In a promising turn of events, the ASEAN-International Wholesale Market, also known as Deum Kor Thmey, is nearing its grand opening at the end of this year. This marketplace, set to become Cambodia’s largest wholesale hub, is already showing great promise, with approximately 70 percent of traders having successfully completed their registrations.
Located along the picturesque Win-Win Blvd in the Kork Roka commune of Phnom Penh’s Prek Pnov district, the market project broke ground in 2022, covering an impressive area of over 20 hectares. Spearheaded by the Guangxi Business Development Association (GBDA) from China, the initial phase featuring 6,000 stalls has already been successfully completed.
Phnom Penh Governor Khuong Sreng, along with the Chinese Ambassador Wang Wentian, recently inspected the site on October 12, expressing their optimism and enthusiasm for the project. Governor Sreng highlighted the market’s role as a comprehensive wholesale center, catering to both local and imported goods, and emphasized the wide range of merchandise that will be available.
“The market will offer vegetables, materials, furniture, and more. It will accommodate imports from neighboring countries and China, distributing products across all 24 provinces. The location is ideal,” he stated, underlining the market’s potential to ease congestion in the capital, particularly benefiting the business community on Monireth Street in Tuol Kork district, where Phsa Daeum Kor Market is currently situated.
Ambassador Wang commended this wholesale investment project, underscoring its importance in strengthening the Cambodia-China “diamond cooperation” framework, a testament to the friendship and collaboration initiated by the leaders of the two countries. He further disclosed that the GBDA plans to transfer stalls to business owners in December, with a generous five-year contract, including two years free of charge. This approach is poised to support local businesses and traders significantly.
What makes this development even more promising is the market’s substantial capacity, capable of stocking up to 60,000 tonnes of goods, which will include a diverse array of local Cambodian products and imports from neighboring nations such as Vietnam, Thailand, and China.
Cambodia’s achievements in the agricultural sector also shine brightly, with the Ministry of Agriculture, Forestry, and Fisheries reporting that the country exported over 5.5 million tonnes of agricultural products to international markets in the first nine months of 2023. These exports spanned an impressive 71 countries and territories, resulting in earnings exceeding $3.21 billion. This export volume encompasses more than 450,000 tonnes of milled rice, over 1.8 million tonnes of paddy rice, and more than 3.3 million tonnes of non-rice agricultural products.
Moreover, data from the International Commodity Trade Statistics report, released by the General Department of Customs and Excise on October 10, indicates that during the nine-month period, trade between Cambodia and its partners, including both exports and imports, reached a total value exceeding $35 billion. While it marks a 3.5% year-on-year decrease, it’s essential to recognize the resilience and dynamism of Cambodia’s trade in the face of global challenges.
Cambodia’s exports to international markets still amounted to nearly $17 billion, with only a modest 0.8% decrease, while imports exceeded $18 billion, reflecting a manageable 5.9% decrease. These numbers underscore Cambodia’s resilience and adaptability in the face of international economic fluctuations.
The forthcoming ASEAN-International Wholesale Market represents an exciting milestone for Cambodia, promising opportunities for both local and international businesses, and further cementing Cambodia’s role as a vital player in the global trade landscape. The market’s opening, along with the impressive performance in the agricultural sector, showcases Cambodia’s determination to grow and thrive, even in challenging times.
Note: Photo is not related to Deum Kor Thmey market.
