Logo of Phnom Penh Post newspaper Phnom Penh Post - Registered business numbers increased




Registered business numbers increased

Registered business numbers increased

The number of businesses registered with the Ministry of Commerce climbed by more than 10 per cent year on year during the first half of 2012, ministry data showed.

Officials credited the government’s piecemeal efforts to institute a transparent investment policy and gross domestic product growth, as well as Prime Minister Hun Sen’s main pitch to the international business community: political stability.

The ministry approved 166 companies in the year through June, totalling 1,694 officially recognised businesses in the Kingdom.

“This proves that [companies] trust us because they can earn profit with their businesses. We have a lot of duty-free [agreements] with many countries in the world – like the EU,” the ministry’s Secretary of State Ok Boung said yesterday.

“Now I noticed there are a lot of garment and footwear factories opening, especially ones from China, Japan and Korea. We also see the investment in the agricultural sector, which is also being invested in by our local investors.”

Registered businesses in the country are thoroughly outnumbered by those that operate in the grey market, generally one- or two-person operations, an economic census released earlier this year showed.

The National Institute of Statistics census identified about 505,000 active enterprises in Cambodia.

Thai companies were making a mark on the number of registered businesses this year, Nguon Meng Tach, director general of the Cambodian Chamber of Commerce, said yesterday.

“We have a lot business potential for them to make a profit from. I think, that because they are our neighbours it is easy for them to do business and invest.”

The Japanese International Cooperation Agency has said as many as 60 new Japanese businesses could register in the country this year, a potential 100 per cent compared to 2011.

Most foreign companies in Cambodia hail from regional neighbours such as South Korea, Vietnam, China and Malaysia, Hum Hean, director for the business registration department at the ministry, had told the Post. He could not be reached yesterday.

To contact the reporter on this story: May Kunmakara at [email protected]

MOST VIEWED

  • Thousands attend CNRP-organised pro-democracy vigil in South Korea

    Thousands of supporters of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) on Saturday gathered in the South Korean city of Gwangju to hold a candlelight demonstration calling for the “liberation” of democracy in Cambodia. Yim Sinorn, a CNRP member in South Korea, said on

  • US Embassy: Chinese trade does not help like the West’s

    The US Embassy in Phnom Penh on Friday said relations between China and Cambodia did not create jobs or help industry when compared to the trade between the Kingdom and the US. “About 87 per cent of trade [with China] are Chinese imports, which do not

  • Vietnamese land-grabbers held

    Following a provincial court order, Ratanakkiri Military Police on April 16 arrested 12 Vietnamese nationals accused of crossing the border into Cambodia and illegally clearing forest land. The accused are now being detained at Phnom Svay prison in the province. Ratanakkiri military police commander Thav Yen told

  • Eight people sent to court over violent protest

    Preah Sihanouk provincial authorities on Sunday sent eight people to court for blocking National Road 4 and using violence against authorities in a land dispute in Prey Nop district’s Bit Traing commune. Four police officers and two commune security guards sustained injuries when the protesters