Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘Reforms sink commerce ministry’s revenue by 50%’

‘Reforms sink commerce ministry’s revenue by 50%’

Content image - Phnom Penh Post
Ministry of Commerce spokesman Pen Sovicheat said the decline in the ministry’s revenue last year was due to its reforms, expecially regarding export procedures. FRESH NEWS

‘Reforms sink commerce ministry’s revenue by 50%’

A reduction in red tape saw Ministry of Commerce revenue decline 50 per cent last year compared to 2018, its annual report revealed.

However, it said the bureaucratic reforms would boost the Kingdom’s competitiveness.

The report showed that the government had eliminated some export procedures in a bid to ease doing business and bolster trade.

The ministry’s revenue amounted to $26.60 million last year – a 50.6 per cent decline on 2018.

Ministry spokesman Pen Sovicheat told The Post on Tuesday that the decline in revenue was due to its reforms, especially regarding export procedures.

“We saw a decline in the ministry’s revenue last year, with this down to the elimination of some service fees. However, this will boost our economy because the [reforms] make [trade] easier and faster, and reduce costs.

“We hope revenue will increase again in the coming year as we [introduce] some new services,” Sovicheat said.

Among the reforms, he said, was the elimination of certificates of origin (COs) and the registered exporter system, with these now able to be applied for at the provincial level.

Ministry of Commerce secretary of state Sok Sopheak said earlier that it would lose $60 million annually due to the elimination in 2018 of certain export procedures.

He said the decision to remove export management fees had resulted in the loss of $20 million in annual revenue.

Exporters no longer being required to apply to the ministry for a CO had led to a $10 million loss, he said, while relieving Camcontrol from inspection duties at border checkpoints had resulted in a further $30 million loss.

The report showed that exports of goods totalled $10.8 billion to international markets in the first 10 months of last year – up 6.45 per cent year-on-year.


  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At