PHNOM PENH, Aug. 5 (Xinhua) -- Gold prices in Cambodia have hit record high on Friday-a damlung goes for 2,010 U.S. dollars, 7 percent rise from 1,880 U.S. dollars in two weeks ago, said Sieng Lim, the president of Cambodia’s largest gold dealer, Ly Hour Exchange in the capital.
Damlung is the commonly used Cambodian measure for the precious metal, equal to 37.49 grams or 1.2 troy ounces.
“The surge in gold prices here is in line with those trading on international market,” she said. “Also, it is due to the U.S. dollar experiences weakness and it makes investors seek a safe haven for their proceeds.”
Lim said that high rise of gold prices benefits Cambodian people.
“Traditionally, Cambodians prefer to save in gold to currencies, so with rising price of gold, people will get good returns on their savings” she said.
Cambodia imported gold from Singapore or Hong Kong.
Friday, August 5, 2011
Cambodia reports 33 percent decline in landmine casualties in first half
PHNOM PENH, Aug. 4 (Xinhua) -- Cambodia on Thursday reported 112 landmine casualties in the first half of this year, represented a decrease of 33 percent from 167 casualties in the same period last year, according to the report from the Cambodian Mine and Explosive Remnants of War Victim Information System.
From January to June this year, landmines had killed 25 Cambodian people and injured 87 others, said the report, adding that 75 percent of the victims were men, 18 percent were boys, and 7 percent were women and girls.
Since 1979 to June 2011, a total of 63,918 mine/ERW casualties were recorded. Of the casualties, 19,600 were killed and 44,318 injured from mine/ERW accidents.
Cambodia is one of most mine affected nations in the world as the result of 30 years of armed conflict. Mines had been laid in Cambodia during the decades of chronic conflicts from the late 1960s to the mid-1990s.
Cambodia's five most mine-laid provinces are Battambang, Banteay Meanchey, Oddar Meanchey, Pailin and Preah Vihear.
From January to June this year, landmines had killed 25 Cambodian people and injured 87 others, said the report, adding that 75 percent of the victims were men, 18 percent were boys, and 7 percent were women and girls.
Since 1979 to June 2011, a total of 63,918 mine/ERW casualties were recorded. Of the casualties, 19,600 were killed and 44,318 injured from mine/ERW accidents.
Cambodia is one of most mine affected nations in the world as the result of 30 years of armed conflict. Mines had been laid in Cambodia during the decades of chronic conflicts from the late 1960s to the mid-1990s.
Cambodia's five most mine-laid provinces are Battambang, Banteay Meanchey, Oddar Meanchey, Pailin and Preah Vihear.
Cambodia’s GDP to grow much higher than expectation in 2011: Commerce Minister
PHNOM PENH, Aug. 4 (Xinhua) -- Cambodia’s GDP (Gross Domestic Product) growth could grow over 8 percent this year despite gradual rise in inflation, Cambodian Minister of Commerce Cham Prasidh predicted on Thursday.
He said three of the four pillars-garment exports, tourism, agriculture and real estate- supporting the country’s economy are expected to see strong increases this year.
“Based on the figures in the first half of this year, the garment and textile exports rose up to 45 percent, tourism industry increased by 13 percent, agriculture is going well, I believe that the country’s economic growth this year will reach more than 8 percent,” the Minister said during a press briefing after the conclusion of the 17th Greater Mekong Sub-region Ministerial Conference.
Earlier this year, the government forecast the growth this year is around 6 percent.
The Minister said the real estate and construction has also started to recover this year after it was hard-hit by the global financial crisis since 2008.
Despite the Minister’s optimism over the growth in 2011, the director general of the National Bank of Cambodia Nguon Sokha warned that the country’s inflation this year could reach as high as 8 percent, up from the previous prediction of 5 percent due to mainly soaring prices of petroleum, food, and consuming products.
He said three of the four pillars-garment exports, tourism, agriculture and real estate- supporting the country’s economy are expected to see strong increases this year.
“Based on the figures in the first half of this year, the garment and textile exports rose up to 45 percent, tourism industry increased by 13 percent, agriculture is going well, I believe that the country’s economic growth this year will reach more than 8 percent,” the Minister said during a press briefing after the conclusion of the 17th Greater Mekong Sub-region Ministerial Conference.
Earlier this year, the government forecast the growth this year is around 6 percent.
The Minister said the real estate and construction has also started to recover this year after it was hard-hit by the global financial crisis since 2008.
Despite the Minister’s optimism over the growth in 2011, the director general of the National Bank of Cambodia Nguon Sokha warned that the country’s inflation this year could reach as high as 8 percent, up from the previous prediction of 5 percent due to mainly soaring prices of petroleum, food, and consuming products.
