Country Brief

January 5, 2010

After very strong growth that averaged 9.5% per annum between 1999 and 2008, the economy retreated by 2.7% in 2009 in response to the global economic downturn. The important garment sector, which is the dominant export industry, was especially undermined by the global recession with many factories forced to close and tens of thousands of workers losing their jobs. Despite the recent heady growth rates, poverty remains widespread with about one-third of the population surviving on the equivalent of 50 cents or less a day. The education and health care systems are inadequate and the infrastructure needs to be modernized. Corruption is widespread and as such raises questions about how responsibly the government will spend the oil revenue that will begin to flow in 2011 when oil production begins.

Cambodia is a country in Southeast Asia with a tropical climate (the rainy season is from May to November) that is slightly smaller than Okalahoma and which borders Laos, Thailand, Vietnam and the Gulf of Thailand. The population is 14,753,320 (US Census Bureau estimate for mid 2010) and the population density is 83.6 people per square km. The capital, the largest city and the commercial center is Phnom Penh, which has a population of 1.466 mn. The only deep water port is located at Kampong Saom (Sihanoukville), 230 km south west of the capital. Arable land accounts for 20.44% of the area of the country, 22.8% of the population lives in urban areas (UN estimate for 2010), there is 2,700 sq km of irrigated land, 59.2% of the country is covered by forests, 0.59% of the land area is devoted to permanent crops and there are 443 km of coastlines. The median age is 22.5 years, the birth rate is 25.73 per 1,000 people, the death rate is 8.08 per 1,000 people, the fertility rate is 3.04 children per female, 32.2% of the population is under 15 years old, 27.5% is between 25 and 44 and 3.7% are 65 years and older. The population growth rate is 1.66% (UNDP estimate for 2010-2015). The time zone is 7 hours ahead of Greenwich meantime. Khmer is the official language. Cambodia is a former French protectorate that received its independence on November 9, 1953.

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Political Environment - Government & Civil Liberties The head of the government is Prime Minister Hun Sen who has been in power since January 14, 1985. There are no term limits for the Prime Minister. “Irregularities” plagued the 2008 National Assembly elections, which the ruling CPP easily won. Freedoms of speech and the press are not fully respected. The judiciary is not independent and is marred by inefficiency, lack of resources, poorly trained personnel and a shortage of lawyers. Economic Overview Infrastructure Only 7.8% of the road network is paved. Improvements have been made to the main international airport at Phnom Penn. The railways system is dilapidated. There have been major improvements to the water systems in urban areas. Energy Sector Offshore oil and natural gas has been discovered. Oil production is expected to begin in 2011. There is abundant potential for hydropower but only a limited amount of that potential is being utilized. The electrification rate is just 20%. There are frequent power shortages and outages. External Accounts Both the trade and the current account deficit fell in 2009 as a result of lower oil prices and softening domestic demand conditions, which restrained import demand. This improvement is likely to be temporary though with the IMF forecasting the current account deficit will rise from 5.5% of GDP in 2009 to 11.2% of GDP in 2010. External Debt Cambodia is not eligible for debt relief under the terms of the Heavily Indebted Poor Country (HIPC) initiative because its debt to exports of goods and services ratio of 36.7% is well below the threshold level of 150%. Agriculture Sector About 71% of the population depends on agriculture and livestock for their livelihoods. Much of agriculture is subsistence. Agriculture productivity is low because of poor roads in rural areas, limited access to credit, small plots and the low level of mechanization and electrification. Informal Economy The Economic Institute of Cambodia estimates the informal sector employs 85% of the workforce. Many businesses choose to remain informal because of the burdensome requirements needed to register a business. Business Environment Openness to Foreign Investment There are no legal distinctions made between foreign and domestic investors and there are no restrictions or limitations concerning the repatriation of profits, capital, management fees, royalties, interest payments and dividends. There is a lack of transparency in the regulatory system. Financial Sector The banking system has been undermined by the collapse of a property bubble. Non performing loans are on the rise. A stock exchange will open this year. Trend













2004 following the abdication of his father Prince Norodom Sihanouk. Election monitors from the European Union said the elections “fell short of international standards but were technically good”. The cabinet is selected by the Prime Minister and appointed by the monarch. Given the notoriously high level of corruption.0/7. There were notable irregularities in the 2008 balloting with many tens of thousands of voters reporting they could not vote because their names were left off voting lists. Opposition leaders accused the governing party of manipulating the votes and using intimidation. he was the co-Prime Minister). it is questionable how much of the oil revenue will be responsibly spent. Economic Outlook The IMF is forecasting a growth rate of 4. Corruption is rampant. Suffrage is 18 years.5 years. Members serve for a 5-year term. 68. 2 are elected by the National Assembly.3% and the per capita income is only $782 (IMF estimate for 2009).Failed State Index 2009 World Bank Gov Indicator 2009. 2008 and the next election will be in July 2013.3/120.41/10.00 87.27 1.000 live births. There is a bicameral legislature that consists of the Senate and the National Assembly.Corruption Cambodia is ranked 158 of 180 nations in Transparency International’s 2009 corruption perception index. the adult literacy rate is 76.4 Percentile Score Political Rights: 6. He assumed office on October 29. Laws that provide for criminal sanctions for bribery and corruption are not effectively enforced. The National Assembly has 123 members who are elected by popular vote to a 5-year term. the Cambodia’s People’s Party (CPP) has 90 seats and the Sam Rangsi Party has 26 seats.3% in 2010 as exports rebound in response to an improvement in global economy. 1985 (between 1993 and 1997. Human Capital Cambodia is ranked 137 of 182 in the 2009 UNDP HDI.0 per 1.0/7. 3 . the infant mortality rate is 53. In the National Assembly. Government The chief of state is King Norodom Sihamoni. the life expectancy is 62. The head of the government is Prime Minister Hun Sen who has been in power since January 14.2% of the population lives on less than $2 a day. The start of oil production in 2011 will provide an additional source of export revenue to reduce the large current account deficit and boost spending on the inadequate infrastructure and health and education systems. The prime minister is selected by the majority party or the coalition that forms the majority in the legislature. Negative Trend Negative Trend Stable I. Political Environment Index Freedom House Index 2009 Bertelsmann Transformation Index 2010 Fund for Peace . Political Stability Rank Status: Not Free 100/128 49/177 34. Poverty is widespread. and 57 are elected by parliamentarians and commune councils.0 -0. There are no term limits for the Prime Minister.0 4. The Senate has 61 members of which 2 are appointed by the monarch.0 Civil Rights: 5. The last vote for the National Assembly was held on January 27.

