cities of the kingdom.
 

09/13/2007 - Driving the Highway - the new driving code will be enforced. Launched last Tuesday, in presence of several hundreds of representatives of various governmental institutions and agencies, the new Highway code is from now on in force. Indeed, the authorities extended the public awareness campaign. A daily average of 4 deaths and more than 70 wounded people, the Minister of Transport and Public Works, Sun Chanthol, said “the careless driving habits must disappear” This, in particular recalled that the traffic accidents had a considerable negative impact for the economy. The new rules include: wearing a helmet when driving a motorcycle and to fasten the seat belts for car drivers and passengers.

13/09/2007 - Economy - the National Assembly adopts the creation of a Stock Exchange Market. After several hours of debates, sometimes sharp opposing the deputies of the parties of the coalition, and those of the opposition, the National Assembly finally adopted the bill which must frame the creation of a movable Stock Market. The creation of the Stock Exchange is planned for 2009, with the South Korea Government support. The cost for the creation of such a market could rise to 15 million dollars, which includes 2 million from South Korea participation. The Royal Government hopes with this project to create several hundreds of employment and especially to attract new investors.

07/09/2007 - Cambodian Mobitel will extend its network due to the equipment ordered from the Franco-American group Alcatel for 109 million euros. The first mobile/telephone group in Cambodia, Mobitel, will buy equipment from Alcatel-Lucent for some 150 million USD , (109 million euros). The equipment bought from the Franco-American Telecommunication supplier will be used to extend its network in the countryside. Mobitel monopolizes the market in Cambodia, with approximately 1,5 million subscribers. Due to growing demand the network encountered efficiency problems.

04/09/2007 - To promote the manufacture of improved furnaces aiming to reduce the air pollution, to improve the quality of life in the developing countries and to reduce the harmful impacts on the environment. This project is set up by GERES Cambodia and which recently received an international price from the American Environmental Protection Agency. Among 120 Worldwide projects presented, only 3 were rewarded.

03/09/2007 - An International Fast Food Chain should open its doors in several cities of the kingdom. Without a precise date, the opening of KFC “Kentucky Fried Chicken” restaurants was announced by press release. Four restaurants should open in Phnom Penh, a 3 million USD investment. The Chain plans to open more restaurants in Siem Reap and Sihanoukville “The openings of KFC restaurants in Cambodia will tremendously contribute to the Cambodian economy”, explains the official source. Pizza Hut, another American Fast Food Chain, is to open several restaurants in the area. These type restaurants will engender success among the younger generation.

30/08/2007 - Germany - Hun SEN calls with a reinforcement for co-operation. The Prime Minister Hun SEN invited the Federal Republic of Germany to continue to finance new development projects and to take part more largely in the commercial activities and investments in the Kingdom. The Prime Minister launched this call at a meeting last Monday with Helmut Konigshaus, member of a German delegation arrived in the kingdom August 20th for one week. Hun SEN invited Germany to continue to invest in Cambodian Manufactures. Germany principal development projects are located in the Siem Reap and Kompong Thom Province.

08/29/2007 - Wu Bangguo, president of the Standing Committee of the national popular Parliament (APN, Chinese Parliament) of China, met Wednesday in Beijing with Heng Samrin, president of the Cambodian National Assembly. Mr. Wu indicated that the Chinese/Cambodian relations made substantial progress these last years when the two countries maintained their frequent visits to each other and intensified political confidence. Indeed, the Chinese government agreed upon a close partnership with Cambodia. Wu thanked Cambodia for its support concerning Taiwan and other problems involving the sovereignty and fundamental interests for China. Heng Samrin reaffirmed the constant adhesion of Cambodia to the policy of only one China. At the end of their meeting, Mr. Wu and Mr. Heng Samrin signed a Co-operation agreement between the APN and the Cambodian National Assembly.

08/29/2007 - A South Korean commercial bank opened a branch in Phnom Penh. Camko Bank, South Korean Bank, opened its doors on August 22nd in Phnom Penh. It is the result of the association of nine Korean banks with 13 million dollars. USD capital contribution. This in addition of the 16 commercial Banks already existing in Cambodia.

During the inaugural celebration, Neav Chanthana, vice-president of the National Bank of Cambodia, declared that the banking structure continues to develop, parallel to the economic sector”. The Commercial Banks develop in a competitive way. The lenders and borrowers thus benefit from this growth” explained Chanthana. She announced that she will be the investment consultant for the Korean investors interested in Cambodia.

