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Wednesday, November 19, 2014

Draft Budget Law 2015 Discussed in a Consultative Workshop

 AKP Phnom Penh, November 18, 2014 –

The draft budget law 2015, submitted to the National Assembly (NA) in late October, was discussed in a consultative workshop held here this morning under the presidency of NA President Samdech Akka Moha Ponhea Chakrei Heng Samrin.

The workshop was attended by members of the Senate, NA, National Audit Authority, government officials, and representatives of development partners and national and international organizations.
Addressing to the event, Samdech Heng Samrin expressed his strong hope that the workshop will give comments on the draft budget law 2015 in order to make it better, transparent and accountable for the people’s and nation’s interests.

The NA president also spoke highly of the country’s economic growth of 7 percent on average in the last few years, making the GDP per capita reach US$1,130 in 2014, and it may increase up to US$1,225 in 2015. “Despite challenges and risks, Cambodia economic growth remains strong and reliable. But, we should not be too optimistic since the growth is in short and medium term, which requires all of us, particularly relevant institutions at all levels, to continue strengthening their potentials, in particular Cambodia’s competitiveness,” he added.

The draft budget law 2015, consisting of 6 chapters with 17 articles, is worth in total 15,699,529 million Riel (approximately US$3,848 million or 21,09 percent of GDP), up 10.8 percent if compared to the budget law in 2014, said H.E. Cheam Yeap, Chairman of the NA Commission on Economy, Finance, Banking and Audit.

This draft budget law 2015 focuses mainly on increasing the monthly salary of civil servants and armed forces, while expanding the expenses on the fields of education, vocational and technical training, health, agriculture, infrastructure and connectivity which are the foundation to boost the country’s growth and competitiveness, underlined H.E. Cheam Yeap.

By So Sophavy

Thursday, October 30, 2014

Doing Business in Cambodia Becoming More Difficult

The Cambodia Daily
By Joshua Wilwohl and Aun Pheap | October 30, 2013

Cambodia ranked 137 out of 189 countries in the World Bank’s Doing Business 2014 report released Tuesday, the first drop in at least two years that shows conducting business in the country is becoming more difficult.

The report ranks countries in 10 categories, including starting a business, dealing with construction permits, getting electricity, registering property, access to credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

Japanese investment in South-East Asia

A weak domestic economy is spurring Japanese firms to expand abroad

IT IS not every day that the opening of a shopping centre attracts a prime minister, but then Aeon Mall in Phnom Penh is not any old shopping centre. The Japanese-built complex is Cambodia’s biggest, complete with an ice rink, television studio and bowling alley. For Hun Sen, the attending prime minister, it is a symbol of Japanese investment. Governments across South-East Asia are courting Japanese firms, and a torrent of yen is surging their way.
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