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Friday 5 March 2010

Cambodia's Business Registration Surges in Early 2010

5th March 2010
Xinhua Web Editor: Cao

New businesses registered with the Cambodian Ministry of Commerce increased by 18 percent in the first two months of 2010 compared to the same period of last year, local media reported on Friday, citing the statistics released from the ministry.

New businesses registered with the Cambodian Ministry of Commerce increased by 18 percent in the first two months of 2010 compared to the same period of last year, local media reported on Friday, citing the statistics released from the ministry.

Official data, released by the ministry's Business Registration Department, stated that 338 enterprises and companies were granted licences in January and February this year.

This compares to 286 firms registered during the same two months of last year, and represents a tax revenue increase of 5, 200 U.S. dollars for the government given that registration rates have remained unchanged.

During the same time period, six companies were dissolved this year, compared to a total of nine in 2009, a year largely considered the worst on record for the Cambodian economy as international agencies including the International Monetary Fund and World Bank predicted a small contraction in gross domestic product.

An official at the department, who asked to remain anonymous, was quoted by the Phnom Penh Post as saying that registrations started increasing at the back end of 2009 and consisted of numerous South Korean and Vietnamese enterprises.

Many of the South Korean businesses, she said, have registered in preparation for the May launch of Cambodia's stock exchange, while the Vietnamese registrations were concentrated in the agricultural sector.

The official added that the procedures and laws had been improved to ease the granting of licences to traders and investors.

Nguon Meng Tech, director general of Cambodia's Chamber of Commerce, was quoted as saying on Thursday that the business climate in the country had improved so far this year.

In 2009, the total number of new companies registered declined sharply by an annualized 27 percent to 2,011 companies from 2,755 in 2008, the ministry figures showed.

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