a strike can be called only if a union obtains a majority vote in a secret ballot and gives 7 days notice to the employer and the MOLVT. the trafficking of guns. death threats. Cambodia is ranked 100 of 128 nations in the Bertelsmann Transformation Index. workers can form and join trade unions. wage deductions and exclusion from promotions. poorly trained personnel. NGOs are allowed to operate but groups that work to advance human rights or criticize government corruption often face harassment. Internet access is limited by the inability of much of the population to afford a personal computer and the low electrification rate. A 2006 amendment to the press law abolished imprisonment for defamation but not for spreading disinformation. Freedom of assembly is restricted by the requirement that organizers of a march or demonstration must obtain a permit. Academic freedom is also respected. Freedoms of speech and the press are not fully respected. false accusations. and people. drugs. where 70% to 75% of the workers are union members." Less than 3% of the labor force in 2007 was unionized. The judiciary is not independent and is marred by inefficiency. 4 . blacklisting. or to be involved in. “In many factories. Equal broadcast time was not given to opposition parties. and have no criminal record. According to the Freedom House Country report “Police. the Ministry of Information issued a directive that prohibits publishers and editors from disseminating stories that insult or defame government leaders and institutions.2.” Freedom of religion is respected although there is discrimination against the minority Muslim population. Illegal detention and torture are common as is long trail delays. The government does not monitor e-mail correspondences or Internet chat rooms. most of the television news broadcasts were dominated by stories about the CPP. In cases where the MOLVT does rule in favor of the workers.Labor inspectors are poorly trained and. Labor disputes for example are subjected to a “conciliation” discussion process that can last as long as 30 days. low salaries and a shortage of lawyers. soldiers. There are 20 Khmer language newspapers of which the 3 largest are pro CPP." In December 2007. Union leaders must be at least 25. The government routinely does not issue permits to critics of the government. free speech should not “adversely” affect public security. According to the International Confederation of Free Trade Unions 2009 Report for Cambodia. Newspapers supporting opposition parties are allowed to publish and criticize the government. In the months preceding the 2008 elections.4 Percentile in the World Bank’s Political Stability Governance Indicator. There are no restrictions on using the internet. The lower the rating the higher the degree of political and civil liberties.” With the exception of civil servants (including teachers and judges) and military personnel. Collective bargaining is allowed. which carries a prison sentence of up to 3 years. Freedom House ranks Cambodia 132 of 195 in its Freedom of the Press survey for 2009 and characterizes the press as "not free. Civil Liberties Freedom House has designated Cambodia as “not free” and has assigned it a rating of 6 out of 7 for political rights and 5 out of 7 for civil rights. It is conducted by an inspector of the MOLVT. The constitution also declares that the king is "inviolable. All the television stations and most of the radio stations are controlled or strongly influenced by the CPP. The government very rarely prosecutes or takes measures against an employer for anti-union practices…. trade unionists continue to face repression of all kinds. and government officials are widely believed to tolerate. given their low pay. A minimum of 15 days notification must be given for strikes in “essential services”. It is ranked 49 of 177 in the Fund for Peace Failed State Index (the lower the ranking the higher the degree of economic and political dysfunction) and is ranked at the 34. lack of resources. If the MOLVT inspector cannot resolve the dispute. Unions were concentrated in the garment and footwear industries. including beatings. it rarely uses its legal authority to penalize employers who fail to follow its orders. According to the constitution. Workers have the right to strike but that right is restricted. be able to read and write. Trade unions have to file a charter and a list of their officials with the Ministry of Labor and Vocational Training (MOLVT). open to bribery. as well as other crimes.

On July 6. SCA has made significant improvements to the airport that include the construction of new terminal and cargo buildings and hangars. SCA is 70% owned by Groupe GTM of France and 30% by Muhibbah Masterron of Malaysia. Infrastructure There are 38. fishing. There are labor laws regarding nightshift pay. Oil and natural gas. corn. This however is not a realistic assessment of the state of the job market as the government defines unemployment as anyone working less than one hour (formally or informally) per week. The minimum wage for garment workers in 2008 was about $50 per month. Roadside assistance is non-existent. building a new runway to accommodate large aircrafts such as Boeing 747s and 5 . In 2008. The law requires the MOLVT to establish a minimum wage in the garment industry. however.0% for Thailand.093 km of roads of which 7. This compares to a 7. livestock and fishing accounted for 29. wood and wood products.3% and manufacturing was responsible for 11. 1995. cashews nuts.2% for Vietnam.II. the IMF is predicting a 4. “Driving at night is strongly discouraged. and gem mining are the principle industries.8% are paved. Teachers in primary school earn about $35-$40 a month while secondary school teachers earn around $60 a month. timber. 1. During the rainy season. installing new instrument landing. to operate the airport. The official unemployment rate in 2007 was 3. rubber. Children between 12 and 15 can engage in "light work" that is not hazardous to their health and does not affect school attendance. Phnom Penh International Airport is the largest international airport.5% for Laos and 7. holiday work and health and safety standards but they are not effectively enforced. wholesale and retail trade accounted for 14. roads leading to areas that are more rural are poor.000 children ages 15 to 17 working more than 43 hours a week in hazardous jobs.9%. rubber.1% advance and in 2011 a 4. manganese. It is located 7 km west of the capital.1% between 2000 and 2009 (IMF estimate for 2009). there were more than 750. fishing. gemstones. The main crops and agriculture products are bananas. manufacturing was 17. The World Bank. Between 2000 and 2009. the Asian Development Bank (ADB) are providing funding to expand.5%. particularly in agriculture. The IMF is forecasting an annual average decline in inflation of 0. According to the IMF. Economic Overview Agriculture. This was 225. For 2010. iron ore. wholesale and retail trade had an 8.6% of the workforce in 2007. The legal workweek is 48 hours. The law sets 15 as the minimum age for employment and 18 as the minimum age for hazardous work. The economy rose at an annual average rate of 8.0% advance in 2008. upgrade and maintain the road network. 6. rice. Cambodia is ranked 149 of 180 nations and territories that the IMF compiles per capita data for. Agriculture employed 50.3%. There are no minimum wages set for any other industry. tapioca and silk. the government signed a 25 year concession agreement with Société Concessionaire d’Aéroport (SCA). construction. forestry. China.7% of GDP in 2007. Consumer prices fell by 1. Roads between major areas are adequate. There are 17 airports of which 6 are paved. Despite these laws.3%. According to a 2006 World Bank study. commercial sex industry. domestic service. This compares to advances of 4. plus a minimum $6 living allowance.9% share and transport and communications represented 6.6% in the year to October. overtime. brick making. child labor is widespread. Tourism. power and lighting systems. the average annual rate of inflation was 3.3% above the level of 1999. phosphates and hydropower are the major natural resources.2%. garments. both urban and rural road conditions deteriorate considerably. no employer was prosecuted for violating child labor laws. and on tobacco and rubber plantations." There is a modern highway linking Phnom Penh and Kampong Saom.6% increase is foreseen.000 economically active children who were 12 or younger and more than 250.7% rise in 2007 and a 25. rice milling. Road maintenance is sporadic in both urban and rural areas. The US State Department Travel Advisory for Cambodia noted that.6% in 2009. cement. the per capita income in 2008 was $823.

