a special economic zone. Representatives from various ministries and a Japanese delegation, led by UENO Atsushi, Japanese Ambassador to Cambodia, convened for this purpose. The meeting, held on December 25, featured prominent figures such as Sun Chanthol, Deputy Prime Minister, and First Vice President of the Council for the Development of Cambodia, along with other high-ranking officials.

The focal points of the discussion included a study project aimed at creating the Cambodia-Japan Special Economic Zone. This initiative seeks to attract increased investment from Japanese entities into Cambodia. Additionally, the meeting addressed the expansion of the Sihanoukville Autonomous Port, envisaging its transformation into a regional port to bolster economic activities.

Furthermore, the participants explored the Comprehensive Intermodal Transport and Logistics Masterplan (CIT-MP) for the years 2023-2033. This master plan, a collaborative effort between the Ministry of Public Works and Transport and the Supreme National Economic Council, has garnered support from key development partners. It encompasses seven interconnected master plans designed to facilitate the seamless transport of goods, passengers, and services at local, regional, and global levels.

7 Key Advantages of Cambodia-Japan Special Economic Zone Establishment

Diplomatic Collaboration: The establishment of the Cambodia-Japan Special Economic Zone signifies a strong diplomatic collaboration between the two nations, fostering economic ties and mutual development.

High-Level Government Engagement: The meeting on December 25 involved key government figures, including Sun Chanthol, Deputy Prime Minister of Cambodia, and UENO Atsushi, Japanese Ambassador to Cambodia. This demonstrates a high level of commitment and involvement from both sides.

Japanese Investment Encouragement: The primary objective of the special economic zone is to attract more Japanese investors to Cambodia. This initiative showcases Cambodia’s commitment to creating a conducive environment for foreign investment, particularly from a major economic player like Japan.

Strategic Economic Planning: The meeting emphasized two crucial aspects—expanding the Sihanoukville Autonomous Port into a regional port and developing the Cambodia-Japan Special Economic Zone. This strategic economic planning reflects a forward-looking approach to enhance infrastructure and create favorable conditions for economic growth.

Cross-Ministerial Collaboration: The presence of ministers from various key sectors, including Land Management, Urban Planning, Construction, Mines and Energy, and Public Works and Transport, highlights a comprehensive, cross-ministerial effort to ensure the success of the economic zone establishment.

Comprehensive Transport Masterplan: The discussion extended beyond the economic zone establishment to include the Comprehensive Intermodal Transport and Logistics Masterplan (CIT-MP) 2023-2033. This masterplan, jointly organized with development partners, demonstrates a holistic approach to transportation and logistics, aiming to facilitate the movement of goods and services on a national, regional, and global scale.

International Development Partner Support: The involvement of representatives from the Japan International Cooperation Agency (JICA) Cambodia Office underscores the international support and collaboration in these economic initiatives. This partnership enhances the likelihood of successful implementation and sustainable development.

Source: AKP (Agence Kampuchea Presse)

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Angkor Times
Angkor TimesExperienced
Asked: December 27, 2023In: Money

What are the key economic indicators and growth trends that position Cambodia as a top potential investment destination in Asia?

Cambodia has proven itself as a potential investment destination with positive growth trends, development, and reform, according to a recent report by the Royal Government of Cambodia. Cambodia’s economic certainty was reaffirmed by the International Monetary Fund’s (IMF) projection that ...Read more

Cambodia has proven itself as a potential investment destination with positive growth trends, development, and reform, according to a recent report by the Royal Government of Cambodia. Cambodia’s economic certainty was reaffirmed by the International Monetary Fund’s (IMF) projection that the country’s growth will reach 5.6 percent in 2023 and 6.6 percent in 2024.

Cambodia investment trends Cambodia investment trends

Here are the top 10 advantages that make Cambodia a potential investment destination:

1. Positive Growth Trends

Cambodia has demonstrated consistent positive growth trends, signaling its potential as an attractive investment destination, as highlighted in a recent report by the Royal Government of Cambodia.

2. Economic Certainty

The International Monetary Fund’s (IMF) optimistic projection further reinforces Cambodia’s economic certainty, with expected growth rates of 5.6 percent in 2023 and an impressive 6.6 percent in 2024.

3. High FDI Attractiveness

Cambodia stands out on the Foreign Direct Investment (FDI) Standouts Watchlist 2024, securing an impressive index score of 96.11 out of 100. This underscores its appeal as a top-tier destination for potential investors.

4. Youthful Workforce

Cambodia boasts a rich pool of young professionals, serving as a significant catalyst for both the national economy and investment prospects. This demographic strength enhances the country’s overall attractiveness for business ventures.

5. Competitive Labor Costs

The manufacturing sector in Cambodia benefits from maintaining reasonable labor costs, providing a competitive edge for businesses. This, coupled with strategic positioning for global exports, enhances Cambodia’s appeal to international investors.

6. Strategic Trade Agreements

Cambodia has actively pursued free trade agreements, including collaborations with ASEAN and other economies. These agreements create an enabling environment for investments, fostering international trade relationships.

7. Infrastructure Modernization

Cambodia has invested in modernizing its physical infrastructure, encompassing international airports, deep-sea ports, and land and water transportation systems. This strategic move addresses logistical challenges and reduces costs for businesses.

8. Logistics Efficiency

The nation’s commitment to modernizing infrastructure contributes to enhanced logistics efficiency, making Cambodia an ideal location for businesses looking to optimize their supply chain operations.

9. Proactive Government Strategies

The Pentagonal Strategy of the Cambodian government plays a pivotal role in expanding and enhancing the technical skills of the youth. This includes a focus on digital knowledge and essential soft skills, aligning the workforce with global demands.

10. Sustainable Development Environment

Cambodia’s proactive approach to growth, development, and reform creates a sustainable investment environment. Investors can be confident in the nation’s commitment to fostering long-term economic stability and prosperity.

Source: AKP

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