Logo of Phnom Penh Post newspaper Phnom Penh Post - Commerce ministry posts 50.8% dip in revenue

Commerce ministry posts 50.8% dip in revenue

Content image - Phnom Penh Post
Revenue from trade fairs, exhibitions and other such events clocked in at $10,492 last year. Two hundred Thai companies showcased their goods at the Top Thai Brands 2020 expo at the Koh Pich Exhibition and ConventionCentre on February 6-9 last year. SINGJANUSONG NATTASAK VIA FACEBOOK

Commerce ministry posts 50.8% dip in revenue

The Ministry of Commerce posted $12.7 million in revenue for 2020, down by 50.83 per cent over $26.60 million in 2019, driven down by reductions in business registration fees and an increasing number of merchants self-certifying their products’ origins.

Business registrations accounted for more than $4.75 million and the issuance of certificates of origin (CO), licences and the provision of related services totalled $5.79, the ministry said in its annual report.

Trademark registration and related services pulled in over $2 million and more than $76,932 came from other services, the ministry said.

Services provided by the ministry’s Consumer Protection, Competition and Fraud Repression Directorate-General brought in $21,807 and revenue from trade fairs, exhibitions and other such events clocked in at $10,492.

It was not the first year that the ministry reported such a decline – 2019 revenue dropped 50.6 per cent from a year earlier.

Ministry spokesman Seang Thay told The Post that the decline was largely due to a number of bureaucratic reforms.

“Since pretty recently, the ministry no longer requires exporters to apply for COs if importing countries do not require them. This follows a global trend to eliminate unnecessary documents,” he said.

Businesses registered as exporters are increasingly declaring the origins of their wares through self-certification systems under various schemes and are less dependent on COs issued by the ministry, he said, citing the EU’s Registered Exporter (REX) system as a prime example.

Business registration fees were reduced from 300,000 to 180,000 riel ($74.30 to $44.58) for new enterprises, from 1,680,000 to 1,010,000 riel for non-enterprise companies and 40,000 to 25,000 for company-name reservation services.

Thay said: “The three recent [cuts] that the Ministry of Commerce has made are part of the government’s sweeping reforms aimed at facilitating trade, improving the business environment and trimming unnecessary costs, slashing production costs, sharpening Cambodia’s competitive edge and ramping up exports.”

MOST VIEWED

  • Municipal hall releases map detailing colour coded Covid risks by commune

    Phnom Penh municipal governor Khuong Sreng released an official map detailing the red, yellow and dark yellow zones within the city under the new lockdown orders for Phnom Penh announced on April 26. The designation of red, dark yellow and yellow corresponds to areas with high,

  • Inter-provincial travel ban lifted; Phnom Penh and Takmao not exempted

    The government on April 25 decided to lift the inter-provincial travel ban and the closure of tourist attractions across the country, effectively immediately. The travel ban and closures of all resorts were imposed on April 6 and 17 respectively in a bid to curb the spread of Covid-19,

  • Gov't mulls extension of Phnom Penh, Takmao lockdown

    The Inter-ministerial National Commission for the Control and Enforcement of Lockdown held a video conference meeting on April 25 to review a draft document on the extension of lockdown in Phnom Penh and adjacent Kandal province’s Takmao town. The meeting was chaired by Minister of

  • Phnom Penh, Takmao lockdown extended for another week

    The government late on April 26 announced an extension of lockdown in Phnom Penh and adjacent Takmao town in Kandal province for another seven days – or longer if residents do not comply with Covid-19 preventive measures and the community outbreak does not subside – until May 5. According

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the