Dragon Air.732. This was up 185. the government launched a new national carrier. It will be located south of the city. The Phnom Penh Water Supply Authority (PPWSA) was so strapped for cash that it could not pay its electric bill. Hong Kong. Under the agreement. Singapore.428 passengers. The government will begin work in mid-2010 on a new $64 mn railway station on the outskirts of Phnom Penh. the airport accommodated 1. The rail system is in dilapidated condition. The line connection to Thailand is no longer operational. 750 km of water pipes were added to the system. The government is building a new port at the capital. A new international arrivals terminal was inaugurated in August 28. The port has warehouse and storage facilities. 2009. the Toll Group of Australia announced that it had signed an agreement to operate the railway system under a 30 year concession. SCA also manages the Siem Reap airport. the airport serviced 1. will operate the railway. China Southern Airlines. It is operated by a government entity. mostly along the Mekong River. Construction is expected to be completed in 2012. Kuala Lumpur. It used 100 year old pipes and pumping equipment and serviced only 20% of the population. where Angkor Wat is located. Kuala Lumpur. In the early 90s for example. Ho Chi Minh. There are 602 km of railway. The national air carrier. which was 60% owned by the government and 40% by Malaysia Helicopter Services.000 containers a day.” Great strides have been made in improving the quality of the water supply. that are an important means of transporting goods and passengers. fork lifts. Phnom Penh has a river port along the Mekong River.” On June 12. 2009. Similar improvements in water quality and supply have been 6 .3% above the levels of 2001. which is near the Angkor Wat temples. PPWSA was cited by the ADB as one of the best water supply systems in Asia. shut down in 2001 after it lost about $20 mn since it began operations in 1994. Seoul. More than 85% of the population of the capital now has access to water. A new container terminal has recently been constructed. a joint company that will be 55% owned by Toll and 45% by the Royal Group.967 tons of goods. On July 28. Shanghai. The US Department of State Travel Advisory strongly warns against using the railway because of “low safety standards and the high risk of banditry. In 2004 however.400 km of navigable waterways. The government has targeted 2013 as the date when regular train service will resume. In 2008. Among the airlines that use the airport are Air Asia. In 2007. a Cambodian conglomerate with interests in banking.constructing new taxiways. Lao Airlines. Royal Air Cambodge. The new facility will have a capacity of 300. There are 2. It is a profitable state entity that operates along commercial principles. Beijing. Between 1993 and 2004. Luang Prabang and Singapore. cranes that can lift as much as 64 tons and an oil tanker terminal. Thai Airways International and Vietnam Airlines. China Southern Airlines. There is also an international airport at Siem Reap. It is a joint venture with Vietnam Airlines. telecommunications and the media. This was 49% above the level of 2005. Taipei and Vientiane. Hanoi. The airport has a maximum capacity of 2 mn passengers a year. Ho Chi Minh. It flies only to Siem Reap. It became operational in 1960. There are flights to Bangkok.057. Over 70% of the water was lost to illegal connections. The estimated cost is $25 million. Hanoi. Cambodia Angkor Air.5% from the levels of 1998. Malaysian Airlines and Vietnam Airlines. Korea Air. the water system in the capital was decrepit. Among the airlines that service the Phnom Penh airport are Asiana Airlines. There are flights to Bangkok. In 2008.7 mn passengers. There is now 24-hour service. China Airlines. Korean Air. Malaysia Air. 2006. the port handled 2. This was 285. The State Department Travel Advisory noted that “boat travel should be avoided because boats are often overcrowded and lack adequate safety equipment. Sihanoukville is the main deep-water sea port. which is six times larger than the current Phnom Penh port. and Ho Chi Minh City. two pumping stations and treatment plants were repaired and a third one constructed. The ADB will provide a $42mn loan for the project.

fishing and sawmill sectors.387 bn as 17. According to a recent report by the World Bank Water and Sanitation Program.3% advance in exports. Oil consumption and imports are 32. The US was the largest export market in 2008 at 54. Tourism is a very important source of services income that helps to offset the large trade deficit. With respect to imports. China Petrotech Holdings. representing 62. As a result. There are presently 3 hydropower dams and 6 more under construction. External Accounts According to IMF estimates. Commercial production is expected to begin in 2011. The number of tourist arrivals rose 187.4% of the population in 2007 had access to improved water. Thailand was the main source of imports at 26. The deficit is forecasted to be 20. The largest of these projects is the 145-metre high dam on the Kamchay River which will produce 193 MW of power. Total. electricity is imported from Thailand and Vietnam.2% in response to the global economic downturn and imports retreated 17.608 bn. Chevron owns 55% of the venture. For 2009. they totaled $325 mn in 2008. only 16% of the rural population has access to toilets. Exports dropped 12.2% rise in imports outpaces a 4. Medco Energi Internasional Tbk (Indonesia). Mitsui Oil Exploration has a 30% stake and GS Caltex Corp. all of which are being built by Chinese companies. They work mostly in the agriculture.witnessed in Sihanoukville whose water is provided by the Sihanoukville Water Supply Authority. PTTEP International (Thailand). About 90% of the electricity is consumed by the urban population.4% of GDP. kerosene and gasoline are imported. Kuwait Energy. (Korea) has a 15% holding.000 barrels a day. The electric supply is inadequate and as a result. There are no indigenous sources of coal. Most of the electricity is oil or diesel generated. Worker remittances are an important source of transfer income that helps to booster private consumption. In 2008. Canada was third with 5. A 2003 electric plan developed by the Ministry of Mines. 7 .0% and China was responsible for 14.4% in 2009 to $1.6% above the level of 1999 and was equal to 3. 3.8% of GDP. In rural areas.4% to $2. the trade deficit fell 28. 55. Service is often unreliable.5%. petroleum and petroleum products were 28. and PetroVietnam. only about 4% of the electricity was generated by hydropower.000 MW with about half of that generated from possible projects along the Mekong River. CNOOC (China). Energy Sector In 2005. In the first 5 months of 2009. which restrained import demand. many people are forced to defecate in fields and forests. Lundin Petroleum (Sweden). Most of the migrant workers are employed in Thailand where 90% are undocumented. This was 206. transmitter and distributor of electricity. 2. The government has set a target of increasing this ratio to 75% by 2020. Garments are the dominant export item. According to the World Bank. Resourceful Petroleum (Malaysia).7%. Minerals estimated the hydropower potential at 10. The electrification rate is just 20%.3% and garments and garments related items were 20.4% between 2003 and 2007 to 2. Oil reserves are estimated at 400 mn to 700 mn barrels.4% while Germany was second at 7. This was equal to 14. the World Bank estimated they dropped to $312 mn.8% followed by Vietnam at 19. It is China’s biggest investment in the country.015 mn. The IMF estimates the trade deficit for 2010 will rise 48. all refined petroleum products including jet fuel. Among the other oil companies exploring for offshore oil and natural gas are Singapore Petroleum. Around 87% of urban households have electric lighting but just 13% of the rural population has electric lights.9%. There are no oil refineries and as a result.9%.4% of GDP. Electricite du Cambodge is the state owned generator.8% of the total in 2008.6% as a result of lower food and oil prices and weak domestic demand conditions. a consortium headed by Chevron/Texaco discovered exploitable oil and natural gas deposits in Cambodia's territorial waters. The government has set a target of increasing the ratio of the rural population with access to improved sanitation facilities to 50% by 2020. thus causing public health concerns.

