Phnom Penh Post
The Phnom Penh Autonomous Port (PPAP) will officially open two new ports in January in response to a rise in imports and exports of cargo.
The PPAP is also one of the state-owned enterprises due to be listed on the Cambodian stock exchange by 2014.
Hei Bavy, director-general of the PPAP, told the Post Prime Minister Hun Sen would preside over the official launch of the new port in Kandal province on January 21.
The newly upgraded port in Kampong Cham would also be operational early next year, he said.
Hei Bavy said the new port in Kandal could handle about 150,000 containers a year, while the upgraded one can load 300,000 tonnes of goods a year.
“The ports will help us to deal with the rise of cargo activities,” he said.
The rise in cargo shipments and stocks proved that economic activities were on the rise, Hei Bavy said.
“Normally, the cargo via our port increases by 10 per cent a year. This year, we expected to reach 90,000 containers, but we have already had 94,000. Last year, it was 81,000,” he said.
“If we cannot launch the new port on time, our operation here will have some problems, because the demand is increasing,” Hei Bavy said, adding that the existing port’s capacity was 80,000 containers a year.
Data from the PPAP shows that cargo through the port rose more than 10 per cent this year to 94,000 containers as of today, from 81,000 containers last year.
Hei Bavy said most of the products imported through the port were construction materials, consumer products and garment raw materials.
The majority of export products were garments and agricultural products.
The new port, financed by the Chinese government, cost about $68 million.
Hie Bavy confirmed that the Ministry of Economy and Finance had already assigned Tong Yang Securities to be an advisory firm when the PPAP was floated.
He said the port was improving its internal works and hoped it could begin the IPO project by 2014.
To contact the reporter on this story: May Kunmakara at email@example.com