Mekong Memo Cambodia Weekly, October 9, 2023: Business, politics, finance, trade & legal news.
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Here is your Mekong Memo Cambodia for the week of October 9, 2023.
Real Estate Boom Catches World Bank's Eye
The World Bank has highlighted concerns over Cambodia's rapidly expanding real estate credit market, likening it to a form of shadow banking. Despite these concerns, the bank projects Cambodia's economy to grow by 6.1% in 2024, the highest in the ASEAN region. This growth is attributed to the resurgence in manufacturing and tourism sectors. However, the rapid lending growth, especially in the real estate sector, mirrors concerns seen in Vietnam, pointing to potential financial vulnerabilities. The report emphasizes the need for enhanced data collection and monitoring to prevent potential market overheating.
Read more: Khmer Times
Thais May Soon Visit Cambodia Without Passports
The Government of Cambodia is contemplating allowing Thai tourists to enter the country using only a border pass, eliminating the need for a passport. This proposal, presented by Deputy Prime Minister and Minister of Interior, Sar Sokha, comes after a request from the Thai Prime Minister. While the border pass system is already operational, it currently restricts Thai visitors to border provinces. The feasibility of this expanded access is under review, with discussions pending. Notably, over one million Thai tourists visited Cambodia in the first eight months of 2023.
Investors Turn Their Gaze to Cambodia
Cambodia is gaining traction as a top investment destination in ASEAN, underpinned by its strategic location and burgeoning infrastructure. The ASEAN-Cambodia Business Summit spotlighted the nation's enhanced connectivity initiatives, such as the Speedway Network linking major cities. Cambodia's Special Economic Zones, favorable tax environment, and young, growing workforce further amplify its appeal. The country's commitment to infrastructure, including ports and high-speed internet, combined with its stable financial environment, positions it as a compelling choice for businesses eyeing expansion in the region.
Read more: Kiripost
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