External Debt and Budget Balance According to the IMF. The threshold for HIPC eligibility is an external debt that is more than 150% of the exports of goods and services or more than 250% of fiscal revenue.9%. Korea extended $200 mn in loans. This was up from $2. Of the total external debt. the IMF is forecasting a decline to $998. In 2009.5% of GDP in 2010.170 bn at the end of 2009.2% from the same period of 2008 to 946. agricultural commodities. which will be used mainly for infrastructure development. The IMF estimates that official foreign exchange reserves were $2. small plots and the low level of mechanization and electrification. Over 80% of farmers grow rice.5 months of estimated 2010 imports. which will increase import demand and higher oil prices. The IMF urged the government to contain wage costs by limiting wage increases. Thus was well above the 4. Much of agriculture is subsistence. the government has indicated it is considering additional measures to raise revenue including lifting excise taxes on truck sales. The IMF estimated the budget deficit was 6. 8 . The most important agricultural product is rice.75% of GDP. a lack of marketing infrastructure.the number of foreign visitors dropped 2. Cambodia borrowed about $1 bn from China in 2008 and 2009. rice accounted for 70.6% of GDP. 5. Debt servicing however was suspended after the Khmer Rogue took power in 1975 and they were not resumed after the Khmer Rogue was deposed. imposing a VAT on electricity imports and further strengthening tax administration.S. In discussions with the IMF. Most of the rice crop is rainfed. the debt is $339 million of which $154 million is in arrears. With respect to the US. the public external debt was $3.000. The deficit was financed by foreign direct investment and medium and long-term multilateral and bilateral loans. a shortfall of $1. net tourist inflows rose 213. The US and Cambodia are in negotiations to reach an agreement on paying the debt.8% of GDP. limited access to credit.25% original estimate.25 million hectares of land. The debt owed to Russia is $457 mn. Agriculture productivity is low because of a lack of investment. According to the Food and Agriculture Organization.1% of caloric intake in 2000-2002. Cambodia is in debt arrears to Russia and the US. The arrears arose from shipments of U.2% to $597 mn and was equal to 5. In 2008. Agriculture Sector About 71% of the population depends on agriculture and livestock for their livelihoods.9% between 2003 and 2008 to $1. to Cambodia in the early 1970s. freezing new hirings and enacting comprehensive civil service reforms. It accounts for 84% of the land under cultivation and 8. The main tourist attraction is the Angkor Wat temples.221 bn when they were equivalent to 10. This was up slightly from. Cambodia’s debt to exports of goods and services ratio is 36. For 2009. They were financed by low interest-rate loans by the Department of Agriculture. 4. China is the largest bilateral creditor. The tourist sector provides jobs for 200. The IMF estimates the current account deficit in 2009 fell 49.7% and its debt to government revenue is 164. This would be equal to 11.120 bn at the end of 2005 and was equal to 47% of GDP. According to the IMF.319 bn is envisaged as the trade deficit rebounds in response to firming domestic demand. 30% is owed to the ADB and 20% to the World Bank’s International Development Agency. About 3 mn tons of rice was exported in 2009. inadequate storage facilities.5% of GDP. $2.199 bn at the end of 2009. For 2010.164 bn at the end of 2008 and was equal to 3.000 people.15 mn tons on 2. The IMF has urged the government to take measures to reduce the budget deficit which based on current spending and revenue projections will rise to 7.2% of projected GDP. poor roads in rural areas. rice production was 7. There was a marked deterioration in the fiscal position in 2009 as spending exceeded expectations because of large increases in wages for civil servants and defense spending. Cambodia is not eligible for debt relief under the terms of the Heavily Indebted Poor Country (HIPC) initiative.

Informal Economy According to a study entitled.” III. drug traffickers are increasingly using Cambodian airports to smuggle narcotics into and out of the country.” Smuggling of goods is a major activity that provides the livelihood for many in the informal economy. Regulatory Quality World Bank Gov Indicators 2009. A 2006 Report by the EIC entitled “Decent Work in the Informal Economy in Cambodia” noted “the informal economy encompasses the vast majority of enterprises including small and medium enterprises that are household-based…The three main components of the formal sector are garments.08 2. small and medium enterprises to the conclusion that participating in the formal economy is unaffordable…Tax evasion and a lack of trust in the transparency of the government’s tax management are powerful arguments for informality. the EIC issued a report that estimated beer smuggling cost the government $22 mn in lost revenue in 2006. Rule of Law Transparency International Corruption Perception Index 2009 Rank N/A 106/179 110/133 95/122 N/A 145/183 34. “Shadow Economies and Corruption All Over the World: New Estimates for 145 Countries. gasoline is smuggled from Vietnam.6/100. Thailand. cigarettes and cattle are smuggled from Cambodia to Vietnam. tourism and public administration…Business operators have no incentives to apply for formal business status unless they are so large that they cannot avoid it…Complicated licensing procedures and the high cost of registration lead most micro. Business Environment Index Economic Freedom of the World Index 2008 Heritage Foundation Economic Freedom Index 2009 World Economic Forum – Global Competitive Index 2009-2010 Milken Institute Capital Access Index 2008 UNCTAD – Inward Potential Performance Index 2005-2007 World Bank Ease of Doing Business 2010 World Bank Gov Indicator 2009.0 9 .6. and ocean-going vessels…Cambodia’s primary counter-drug agency.47 -1. Cooking gas for instance is smuggled into Cambodia from Thailand. The Economic Institute of Cambodia (EIC) estimates the informal sector employs 85% of the workforce. Another illegal activity involves the smuggling of ancient artifacts.” by Fredrich Schneider of Johannes Kepler University in Linz.” There is a great deal of smuggling along the relatively porous borders with Thailand and Vietnam.4 Percentile 158/180 Score N/A 56. In 2007.2% of GDP. It indicated that “millions of bottles and cans of beer imported from Singapore and Thailand simply disappeared at the Cambodian border before being taxed…the losses represent about 3% of total budget revenue.3 Percentile 13.00 N/A N/A -0.09/10. and Vietnam…Drugs are also brought into Cambodia by small vessel from Laos along the Mekong River…Larger shipments of heroin and possibly marijuana are thought to exit Cambodia concealed in shipping containers. sugar. Austria. which can be used to make Ecstasy…heroin enters Cambodia through overland transport in the areas bordering Laos.0 3.00 3.51/7. lack of training. speedboats. The US Department of State 2009 (covering 2008) Narcotics Report for Cambodia noted that it “has a significant and growing illegal drug problem consisting of increased levels of consumption and trafficking…Cambodia continues to play a role in the regional transit of drugs from the Golden Triangle…Cambodia is a producer and exporter of natural sassafras oil. and poor institutional law enforcement capacity…According to the NACD. Many businesses chose to remain informal because of the burdensome requirements needed to register a business and securing the necessary licenses. the informal economy in 2004/05 was equal to 52. has been handicapped in its efforts by limited resources.0/10. the NACD.

