Logo of Phnom Penh Post newspaper Phnom Penh Post - Local business registration up, sound macro-economic performance cited

Local business registration up, sound macro-economic performance cited

Content image - Phnom Penh Post
Minister of Commerce Pan Sorasak has reiterated the government’s commitment to reform by improving trade mechanisms. Photo supplied

Local business registration up, sound macro-economic performance cited

Crediting sound macro-economic performance, the Ministry of Commerce reported a more than 24 per cent increase in the number of firms registering with it in the first 11 months of this year on the same period last year.

According to the ministry, business registration increased by 24.54 per cent – or 16,208 firms – between January and November.

The number of foreign businesses registering with the ministry decreased by 37.69 per cent, while the number of local firms doing so increased by 95.15 per cent to 5,470, up from 2,803 in the same period last year, according to a ministry report.

The number of venture capital firms registering increased by 4.77 per cent to 40,672 from 10,186 last year, while 125 companies filed for certificates of dissolution, a 1.57 per cent decrease on the 127 that did so last year, the ministry said.

Minister of Commerce Pan Sorasak, in opening remarks at the ministry’s annual meeting last week, reiterated the government’s commitment to reform by improving trade mechanisms in line with the new international trade agenda.

Among the reforms, Sorasak said, was “making services more accessible by launching automated systems for enterprise registration, issuing certificates of origin, paying public service fees and trademark requests”.

Cambodia Chamber of Commerce vice-president Lim Heng credited the Kingdom’s political stability for the number of new firms registering.

“Our country has become a more attractive place for investors and that has helped boost economic growth,” Heng said

In late November, the World Bank projected Cambodia’s economy to remain robust, underpinned by solid export performance and strong domestic demand, even as real growth is expected to decelerate to seven per cent this year, down from 7.5 per cent last year.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior