Economy to grow 7.8% in 2008: PM

 

Cambodia's

economy is expected to expand this year by only 7.3 percent, more than two

points less than in 2007, Prime Minister Hun Sen said. High global oil prices

and an uncertain future for Cambodia's

garment industry are the reasons for the expected dip, he told an investors'

conference February 28. The economy is estimated to have grown by 9.6 percent

last year, driven by a galloping tourism sector and construction boom. Hun Sen

warned that despite maintaining a "robust" economic outlook, "poverty

and inequality remain high.” "The fruits of this growth have not yet been

equally shared between the people," he said, adding that growth must

continue at its present levels if Cambodia is to catch up with the

region's more developed countries. The tourism sector, which brought in $1.4

billion last year, is expected to grow by at least 20 percent in 2008,

according to the government. The garment sector’s 2007 growth was only 2.4

percent. (AFP)

 

Thai PM vows to build nation’s casinos

 

Thailand's new prime minister Samak

Sundaravej says it’s time for Thailand

to build its first casinos to bring in tourist dollars. Gambling in Thailand is illegal and Thais flock to Cambodia and Myanmar where casinos dot the border.

Samak said he plans to build five casinos open to both foreign holidaymakers

and Thai citizens in tourist hotspots Phuket, Pattaya, Khon Kaen, Hat Yai and

Chiang Mai. Tourists will be allowed to try their luck at the tables for free,

Samak said. Thai citizens would have to pay a 100,000 baht entrance fee. Samak

insisted that casinos were not bad for Thailand

and said other countries in Southeast Asia

were building them. (AFP)

 

 

Three partners open KFC in Phnom

Penh

 

The new KFC on Monivong is a joint venture of three

companies from Cambodia,

Hong Kong and Malaysia.

QSR Brands Bhd and Royal Group of Companies Ltd and Rightlink Corp Ltd Hong

Kong formed a joint venture company to operate the Kentucky Fried Chicken

outlet in Cambodia,

according to a filing with the Bursa Malaysia. The company is called Kampuchea

Food Corp Ltd (KFC Cambodia).The equity partners are QSR holding 55%; RGC 35%;

and RCL has 10%.

 

Govt creates property management team

The

government has created a new ministerial working group to manage real estate

development. The group’s chairman is Ngy Tayi, under secretary of state of the

Ministry of Economy. The group is charged with drafting development policy and

legal standard letters to control and manage real estate development companies.