Property News Roundup April 10th, 2023
We’re delighted to share the weekly news highlights below.
- Techo Int’l Airport construction progress reaches 44% completion
The construction of Phnom Penh’s Techo International Airport has reached over 44% completion, according to Deputy Governor of Kandal Province. In addition, the authorities are currently working to resolve any issues affecting the project. The construction of the road connecting NR 2 and Samdech Techo Blvd. to the airport, which is 13.5 km long, has reached more than 35% completion.
01 April 2023| Construction & Property | Link: https://bit.ly/42XZjMl
- Gov’t approves 5 energy investment projects with a total capacity of 520 MW
The Government of Cambodia has approved five renewable energy investment projects with a total capacity of 520 megawatts in 5 provinces including Kandal, Kampot, Koh Kong, Pursat, Kampong Chhnang province in order to increase the power supply to the national grid and contribute to reducing the use of carbon dioxide and ensuring the environment, and natural resources.
31 March 2023| Construction & Property | Link: https://bit.ly/3m35huO
- Japan Provides over US$160k for Emergency Project to a Hospital in Sihanoukville
The Government of Japan has provided $ 166,837 for the procurement of used ambulances and fire trucks for the Cambodia-Vietnam Friendship Hospital in Sihanoukville. This project provides 2 ambulances and 2 fire trucks, which were modified and provided to the Cambodia-Vietnam Friendship Hospital in Sihanoukville.
31 March 2023| Construction & Property | Link: https://bit.ly/3U5wcTl
- WB maintains 2023 local growth outlook at 5.2%
The World Bank (WB) has maintained its economic projection for Cambodia at 5.2 per cent in 2023, crediting China’s economic reopening, but noted that regional economies could be hurt by “slowing global growth, elevated commodity prices, and tightening financial conditions in response to persistent inflation”.
02 April 2023| The Phnom Penh Post| Link: https://bit.ly/3ZCzrD0
- DC unveils seven new investments in March
The Council for the Development of Cambodia (CDC) notices issued in March reveal that it greenlit seven new investment projects worth a cumulative $33.7 million, which are expected to generate a total of 6,669 jobs. Four of them are located in Phnom Penh.
03 April 2023| The Phnom Penh Post| Link: https://bit.ly/3zuJ4Zz
- Swedfund Pledges $10M to ASEAN Frontier Markets Fund to Promote Sustainable Business in Cambodia and Laos
Swedish Development Finance Institution, Swedfund, has invested $10 million in the ASEAN Frontier Markets Fund (AFMF) to support small and medium-sized companies and contribute to job creation and development in Cambodia and Laos. The investment aims to promote gender equality, climate resilience, strong ESG standards and financial inclusion in the countries.
30 March 2023| Cambodia Investment Review| Link: https://bit.ly/3GadVyA
- CDC okays 132 non-SEZ projects in 2022
The Council for the Development of Cambodia (CDC) in 2022 approved 132 private investment projects outside of the Kingdom’s special economic zones (SEZ) worth a total of $3.23 billion that were expected to create about 0.122 million jobs, according to the finance ministry.
04 April 2023| Cambodia Investment Review| Link: https://bit.ly/3GkoG17
- Gov’t plans to build two national roads with a length of more than 200 km in Ratanakkiri province
The Cambodian Government plans to build two new national roads, the first from Ratanakkiri province to Vern Sai district and the second line to Kantouy Neak in 2028, with a total length of more than 200 km, using the national budget. This is according to the press conference on “Success in the past 5 years” of Ratanakkiri Provincial Administration on April 4, 2023.
04 April 2023| Construction & Property | Link: https://bit.ly/3KyW5Yr
- WB: Cambodia Ranks Third in Southeast Asia’s Fastest Growing Economies in 2023
The World Bank (WB) has maintained its 2023 economic growth rate forecast for Cambodia at 5.2 per cent from its projection in October 2022. This places Cambodia as the third-fastest-growing economy in the region, after Vietnam (6.3%) and the Philippines (5.6%). The report attributes the projected growth to China’s reopening, which is expected to help the economy in the region rebound to a 5.1% pace from 3% last year.
04 April 2023| Construction & Property | Link: https://bit.ly/3U9WsvI
- Kampong Speu to Welcome 10 Hong Kong Companies, Generating Over 10,000 Jobs
Kampong Speu province is set to welcome at least 10 companies from Hong Kong in the near future, according to HE Vy Samnang, the Governor of Kampong Speu, in a Facebook post on 2 April 2023. The companies will invest in the clothing, shoes, and bags industry, generating more than 10,000 job opportunities for the locals.
04 April 2023| Construction & Property | Link: https://bit.ly/40IKpb9
- Construction project approvals hit 4,275 in 2022
The land ministry approved a total of 4,275 construction investment projects in 2022 – down 28 projects or 0.65 per cent from a year earlier – with total registered capital of $2.968 billion, down 46.8 per cent on a yearly basis from $5.580 billion, according to the finance ministry.
05 April 2023| Construction & Property | Link: https://bit.ly/414nw1H
- SME registration up 1.6% at 43,974 in 2022
The number of small and medium enterprises (SMEs) registered at the Ministry of Industry, Science, Technology, and Innovation rose to 43,974 in 2022, a slight increase of 1.6 percent compared to a year ago. It generated 444,504 jobs for Cambodian people, up two percent from 2021, according to the ministry’s annual report in March.
05 April 2023| Khmer Times | Link: https://bit.ly/3KBwkGR