textiles. interest payments and dividends. it is 95 of 122 in the Milken Institute Capital Access Index and it is 106 of 179 in the Heritage Foundation’s Economic Freedom Index.1. and paper products sectors are not entitled to investment incentives. currency and financial services. With respect to the World Bank’s governance indicators. Some sectors though such as the manufacturing of cigarettes.001 riels. garments and footwear. 58th in paying taxes. rice milling. According to the US Department of State Investment Climate Statement. Pirated CDs. the government approved a law to allow foreigners to own apartments and office buildings. There have been no recent cases of nationalization of a foreign investment. Private investment is not allowed in the production or processing of narcotic substances. On December 4. It is ranked at the 34. Under the previous law. Most sectors of the economy are open to foreign investment. non transparent. and casinos). Foreign investors can bring commercial disputes before the courts for adjudication. and other goods that use chemical substances prohibited by international regulations or the WHO that affect public health and the environment. agricultural pesticides and insecticides. Losses can be carried forward for 5 years. This compares to a ranking of 139 in the 2009 survey. professional services. royalties. 134th for employing workers. rubber. management fees.3 percentile for regulatory quality and at the 13. it performs below average. property investment by foreigners could only be made through the name of a Cambodian national. These laws however are not effectively enforced. capital. Foreigners cannot own land but they can lease it for up to 99 years. production equipment and input materials for exports. It is ranked 110 of 133 in the World Economic Forum’s (WEF) 2009-2010 Competitiveness Index. videos. VAT does not apply to public postal services. poisonous chemicals. irrational. gemstone mining. manufacturing wood and stone carvings.000 riels of income is tax free. Summary of Indices Cambodia ranks 145 of 183 in the World Bank’s 2010 ease of doing business survey.500. There are no legal distinctions made between foreign and domestic investors. It is ranked 173rd for starting a business. Investors in retail. plastic. 2009.4 percentile for rule of law.” There are no anti-monopoly or anti-trust laws. textbooks. 2. After that the rates range from 5% to 20% for income over 12. tourist services. and duty-free stores. Expatriate workers can easily obtain visas and work permits when no qualified nationals are available. and production and processing of tobacco and wood products and investments of less than $500. Cambodia is not ranked in the Fraser’s Institute Freedom of the World Index and the UNCTAD Inward Potential Performance Index for 2005-2007. All investors requesting incentives must submit an application to the Cambodian Investment Board. press and media related activities. Information Minister Khieu Kanharith said that foreigners will be allowed to own only the buildings and not the land. employment and exports. nightclubs. Nationalization and expropriation can only occur for reasons of “public interest. or corrupt. movie production. The government offers generous incentives to foreign investors including tax holidays for 3-6 years and exemptions for import duties for construction material. The government has adopted legislation concerning the protection of copyrights. and silk weaving require local equity participation. radio and television. patent and industrial designs. entertainment (including restaurants. Non residents pay a flat 20% income tax. 73rd in protecting investors. wholesale. and other copyrighted materials are widely available. oil and mining sectors where a 30% rate prevails. publishing and printing. The corporate tax rate is 20% except for the gas. bars. public 10 .000 in the food and beverages. 87th in getting credit.” Investors whose property has been taken must receive fair and just compensation. 116th in registering property. 141st in enforcing contracts. understaffed and lacking in trained personnel in commercial matters. or prior authorization from the relevant government ministries. The VAT is 10%. There are also restrictions on foreign ownership of hospitals and clinics. hospital and medical services. The first 500. Openness to Foreign Investment The government encourages foreign investment to spur growth. “Investors often complain that the decisions of regulatory agencies are inconsistent. 127th for trading across borders and 183rd in closing a business. massage parlors. The court system however is dysfunctional. No restrictions or limitations apply regarding the repatriation of profits.

Among the other foreign companies with investment are Chevron/Texaco in gasoline stations. insurance and financial services. Asia Insurance (Hong Kong) in insurance. Financial Sector As of June 2009. services and royalties. Vietnam Southern Food Corporation and the Green Trade Company (Vietnam) in the food sector. DHL and UPS in packaged delivery. Foreign Investment Data from the UNCTAD indicate that FDI in 2008 was $815 mn. Gas and Metals National Corp to explore for gold. 4 Chinese steel producers. With economic conditions slowing. The privatization of state enterprises was not always carried out in a transparent manner. iron ore. zinc. There are believed to be exploitable deposits of bauxite. estate. There are no social security. 160 state companies had been privatized. By the end of 2000. Privatization The privatization process started in late 1989. Much of the foreign investment is in the oil and natural gas sector. 2009. 8 sold outright and 8 liquidated. General Electric opened a representative office and in 2008. Kenertec Resources (Korea) is exploring for copper. Siam Cement (Thailand) in cement. In 2007. the IMF urged the Central Bank to bring forward its end of 2010 date for new bank minimum capital requirements. Five-stars International Group Company (Vietnam) is involved in fertilizer production. 10% for motorcycles.transportation owned by state companies. 12 transformed into joint venture. Samart Mobil Phone (Malaysia). copper. the public learned that enterprises were for sale only after the government announced a sale. there are deposits of marble and granite that are being exploited. Asia Pacific Breweries (Singapore) in beer. There is a 10% withholding tax on rental income and 15% for interest. According to the World Bank. there were no privatizations between 2000 and 2007. In light of this deterioration.9% of gross fixed capital formation. entertainment including spas and wine.5% of GDP and was 193. Charoen Pokphand (Thailand). banks became more risk adverse and as a result. This was up from 17 at the end of 2007. GS Engineering and Construction (Korea) in real estate development and Carlsberg (Denmark) has a 50% ownership in beer producer Cambrew. a 3% tax on local and international telecommunications services. of which 139 were leased to the private sector. 4. Unilever in personal products. Otis Elevators in elevators. Intercontinental Hotels (UK) and Raffles Hotel (part of the Fairmont Raffles hotel Company headquartered in Toronto) operate luxury hotels. Dupont established a representative office. In the mining sector. Crown Holdings (US) produces aluminum cans. The government has announced plans to privatize Cambodia Telecom. Capital gains are taxed as ordinary income. zinc. local and international air tickets sold in Cambodia. The total stock of FDI (book value) at the end of 2008 was $4.5% above the level of 2000. 3. There is a 2% accommodation tax on hotel rooms. gift. Wuhan Steel (50% holding). Millicom (headquartered in Luxembourg) and Shinawatra Mobile Phone (Singapore) in mobile phones. This was below the $867 mn level in 2007 and represented 37. Baosteel Group (20%). 5. In its Article IV Consultation Report that was released on December 8. In several instances. real estate. gold. OZ Minerals (Australia) is involved in a joint-venture with a local company to explore for gold. non profit activities and electricity. Accor (France). and a 30% tax on beer. Among the foreign banks with a presence are ANZ (Australia). there was a marked deceleration in credit growth. nickel and tungsten that have attracted the interest of foreign companies. weaker economic activity and reduced foreign currency inflows have “considerably” weakened bank balance sheets. In October 2009. inheritance and unemployment taxes. Singapore Banking Corp and Krung Thai Bank. which was equal to 41. there were 26 commercial banks. iron and manganese. BHP Billiton is exploring for bauxite and Southern Gold (Australia) has formed a joint venture with Japan Oil. It slowed from a year on year rise of 55% in 2008 to just 4% in the year to 11 . May Bank (Malaysia). wealth. Anshan Iron & Steel Group (20%) and Shougang Iron & Steel Group(20%) are involved in a joint venture to explore for iron ore and Great Australian Resources is exploring for copper and gold. the IMF noted that the bursting of the property bubble. there were reports that France Telecom was in advanced negotiations with the Royal Group of Cambodia for a joint purchase of Millicom International’s 58% stake in mobile-phone operator Mobitel.637 bn.

