Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Cambodia's Future Leaders Celebrated as Prime Minister Hun Manet Speaks at Asia-Europe University Graduation | The National Bank of Cambodia and Central Bank of Madagascar seal a partnership to enhance bilateral economic cooperation. | Minister of Health Delivers Lecture on Leadership and Innovation on "Methods of Critical Thinking – Part 2" | BREAKING: Takeo Provincial Court President Dismissed for Premature Release of Murder Convict | BREAKING: Samdech Hun Sen Announces Absence from Senate Plenary Session After Positive COVID-19 Test |
Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Cambodia's Future Leaders Celebrated as Prime Minister Hun Manet Speaks at Asia-Europe University Graduation | The National Bank of Cambodia and Central Bank of Madagascar seal a partnership to enhance bilateral economic cooperation. | Minister of Health Delivers Lecture on Leadership and Innovation on "Methods of Critical Thinking – Part 2" | BREAKING: Takeo Provincial Court President Dismissed for Premature Release of Murder Convict | BREAKING: Samdech Hun Sen Announces Absence from Senate Plenary Session After Positive COVID-19 Test |

Compliance in Focus: Cambodian Businesses Gear Up for a Regulated 2024

  • Posted Jan 18, 2024 15:44 by Anthony Ellis
  • 2533
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Cambodian Stock Exchange (CSX) Growth in 2023: CSX saw significant growth, with 22 listed companies, including 11 equity securities and 11 corporate bonds, raising approximately USD $359 million. Key developments included the first education sector listings, the first sustainability bond listing, and the listing of the telecommunications company Cellcard. The number of trading accounts on CSX was on track to reach about 50,000 by the end of the year, with a goal of 100,000 accounts by 2024 and an average daily trading value of USD $100 million by 2030.

Interest from Global Investment Firms: Goldman Sachs, a major investment firm, expressed its intention to invest in Cambodia. This was communicated during a meeting between the President of Global Affairs of Goldman Sachs and Cambodian Prime Minister Hun Manet in January 2024. The interest from such a renowned firm highlights Cambodia's growing appeal to international investors.

Expansion in Cross-Border Payments and QR Codes: The National Bank of Cambodia made advancements in cross-border Quick Response (QR) payment agreements with Vietnam, Laos, Thailand, and China’s UnionPay International and Alipay. Discussions with ASEAN, African, and Pacific countries also progressed, reflecting the increasing integration of Cambodia's financial systems with international markets.

Manufacturing and Export Sectors: The industrial sector, primarily driven by the garment and manufacturing sub-sectors, grew by about 5% in 2023, with an expected growth of 8.5% in 2024. However, exports in key areas like garments, footwear, and travel products decreased compared to the previous year. There is optimism for 2024 due to increased orders in the latter half of 2023.

Tourism: Cambodia's tourism industry, particularly the Angkor Archeological Park, continued to attract a significant number of international visitors. Approximately 800,000 international visitors were recorded in 2023, with a total of 4.4 million international tourist arrivals in the first ten months of the year.

Agricultural Sector: In 2023, Cambodia exported 8.4 million tons of agricultural products, generating around USD $4.3 billion in revenue. The main exported products included rice, bananas, mangoes, cassava, cashew nuts, corn, palm oil, pepper, and tobacco.

Enterprise Compliance in 2024: As enterprises in Cambodia step into the financial year 2024, they are focusing on compliance with various regulations and statutory requirements, including labor compliance for foreign employees.


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