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Commerce ministry makes $82M

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FASMEC president Te Taingpor (left) says the increased revenue generated by the Ministry of Commerce is a good sign for the Kingdom and the ministry should promote public services to build public trust. FASMEC via Facebook

Commerce ministry makes $82M

The Ministry of Commerce generated more than $82 million this year in customs and public services, according to the ministry’s annual report.

The report shows that General Department of CamControl generated $28.75 million from petroleum services and quality inspection of goods, a 12.92 per cent increase compared to last year.

The ministry also collected some $52.78 million from public services, while its expenses reached $27.11 million.

Green Trade

The report also showed that state-owned trading company, Green Trade Company, generated $2.895 million in revenue, while its expenses were $2.758 million, yielding a mere $137,000 profit this year.

As part of that, the company exported 1,000 tonnes of milled rice to China’s COFCO Group and sold 3,700 tonnes of rice to the UN’s World Food Programme.

Cambodia Chamber of Commerce vice-president Lim Heng said the amount of revenue generated by the ministry is key in promoting the national economy.

“The more revenue . . . the more benefit to our economy. The Ministry of Commerce is a key player in attracting investors and promoting the flow of business and trade to the country."

“Revenue from public services means that the flow of company registrations increased, so the trend of our economy is to keep improving when operators in the sector comply with the law,” he said.

Federation of Associations for Small and Medium Enterprises of Cambodia (FASMEC) president Te Taingpor said the increased revenue is a good sign for the Kingdom and the ministry should promote​ public services to build public trust.

“The more revenue the Ministry of Commerce earns from public service, the more the ministry should work efficiency to promote public services. Then people will be happy to comply with the law,” he said, also cautioning against depending “on international exhibition fees, which impacts domestic products.”

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