(South Korea) to build a $6 mn stock exchange on December 2. it dropped by a further 3. Meager salaries contribute to survival corruption among low level public servants. According to the IMF Article IV consultation report. In February 2009. and many high-ranking government officials abuse their positions for private gains. Officials frequently engage in corrupt practices.” The government had planned to open a stock exchange in 2009 but these plans were pushed back because of the global financial crisis.” 7. We will begin our operation in January or February next year. It is ranked 158 of 180 nations in Transparency International’s 2009 corruption perception index. the director of the government’s finance industry department said that “although construction of the new stock market will not be completed for at least eight months. it was ranked 166 of 180 nations. including the executive. Cambodia’s score is 2. After signing an agreement with World City Co. The Korean Stock Exchange will own 49% of the exchange. The riel operates under a managed floating exchange rate regime.” 6. a subscriber Dates May 15. Global Witness issued a very critical report about corruption in Cambodia. The exchange is now expected to open in early 2010. Corruption and Transparency Cambodia has ratified the UN Convention Against Corruption. Mey Vann. The Article IV Report noted that “Non-performing loans are rising.2%. raising the risk of bank insolvencies…low demand for credit appears to be squeezing profits. According to Transparency International. 2009. The exchange is expected to start trading with just 3 to 5 issues. the “real effective exchange rate appears to be somewhat overvalued compared to its equilibrium level.” The IMF believes the collapse of the property bubble "points to potentially larger loan losses and capital deficiencies.” The stock exchange will be temporarily located in the Ministry of Economy and Finance until the construction of the exchange is completed. trading will begin in a temporary venue as soon as possible…It has been too long already. We don’t have to wait until the construction is complete.” The US State Departments Human Rights report said “Corruption…extends throughout all segments of society. but the figures officially reported by the banks fail to capture the true extent of the problem. There are only a few laws that provide for criminal sanctions for bribery and corruption but they are not effectively enforced. In the 2008 survey. and judicial branches of government.0. making it difficult for banks to grow out of these problems. It fell by 2. legislative. 2007 Compliance Level Low Financial Sector Assessment Programs (FSAPs) . Freedom House noted that “Corruption and abuse of power are serious problems.” The Business Anti Corruption Portal Review of Cambodia estimated that 10% of Cambodia's annual GDP is lost to corruption. It said “payments from extractive companies totaling millions of dollars appear to have gone missing…Exploratory mining licenses have been quietly allocated to members of the ruling elite or their relatives…The institution in charge of Cambodia’s oil and gas industry – the Cambodian National Petroleum Authority – is a constitutionally dubious body under the direct control of Prime Minister Hun Sen and his deputy. Standards Compliance Assessments IMF Dissemination Standard Special Data Dissemination Standard General Data Dissemination Standard IMF Assessment Reports on Standards Codes (ROSCs) and Standards Assessed World Bank – Accounting and Auditing N/A 12 Subscription Status Not a subscriber Yes. a score of less than 3.6% against the US dollar in 2008 and in 2009. while a culture of impunity enables corruption to flourish among senior officials.0 indicates there is “rampant” corruption.0 out of 10. In its country assessment of Cambodia.August 2009.

79% of one-year olds are fully immunized against measles. The report noted the existence of institutional weaknesses in regulation. compliance and enforcement. 44. 4% were minibuses and vans that carried less than 20 people.000 people. 68. IV.000 people. it is 3 per 100. …WFP is assisting over one million people in Cambodia. The infant mortality rate is 53.0 per 1. National food supplies are barely adequate for reasons ranging from natural disasters to inadequate agricultural policies. the under 5 mortality rate is 91 per 1. There were 6. According to the WHO. There are 4 personal computers per 1.7%. Cambodia is one of the 77 "Low Income Food Deficit Countries” as defined by the Food and Agriculture Organization.000 people.000 were women 15 and over and 4. The prevalence of HIV/AIDS is 0.5%.8% of the adult population (15-49 years old). 28.900 deaths from AIDS.593/1.000 people (in the US. In 2007.000 live births. The International Food Policy Research Institute places Cambodia 61 of 84 countries in the 2009 Global Hunger Index (the higher the number the greater the extent of malnutrition). This is above the 0. The per capita consumption of electricity is 82. there were 75. Social Indicators Cambodia is ranked 137 of 182 in the 2009 UNDP Human Development Index. Internet use is 5 per 1. 65% of the population have access to clean drinking water.924 kilowatt hours).7 years for females and 60.0% of the population lives below the national poverty level and the projected life expectancy for 2010 (according to the US Census Bureau) is 62. there are huge problems in distribution and access for a significant and growing portion of the population. it is 12.000 people.000 people living with AIDS of which 20. 26% of the population is considered to be undernourished.” 2. As a result. 20 physicians per 100.4 years for males).3 radios per 1. the probability of dying between the ages of 15 and 60 is 25.000 people.2% of the population lives on less than $2 a day. It has been assessed by the World Bank for Accounting and Auditing. 43% of households have a television and there are 98. 3.4% of children under 5 are underweight for their age.400 were children (ages 0-14).Cambodia has not been assessed by the IMF in any of its ROSCs.000 people. 84% were motorized 2 and 3 wheelers and 2% were trucks. Access to Technology There are 3 mainline telephone lines and 291 cellular subscribers per 1. there were 154. 11% of babies are born with low birth weight.5 years (64. Health Indicators There are 90 nurses and midwives per 100. 28% of the population have access to improved sanitation facilities.1 kilowatt hours (in the US.0% of births are attended to by a skilled health care professional.000 people) and the tuberculosis death rate is 89 per 100. 13 . there were 209 dentists and 564 pharmacists in 2000.000 people and 10 hospital beds per 100. In 2007. the maternal mortality rate is 540 per 100.3% average for South and Southeast Asia. the probability of dying before the age of 40 is 18.000 live births.000 1.000 live births. Human Capital Index UNDP Human Development Index 2009 Rank 137/182 Score 0. The World Food Program profile for Cambodia said.000 people. The prevalence of tuberculosis is 664 per 100. Cambodia is ranked 126 of 134 countries in the World Economic Forum’s 2008-2009 Network Readiness Index. “Cambodia remains one of the poorest countries in Asia with…between 15% and 20% of the population in extreme poverty. 35.389 motor vehicles of which 9% were cars.

Medical care outside these two cities is almost non-existent. Both Phnom Penh and Siem Reap have a limited number of internationally-run clinics and hospitals that can provide basic medical care and stabilization.545 road traffic accident deaths.5 per 100. There were 261. The US State Department Travel Advisory said. but because the quality of locally obtained medications can vary greatly. Local pharmacies provide a limited supply of prescription and over-the-counter medications. Secondary school begins at age 12 and lasts 6 years. the mortality rate for cardiovascular diseases is 392 per 100. the literacy rate is 67.956 cases of malaria in 2006 and 577 deaths from malaria. Cambodia is ranked 65 of 100 nations in the Save the Children’s World School Success Index for Developing Countries.5% 14 . The primary to secondary transition rate is 79%.7%.5% of the male population 15 and over. Cambodia is ranked 174 of 190 countries. The per capita health expenditure in 2006 was just $96 and the total expenditures on health were 5.000 people.1% for males and 0. there were 1. 4. The gross enrollment in tertiary school is 5. The average literacy rate for East Asia and the Pacific is 93. The Bertelsmann Country report for Cambodia noted that “Unemployment among university graduates is high…university education is of poor quality.5%. Education Indicators Education is not compulsory but it is free.8 years. The school life expectancy is 9. For women. It measures how prepared children are to succeed in school. Many schools are in poor condition and lack drinking water and toilets.2% for females and the prevalence of smoking is 6.75% FDI (UNCTAD 2008) $815 mn -2. "Medical facilities and services do not meet international standards. This compares to a regional average of 72% for girls and 71% for boys.3% for those 15 years and older.The prevalence of diabetes is 2. many graduates lack the necessary skills and qualifications for the job market.000 people. Schools are overcrowded and there is a shortage of equipment and school materials such as books.8 years. The net enrollment rate in secondary school is 32% for girls and 36% for boys. The ratio of primary age children who are not in primary school is 10%.000 people. Primary education begins at age 6 and lasts for 6 years. 52% reach the last grade of primary school and 12% of students repeat a grade. Of the students who enroll in grade 1. the prevalence of obesity is 0. This is well below the regional average of 25%. Outlook and Credit Rating IMF Country Data Overview 2009 (Est. V.6%).000 people and deaths due to AIDS are 114 per 100. HIV/AIDS accounted for 10% of the total. Teachers’ salaries are low and pay is often irregular.6% -5. the average school life expectancy is 11.0% of the population between 20 and 79 (the average for East Asia and the Pacific is 2. The mortality rate for cancer is 148 per 100. The net enrollment rate in primary school is 88% for girls and 92% for boys. This compares to a regional average of 93% for girls and 94% for boys.7% $10.) GDP Growth GDP: GDP capita: per CPI: Current Account as % of GDP Budget deficit as % of GDP -6.9% of GDP. The pupil/teacher ratio in primary school is 55:1. In 2007.0%.” In the WHO’s ranking of the world’s health care systems.5% of the female population 15 and over and 40." The literacy rate is 76. For the countries of East Asia and the Pacific. Economic Data. tuberculosis was 8% and diarrhea disease and perinatal conditions each were responsible for 7%.901 bn $782 -0. In a WHO survey of the leading causes of death in 2002. The homicide rate in 2004 was 18.