GMS ministers fully support 3rd decade economic co-op strategic framework
PHNOM PENH, Aug. 4 (Xinhua) -- The Ministers of the six Greater Mekong Sub-region (GMS) countries on Thursday fully supported the new GMS Strategic Framework for 2012-2022 and will submit it to their leaders for endorsement in December this year at the 4th GMS Summit in Myanmar, according to a joint ministerial statement.
The statement released after the 17th GMS Ministerial Conference said that the new GMS strategic framework, oriented towards the development of GMS economic corridors, includes multi-sector infrastructure investments related to urban and rural area development, as well as greater focus on the software needed for more effective and efficient use of existing and future infrastructure and for addressing shared social and environmental concerns.
Under the new framework, Asian Development Bank will assist the GMS countries in their efforts to maximize the impact of limited regional resources by focusing on catalyzing investment in strategic areas.
“Our experience in economic corridor development points to the need to further broaden and deepen our interventions, not only in terms of geographical reach, but also in terms of moving into the third decade of activities,” Bindu Lohani, ADB Vice-President-in-Charge of Operations 2, said in a press briefing after the conclusion of the conference.
He added that ADB has provided support to the GMS Program for almost two decades and it would remain committed to assist the GMS countries to tap more fully into the opportunities that regional cooperation provides.
Meanwhile, Cambodian Minister of Commerce Cham Prasidh highlighted the role of China in contributing to the development of upcoming GMS Strategic Framework for 2012-2022.
“For the development of GMS countries, China plays very important role as both development partner and money lender,” he said during the press briefing.
By the end of June 2011, the ADB had extended loans and grants totaling almost 5 billion U.S. dollars for 55 projects in the subregion, mainly infrastructure investments.
The GMS countries consist of China, Myanmar, Thailand, Laos, Cambodia and Vietnam.
The statement released after the 17th GMS Ministerial Conference said that the new GMS strategic framework, oriented towards the development of GMS economic corridors, includes multi-sector infrastructure investments related to urban and rural area development, as well as greater focus on the software needed for more effective and efficient use of existing and future infrastructure and for addressing shared social and environmental concerns.
Under the new framework, Asian Development Bank will assist the GMS countries in their efforts to maximize the impact of limited regional resources by focusing on catalyzing investment in strategic areas.
“Our experience in economic corridor development points to the need to further broaden and deepen our interventions, not only in terms of geographical reach, but also in terms of moving into the third decade of activities,” Bindu Lohani, ADB Vice-President-in-Charge of Operations 2, said in a press briefing after the conclusion of the conference.
He added that ADB has provided support to the GMS Program for almost two decades and it would remain committed to assist the GMS countries to tap more fully into the opportunities that regional cooperation provides.
Meanwhile, Cambodian Minister of Commerce Cham Prasidh highlighted the role of China in contributing to the development of upcoming GMS Strategic Framework for 2012-2022.
“For the development of GMS countries, China plays very important role as both development partner and money lender,” he said during the press briefing.
By the end of June 2011, the ADB had extended loans and grants totaling almost 5 billion U.S. dollars for 55 projects in the subregion, mainly infrastructure investments.
The GMS countries consist of China, Myanmar, Thailand, Laos, Cambodia and Vietnam.
GMS ministers meet in Cambodia to finalize 3rd decade economic co-op roadmap
PHNOM PENH, Aug. 4 (Xinhua) -- The Ministers of the six Greater Mekong Sub-region (GMS) countries gathered here on Thursday to finalize the new GMS Strategic Framework for 2012-2022 ahead of submitting it to their leaders for endorsement in December this year.
The 3rd decade GMS strategic framework would continue its focus on physical infrastructure investments, and also widen and deepen economic corridor development activities, effective trade and transport facilitation, human resource development, protection of shared environmental resources and solicit involvement among the private sector and development partners to address the issues and requirements of the GMS program, Cambodian Minister of Commerce Cham Prasidh said at the opening session of the 17th GMS Ministerial Conference.
“The strategy would guide us in the next decade of economic cooperation among the GMS countries,” he said.
The GMS program established in 1992 with the support of Asian Development Bank, it has nine priority sectors of cooperation: agriculture, energy, environment, human resource development, investment, telecommunications, tourism, transport infrastructure, and transport and trade facilitation.
“In the last two decades of cooperation, we have achieved a great success, but much work remains to be done in the new decade to ensure that we are advancing the GMS economic cooperation program towards its full potential,” he said.
