Cambodia approves $10 mn investment projects, creating almost 3,000 jobs
Two new investment projects worth more than $10 million have received CDC approval and
potentially would result in more than 2,900 jobs for Cambodians.
Fitly Apparel Co, Ltd and WH Packaging Co, Ltd are the two new projects for which the
Cambodian Investment Board (CIB) has released the investment proposal.
Fitly Apparel Co, Ltd will invest around 5.3 million dollars in the project, which might create
1,891 employees in Cambodia. WH Packaging Co, Ltd plans to invest around $5.1 million,
which might result in the creation of 1,076 jobs in Cambodia. This project proposes to create a
packaging industry in the Kampoul region of Kandal province.
World Bank expects international rice prices to climb by 17 percent this year
The World Bank predicts that global rice prices will grow 17% yearly to $510 per tonne in 2023 before decreasing to $490 per tonne the following year.
According to the bank's annual Commodity Market Outlook presented in Washington, rice prices rose 11 percent in the first quarter of this year due to high demand and limited supply.
Several factors, including robust demand in Asia due to major festivals and restocking, and currency appreciation in India against the US dollar, contributed to the 11% increase in rice prices in the first quarter of this year.
China factory activity unexpectedly cools in April
Due to widespread COVID-19 lockdowns that halted industrial operations and disrupted supply networks, China's manufacturing activity declined at a greater rate in April. As a result, the manufacturing purchasing manager's index (PMI) decreased to 51.4 in April from 51.9 in March, indicating that the sector's development is slowing.
Because of variables such as COVID-19, supply chain disruptions, and increasing raw material costs, China's factory activity growth has been erratic.
China's economy grew faster than projected in the first quarter, as the lifting of draconian COVID restrictions lifted businesses and consumers out of devastating pandemic disruptions. However, the global banking crisis and slowing growth in major economies have hampered demand for Chinese goods, putting additional strain on manufacturers and the trade sector, which employs around 180 million people.
"The China Containerized Freight Index edged lower in April from the previous month, indicating some softness in new export orders," ANZ senior economist Bansi Madhavani said.