Honduras. which will be equal to just 1. Country Credit Ratings Credit Rating (as of date of publication) Standard & Poor’s B+/Stable/B Moody’s B2/Stable Fitch Ratings N/A Cambodia has been assigned a credit rating by Standard and Poor’s and Moody’s but not by Fitch. The weak economy prompted a major fall in imports that narrowed the current account deficit. Suriname and Uganda. Latest IMF Consultation In a press release on December 8 that outlined the highlights of the just released Article IV Consultation Report. which is the same rating as that given to Mozambique. Turkmenistan. clothing exports to the US. The government wants to not only expand rice output but also increase output of soy beans. Given Cambodia's notoriously high level of corruption. resulting in the loss of 38. Nigeria. foreign direct investment inflows and tourist receipts. cashew nuts and corn. The start of oil production in 2011 will give Cambodia an additional source of export revenue to reduce its large current account deficit and provide the funding to boost spending on the inadequate infrastructure and health and education systems. The economy contracted by an estimated 2. There is room to substantially boost rice exports as rice yields are among the lowest in the region due to limited use of improved seeds and fertilizer and the need for better water management. Bosnia and Herzegovina. and Venezuela. it is questionable how much of the oil revenue will be responsibly spent. Both the garment and tourist industries were undermined by the global economic downturn. which led to a reduction in garment exports. dropped 27% from the same period of 2008. But it will not be a panacea as the oil deposits that have been discovered are not especially large. around 93 garment and shoe factories closed in the first 11 months of 2009. Growth was expected to resume in 2010 with an increase of 4. the Dominican Republic. 15 . Economic Outlook There is a great need to diversify the economy which is overly dependent upon the garment.7 bn by 2021 before starting to decline. 2. and stymied inflation.190 jobs and a further 60 factories employing 35. Moody’s has given Cambodia a rating of B2/Stable. the economy was undermined by the global economic downturn. This is the same level as Bolivia. 3.7% in 2009.3% of projected GDP. the IMF noted that after a decade of high economic growth. For S&P an investment grade rating is BBB. These sectors however provide relatively few “formal” jobs.337 people were forced to temporarily suspend operations. the IMF estimated that oil earnings will be $174 mn in 2011. Agriculture is a sector that offers great potential to diversify the export base. The economy was also restrained by the collapse of the property bubble. The IMF envisages oil earnings climbing to $1.1. tourist and construction sectors. In 2007.3% in response to a rebound in the global economy which will spur garment exports. Senegal. The IMF has expressed concerns over the deterioration in the health of the banking sector and has urged the central bank to strengthen its supervision of the financial system. The construction sector meanwhile was weakened by the bursting of a property bubble that undermined the banking system by boosting non performing loans. The maximum estimate for oil reserves is 700 mn barrels. which is Cambodia’s dominant export market.or above and for Moody’s it is Baa or above. According to the Labor Ministry. S&P has given Cambodia a country rating of B+/Stable/B. Papua New Guinea. which slowed the construction sector and had negative implications for the banking sector. In the first 5 months of 2009 for instance.

Membership in international organizations Financial Action Task Force (FATF) International Center for Settlements of Investment Disputes (ICSID) International Federation of Accountants (IFAC) Multinational Investment Guarantee Agency (MIGA) United Nations Convention Against Corruption World Intellectual Property Organization (WIPO) World Trade Organization (WTO) Not a member Entry into convention on January 19.pdf World Urbanization World Development Report for 2009” http://siteresources.un. “World Governance Indicators”.worldbank. “Sihanoukville” http://www. “Failed State Index 2009” “The World Factbook .gov/ipc/www/idb/region.asp?panel=3 Political Environment Table Bertelsmann Transformation Index http://www.html Embassy of Cambodia in New Zealand. “Selected Indicators.census.asp 16 Sources for Cambodia Geography Central Intelligence Agency.freedomhouse. 2005 Associate member Yes. a member A member since October 13.fundforpeace.un.php?option=com_content&task=view&id=99&Itemid=140 World Bank.asp?panel=3 US Census Bureau: International Data Base http://www.pdf Freedom House – “Freedom in the World 2009: Table of Independent Countries http://www.Country Report for Cambodia” UN World Population Prospects: The 2008 Revision Population Data Base World The 2007 UN Population Data Base http://esa. 2009 http://info.cia. a member Ratified on September 2007 Yes.pdf Fund for 2004 VI. 2009 http://www. 2009 http://www.htm Civil Liberties 2009 Annual Survey of Violations of Trade Union Rights Published by the International Confederation of Free Trade Cambodia National Institute of Statistics.8 m in Funding for Maintenance”.Government Angus Reid Global Monitor.php?IDContinent=3&IDCountry=KHM&Lang=EN Freedom House. “2009 Report for Cambodia” http://www.php/statistics/cpi-cost-price-index International Monetary Fund. “Rebuilding the Education System in Cambodia one Teacher Training at a Time" "Human Rights Report for Cambodia.cfm?page=22&year=2009&country=7579 Freedom House.pdf US Department of State. 2008 http://www. pdf Cambodia Communities Out of Crisis.htm Infrastructure Asian Development Bank. 2008” http://www. “The World Factbook .gov/g/drl/rls/hrrpt/2008/eap/ Business in “Cambodian Road Network Gets $ “Cambodia: Statistical Appendix”.htm Economic Overview Burkhardt.ituc-csi.state.cfm?page=22&year=2009&country=7579 US Department of January 22. “Consumer Price Index” http://www.freedomhouse. "Human Rights Report for US Department of Jo Ann.imf. February "Human Rights Report for Cambodia. “World Economic Outlook Database”." February Central Intelligence Agency.angus-reid. 2009 http://www.pdf International Monetary “Ports in Cambodia” http://www." February 25. “2009 Report for Cambodia” http://www. 2009 http://www.adb.state.Country Report for Cambodia” “Freedom of the Press 2009” http://www." February Freedom House.html 17 .business-in-asia. Report for Cambodia http://survey09. October 2009 http://www.cia.state. “Facts and Figures on Cambodia” http://www. “Election Tracker for Cambodia National Assembly elections of July 27.

