Economy to grow 7.8% in 2008: PM
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
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
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
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.