08/21/2007 - In Phnom Penh, the economy turns to full mode. With the worldwide demand for bottom-range clothes production as well as the income from the tourism sector, Cambodia generated a never seen growth in 2007. The Textile Industry creates hundreds of thousands jobs. The corporate owners in Taiwan and Honking anticipated the quotas imposed by the European Union on clothing “made in China”. They thus export “made in Cambodia”

08/21/2007 - The Vietnam-Cambodia co-operation in constant blooming. Pham Gia Khiêm, Vice Prime Minister and Foreign Minister of Vietnam, chief of a governmental Vietnamese delegation met August 20th in Phnom Penh with Hor Nam Hong, Vice Prime Minister and Minister for the Foreign Affairs and the international Co-operation of Cambodia. The Cambodians were convinced that this meeting would contribute to the reinforcement and the development of the vietnamo-cambodian relations and expressed their admiration about the rapid economic and social development of Vietnam during these last years. Samdech Hun SEN and Hor Nam Hong thankfully granted Vietnam for its invaluable assistances to Cambodian people, in particular in the formation of human resources, the medical field and their infrastructures.
On the other end, the Vice Prime Minister Pham Gia Khiêm was delighted and thankful to the Cambodian Royalty and their people for the cordial reception held in the honor of the Vietnamese Delegation. Also, he declared he was pleased with the achievements recorded by the Cambodian people, in the maintenance of political stability and the economic development. The leaders of the 2 countries were unanimous as for the successful development of the bilateral relations noticed these last years, mainly in commercial and financial investment. The amount in exchange trades reached nearly 600 million dollars in the first 6 months of 2007. They agreed to raise this figure to 2 billion dollars by 2010, keeping up the bilateral exchanges, in terms of quantity as well as of quality, while respecting the agreement of bilateral coop signed on November 26th of 2001. The Governor of Phnom Penh has, during his meeting with the Vietnamese delegation, directed by the Minister for Construction Nguyen Hong Quan, discussed the plan of expansion of Cambodia’s Capital which would enable to double its size, with close to 700km2 from now to 2010.

08/06/2007 - Economy - the growth will stagnate to 9%. In spite of the strong dynamism of the private sector, Cambodia should see its growth slowing down to 9% this year. That is 1 point less than the previous year, and still more compared to the historical 13.5% of 2005, according to the General Manager of the International Monetary Funds Rodrigo de Rato. This one encouraged the Royal Government to continue its reforms in particular in the banking sector, but also in other sectors in order to maintain the level of growth. According to an expert, this growth decrease is explained by the fact that the kingdom economy remains too little diversified, and rests too much with the textile and tourism sectors only. Especially the textile sector, which accounts for approximately 80% of the country’s export earnings and could decline by the repercussions of the end of the imposed quotas with the Chinese products in Europe and the United States, set for the end of the year.

01/27/2007 - CAMBODIA RICH IN ENERGY RESOURCES According to the United Nations', the World Bank and the Harvard University, Cambodia is ready to become an important exporter of energy. Fortunately, Cambodia has oil reserve resources which promise to double the gross national product (GNP) and retrieve millions of Cambodians from poverty.
Chevron, the giant American oil company confirmed the existence of immense gas and oil reservoirs, during the tests allocated to 4 of the 5 drilling. Wells. The Cambodian Representative of Energy, Te Duong Dara, considered last week that the Block A Chevron drilling well of 6.278 km2, could contain up to 700 million crude barrels, almost twice as much as the last estimate of 400 million crude barrels.
The World Bank said that the total reserves of energy of Cambodia could reach 2 billion crude barrels and 10 trillions cubic meters of natural gas. According to the World Bank, depending on the future barrel prices, oil exports could generate an annual national income of 2 billion dollars USD, several times the current amount coming from our local income and the foreign assistance combined. However, Cambodian Energy Specialists indicated this week that they hope to begin the production in 2009, 3 to 7 years earlier than the estimates made by the World Bank. This gigantic prediction brings the international market to speculate. There is a highly competitive struggle to obtain the drilling rights and permits for the 6.557 km2 of the Block B, where the French company Total and the China National Offshore Oil Corp (CNOOC) fight for. Japan, South Korea, Kuwait, Thailand, Malaysia and Singapore also quoted for exploration. It is not certain that the Cambodian government anticipates to open negotiations for all 6 maritime blocks.
The potential production investments and future agreements, promise to transform, Cambodia imports of Oil and Petroleum Products into an important regional and or perhaps world Energy provider. According to a joint program survey from the Development of Program of the United Nations and the Harvard University, the importance and accessibility of the known oil reserve, would double the Cambodian Gross National Product (GNP).
If the recent projections are carried out and the oil revenues start to run in by2009, it’s the cherry on the cake. .The actual government Hun Sen currently based of nearly 60% of his budget from foreign assistance will soon be able to supply for its economic subsistence. The Cambodian government Representatives in charge, promised to reserve the future Energy earnings for the rebuilding of the country infrastructures, emphasizing in hospitals and schools.