cfm?Section=Home&CONTENTID=3960&TEMPLATE=/ContentManagement/ContentDi splay. “Phnom Penh International Airport” http://www.htm Central Intelligence “Transportation in Cambodia” http://www.cambodia-airports.civilaviation. “Siem Reap Airport” http://www. July 16. “Ministry of Rural Development Signing of the MOU for second rural water supply and sanitation sector project between MRD and ADB” “The World Factbook March 21.html CamboidiaTravel. 2008 http://ipsnews.aspx?tabid=98 Phnom Penh International Airport Cambodia State Secretariat of Civil Aviation “Royal Air Cambodge went Bankrupt”.cia.asp?idnews=41678 Ministry of Rural Development. 2001 http://www. “The Cambodian Prime Minister: China becomes the constructor of the Largest Sections of roads in Cambodia”.aspx?ReportId=80576 International Education Public Service International.wordpress. November “Cambodia” Public Water Works Miracles” http://www.pas.Country Report for Cambodia” October Sihanoukville Autonomous Port http://www.html 18 . “Cambodia Ports Update” port%2C+KH&airportQueryDate=2009-12-14&airportQueryTime=1&airlineToFilter=&airportQueryType=0&x=29&y=12 rport%2C+Phnom+Penh%2C+KH&airportQueryDate=2009-1214&airportQueryTime=0&airlineToFilter=&airportQueryType=0&x=25&y=9 FlightStats. a project of the UN Office for the Coordination of Humanitarian Affairs. “Development-Cambodia: “Bowing to Regional Hydropower Demands”.org/ifcext/spiwebsite1. 2009 2008 http://www.html “Cambodia: Rural Sanitation in Crisis”. Humanitarian News and Analysis. “SCA Upgrade of Phnom Penh airport” http://www.html Cambodia Angkor Air http://cambodiaangkorair. 2009 http://cambodiamirror.Business in 56DCE006EBB91 Interpress Service News Agency. September International Finance

html The Phnom Penh Post.pdf US State Department. October The New York Times. “Next Stop for Big Oil: Cambodia?” February TRANSPORT/0. “Rehabilitating the Urban Water Sector in Cambodia”.theage.htm Electricite du Cambodge http://www. 2006 http://siteresources. “Cambodia is Building Transmission Lines Funded by ADB” http://www. “Rising Needs Along the Mekong” March 6.blogs.cfm?fips=CB Energy Information Administration. November 27. Green Inc. “Traffic.pdf World March 9.php/2009112629793/Business/tracks-going-nowhere.00.eia. November 4. “Work slated to begin on Samrong Station”. ”Net Generation of Electricity by Source for Cambodian in 2007” 2009 http://www. 2008 http://www.toll. 2009. July 28.html Toll Group press Release for June 12. 2009 http://tonto.html 2008 http://www.html Energy sector Australia Broadcasting Company.html World Bank.doe.state.” January Melbourne Age.cfm?tid=2&pid=alltypes&aid=12&cid=&syid=2004&e yid=2007&unit=BKWH&products=alltypes Rigzone.businessweek. 2009 http://www.phnompenhpost.asp?a_id=68777 revenues drop at Sihanoukville Port”.com. “Chevron's Cambodian Oil Project on Track for 2009 Start-Up”. “Cambodia Awards Total Oil Search Rights in Gulf of Thailand” “Tracks going nowhere”. September 17. 2009 http://www. “Transport in Cambodia” http://web.nytimes. “Cambodia grapples with implications of oil discovery”. November “Cambodia launches national carrier”.gov/country/country_energy_data.htm Business in Asia. Australia Radio. 2009 http://www.worldbank. “Cambodia” November “Travel Advisory for Cambodia.html The Phnom Penh Post. http://www.php/2009112729817/Business/work-slated-to-begin-on-samrongstation. 2008 The Phnom Penh 19 . 2009 http://www. 2009 http://travel. 2009 http://greeninc. “Toll Group to Operate Cambodian Railways”.kh/ Energy Information July

imf." 2008 http://econ.ece World Bank. “Cambodia: 2009 Article IV Consultation-Staff Report. and Statement by the Executive Director”.org/external/pubs/ft/scr/2009/cr09325.00. December 7.wordpress.contentMDK:2112193 0~pagePK:64165401~piPK:64165026~theSitePK:476883. Extradition Agreements and Reasons for Exemptions”. “PetroVietnam signs up in Cambodia”. and Statement by the Executive Director”.org/external/default/WDSContentServer/WDSP/IB/2008/06/17/000333038_20080617014 416/Rendered/INDEX/442150ESM0KH00761050Box0327386B01PUBLIC1. October December 8. “US Cambodia Bilateral Relationship and Bilateral Debt”.imf. Staff Supplement.pdf?phpMyAdmin=8319ad34ce0db941ff04d8c788f6365e&phpMyAdmin=ou7lpwtyV9avP1XmRZP6Fz DQzg3&phpMyAdmin=KZTGHmT45FRCAiEg7OLlzXFdNJ4 20 .worldbank. 2009 http://www.htm External Accounts Central Intelligence Agency. November 22. 2009 http://news.pdf International Monetary Fund. Public Information Notice on the Executive Board 2008 http://www.cambodiatribunal. Public Information Notice on the Executive Board Discussion. July “Cambodia Energy Sector Management Assistance Program”.wordpress. 2009 http://cambodiamirror.xinhuanet.Country Report for Cambodia” “Cambodia: 2009 Article IV Consultation-Staff 2009 http://www.embassyofcambodia. “Cambodia: Statistical Appendix”. 2009 http://www..globaltimes. 2009 http://business. “Credits. 2009 http://www. 2009 http://cambodiamirror. “Hun Sen praises China for building hydropower plants in Cambodia”. February 14. “The World Factbook .org/CTM/US_CB_2-1408. November 17.doc International Monetary Fund.upstreamonline.html Xinhua news “Country Profile for Cambodia” http://www. “Cambodia local travel rises as foreign arrivals decrease”. "Migration and Remittances Factbook.WorldPress.txt Xinhuanet.html External Debt CambodiaMirror. February 10.WorldPress.html Information Bulletin of the Cambodian Embassy in Washington International Organization on a.pdf US Department of Staff Supplement. December 2005 December International Monetary Fund.pdf World “Considering Public Financial Resources”.

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org/about/member-bodies Multinational Investment Guarantee Agency http://www.moodys.cfm?stid=1577 United Nations Convention Against Corruption World Intellectual Property Organization Memberships Financial Action Task Force http://www.htm 28 .org/quickref/ =&body_content=issr_list Moody’s http://www. 2009 http://news.aspx?source=StaticContent/BusinessLines/Sov ereign-SubSovereign/ December World Trade Organization http://www.fatf-gafi.html International Center for Settlements of investment Disputes “Cambodia sees 93 garment factories close up” wContractingStates&range=A~B~C~D~E International Federation of Accountants Standard and Poor’s http://www.xinhuanet.htm Credit Rating Fitch http://www.

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