Speaking during the opening ceremony, Zhang Shaochun, Vice-Minister of the China’s Finance Ministry, said in the past two decades, the GMS cooperation was constantly making headways and harvests, contributing greatly to poverty reduction and economic and social development in the sub-region.
“The new GMS Strategic Framework will be a sound guidance for future GMS cooperation,” he said. “We feel confident about the next ten-year of GMS cooperation.”
Zhang said that as a GMS member, China has been exploring various ways to actively support the sub-regional cooperation.
In 2005, China donated 20 million U.S. dollars to set up the China’s Fund for poverty reduction and regional cooperation in the Asian Development Bank, he said, adding in six years, the Fund has provided grants to 47 projects in 45 countries, among which about 8.67 million U.S. dollars was used in GMS countries.
He added that in May this year, the government of China announced to replenish the Fund by another 20 million U.S. dollars.
“The government of China is willing to contribute more to GMS cooperation within policy of building friendship and partnership with neighboring countries, strengthen cooperation with all members and join the concerted efforts to realize development and prosperity in the sub-region,” said Zhang.
The GMS countries consist of China, Myanmar, Thailand, Laos, Cambodia and Vietnam.
During the opening session of the 17th GMS Ministerial Conference, there were also addresses by U Tin Naing Thein, Minister of Commerce of Myanmar, Arkhom Termpittayapaisith, Deputy Secretary-General of Thailand’s National Economic and Social Development Board (NESDB), Vo Hong Phuc, Vietnamese Minister of Planning and Investment, and Yaseng Lao, Lao Ambassador to Cambodia.
The ministers of the six GMS countries expect to finalize the new strategic framework and will submit to their leaders for endorsement at the 4th GMS summit in Myanmar in December 2011.
The 3rd decade GMS strategic framework would continue its focus on physical infrastructure investments, and also widen and deepen economic corridor development activities, effective trade and transport facilitation, human resource development, protection of shared environmental resources and solicit involvement among the private sector and development partners to address the issues and requirements of the GMS program, Cambodian Minister of Commerce Cham Prasidh said at the opening session of the 17th GMS Ministerial Conference.
“The strategy would guide us in the next decade of economic cooperation among the GMS countries,” he said.
The GMS program established in 1992 with the support of Asian Development Bank, it has nine priority sectors of cooperation: agriculture, energy, environment, human resource development, investment, telecommunications, tourism, transport infrastructure, and transport and trade facilitation.
“In the last two decades of cooperation, we have achieved a great success, but much work remains to be done in the new decade to ensure that we are advancing the GMS economic cooperation program towards its full potential,” he said.
Speaking during the opening ceremony, Zhang Shaochun, Vice-Minister of the China’s Finance Ministry, said in the past two decades, the GMS cooperation was constantly making headways and harvests, contributing greatly to poverty reduction and economic and social development in the sub-region.
“The new GMS Strategic Framework will be a sound guidance for future GMS cooperation,” he said. “We feel confident about the next ten-year of GMS cooperation.”
Zhang said that as a GMS member, China has been exploring various ways to actively support the sub-regional cooperation.
In 2005, China donated 20 million U.S. dollars to set up the China’s Fund for poverty reduction and regional cooperation in the Asian Development Bank, he said, adding in six years, the Fund has provided grants to 47 projects in 45 countries, among which about 8.67 million U.S. dollars was used in GMS countries.
He added that in May this year, the government of China announced to replenish the Fund by another 20 million U.S. dollars.
“The government of China is willing to contribute more to GMS cooperation within policy of building friendship and partnership with neighboring countries, strengthen cooperation with all members and join the concerted efforts to realize development and prosperity in the sub-region,” said Zhang.
The GMS countries consist of China, Myanmar, Thailand, Laos, Cambodia and Vietnam.
During the opening session of the 17th GMS Ministerial Conference, there were also addresses by U Tin Naing Thein, Minister of Commerce of Myanmar, Arkhom Termpittayapaisith, Deputy Secretary-General of Thailand’s National Economic and Social Development Board (NESDB), Vo Hong Phuc, Vietnamese Minister of Planning and Investment, and Yaseng Lao, Lao Ambassador to Cambodia.
The ministers of the six GMS countries expect to finalize the new strategic framework and will submit to their leaders for endorsement at the 4th GMS summit in Myanmar in December 2011.
Cambodia’s vehicle imports increase by 60.6 pct in first half: commerce data
PHNOM PENH, Aug. 3 (Xinhua) -- Cambodia had imported 335,131 vehicles in the first half of this year, 60.6 percent rise from 208,611 vehicles it imported at the same period last year, showed the statistics from the Commerce Ministry on Wednesday.
The country spent the total amount of 179.4 million U.S. dollars during the first half of this year to buy the vehicles, 57 percent rise from 114.3 million U.S. dollars it spent within the same period last year, it added.
The data did not separate the number of motorcycles and automobiles.
In Cambodia, vehicles have been imported from Japan, Thailand, Vietnam, China, South Korea, the United States, and the United Kingdom.
Japan-branded vehicles are the most popular ones in this country.
“The increasing demand of vehicles reflects people’s better living condition and recovering economy,” Preap Chan Vibol, director of the Ministry’s Overland Transport Department, said Wednesday.
He added that as of June this year, the country has a total of 1.49 million motorcycles and 300,000 cars, buses and trucks.
The country spent the total amount of 179.4 million U.S. dollars during the first half of this year to buy the vehicles, 57 percent rise from 114.3 million U.S. dollars it spent within the same period last year, it added.
The data did not separate the number of motorcycles and automobiles.
In Cambodia, vehicles have been imported from Japan, Thailand, Vietnam, China, South Korea, the United States, and the United Kingdom.
Japan-branded vehicles are the most popular ones in this country.
“The increasing demand of vehicles reflects people’s better living condition and recovering economy,” Preap Chan Vibol, director of the Ministry’s Overland Transport Department, said Wednesday.
He added that as of June this year, the country has a total of 1.49 million motorcycles and 300,000 cars, buses and trucks.
1st ASEAN-India Eminent Persons meeting held in Cambodia
PHNOM PENH, Aug. 3 (Xinhua) -- The first meeting of the ASEAN-India Eminent Persons Group (AIEPG) was held here on Wednesday to exchange experience and explore ways to develop economic and trade cooperation.
Cambodian secretary of state for foreign affairs Kao Kim Hourn, the eminent person for Cambodia, said in the meeting that the AIEPG aimed at taking stock of ASEAN-India relations in order to explore ways to widen and deepen existing cooperation between ASEAN and India as well as to recommend measures to further strengthen ASEAN-India relations in the future.
“The group would identify the strengths and expertise of ASEAN and India, seek viable opportunity and recommend practical actions to deepen and broaden the ASEAN-India partnership with the view to enhance mutual trust, benefit and shared prosperity,” he said.
The eminent person from India Isher Judge Ahluwalia, currently chairwoman of the Board of Governors of Indian Council for Research on International Economic Relations (ICRIER), said the meeting was a good chance for ASEAN-India eminent persons group to meet and share ideas on ASEAN-India integration and economic future of prosperity.
According to the document presented in the meeting, India is the seventh largest trading partner and the sixth largest investor in ASEAN.
In 2010, the total trade between ASEAN and India was 53.4 billion U.S. dollars, a growth of 36.6 percent from 39.1 billion U.S. dollars in a year earlier. This accounted for 2.6 percent of the total ASEAN trade in 2010.
As for foreign direct investment (FDI), the inflow from India to ASEAN member states was 2.54 billion U.S. dollars in 2010, an increase of 207.8 percent from 826.18 million U.S. dollars in 2009. This accounted for 4.24 percent of the total FDI into ASEAN.
The Association of Southeast Asian Nations (ASEAN) group Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Cambodian secretary of state for foreign affairs Kao Kim Hourn, the eminent person for Cambodia, said in the meeting that the AIEPG aimed at taking stock of ASEAN-India relations in order to explore ways to widen and deepen existing cooperation between ASEAN and India as well as to recommend measures to further strengthen ASEAN-India relations in the future.
“The group would identify the strengths and expertise of ASEAN and India, seek viable opportunity and recommend practical actions to deepen and broaden the ASEAN-India partnership with the view to enhance mutual trust, benefit and shared prosperity,” he said.
The eminent person from India Isher Judge Ahluwalia, currently chairwoman of the Board of Governors of Indian Council for Research on International Economic Relations (ICRIER), said the meeting was a good chance for ASEAN-India eminent persons group to meet and share ideas on ASEAN-India integration and economic future of prosperity.
According to the document presented in the meeting, India is the seventh largest trading partner and the sixth largest investor in ASEAN.
In 2010, the total trade between ASEAN and India was 53.4 billion U.S. dollars, a growth of 36.6 percent from 39.1 billion U.S. dollars in a year earlier. This accounted for 2.6 percent of the total ASEAN trade in 2010.
As for foreign direct investment (FDI), the inflow from India to ASEAN member states was 2.54 billion U.S. dollars in 2010, an increase of 207.8 percent from 826.18 million U.S. dollars in 2009. This accounted for 4.24 percent of the total FDI into ASEAN.
The Association of Southeast Asian Nations (ASEAN) group Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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