The Ministry of Industry Cooperates with JICA to Strengthen Small and Medium Scale Enterprises in Cambodia – Wednesday, 23.6.2010

Posted on 25 June 2010. Filed under: Week 670 | Tags: , , , , , , , , , , , , , , , , , , , , , |

The Mirror, Vol. 14, No. 670

Note:

Apologies – delays of the publication may occur until 17 July 2010 because of my international travel.

Norbert Klein
At present still in Brussels/Belgium at the meetings of ICANN – the Internet Corporation for Assigned Names and Numbers.

“Phnom Penh: The Ministry of Industry, Mines, and Energy cooperates with the Japan International Cooperation Agency [JICA] with the intention to strengthen and to encourage the productivity development of small and medium scale enterprises in Cambodia.

“The head of the Department of Industry of the Ministry of Industry, Mines, and Energy, Mr. Meng Sak Theara, said to Deum Ampil on 22 June 2010, that the Ministry of Industry, Mines, and Energy, and JICA, an organization of experts experienced in the development of small and medium scale enterprises, is carrying out projects to promote the capacity and productivity of small and medium scale enterprises in Cambodia to be more competitive, and they are also publishing strategies that small and medium scales enterprises can use.

“He added, “The Ministry of Industry, Mines, and Energy, and JICA, having experts in assisting the study of shortages and challenges of each enterprise, assigned an analyst to work out ways to be better able to engage in competition to increase productivity.

“He added also, ‘The Ministry is cooperating with JICA to fulfill two important tasks. First, to organize a work team to directly check factories and enterprises by choosing six companies to implement policies under the guidance of the Ministry and of JICA. The second task is to create different policies to promote productivity and competition.

“An advisor of JICA, Mr. Miyashita Yuichiro, talked on 22 June 2010 during the workshop about the experiences of Japan in encouraging the development of small and medium scale enterprises, and about the implementation of programs in Cambodia, saying that Japan always cares about and supports the Royal Government Cambodia, and at present, JICA is expanding its private sector activities in Cambodia, especially for the development of small and medium scale enterprises.

“He added that the collaboration between the Ministry of Industry, Mines, and Energy and JICA will be able to guarantee the sustainable development of small and medium scale enterprises in Cambodia.

“An Undersecretary of State of the Ministry of Industry, Mines, and Energy, Mr. Heng Sokong, said that in 2009, hand made products of small and medium scale enterprises comprised up to 99.7%, while the macro enterprises contributed only 0.3% [among the 100%, the macro enterprises contribute only 0.3% of that total percentage in this field].” Deum Ampil, Vol.4, #511, 23.6.2010

Newspapers Appearing on the Newsstand:
Wednesday, 23 June 2010

Deum Ampil, Vol.4, #511, 23.6.2010

  • The Ministry of Industry Cooperates with JICA to Strengthen Small and Medium Scale Enterprises in Cambodia

Kampuchea Thmey, Vol.9, #2282, 23.6.2010

  • Sixty One Suspects [40 men and 21 women] related to Human Trafficking and Rape Were Brought to Courts in the First Six Months of 2010 [there were 140 victims, 26 were under the age of 15]
  • Sam Rainsy Party Parliamentarians Plan to Check [Cambodian-Vietnamese] Border Markers in the Ponhea Kraek District this Morning [23 June 2010 in Kompong Cham, as they suspect that there is a loss of Cambodian territory to Vietnam]

Khmer Machas Srok, Vol.4, #688, 23.6.2010

  • Oknha Khit Meng and Oknha Sok Kong Are Excluded from the List of Persons to Declare Their Property as Required by the Anti-Corruption Law [because both of them do not hold any position in government]
  • The Fulbright Program Provides Scholarships to Seventeen Khmer Students to Further Their Education in the United States of America

Koh Santepheap, Vol.43, #6989, 23.6.2010

  • Samdech Euv [the former King], Samdech Mae [the former Queen], and the King Make a Private Visit to Vietnam [from 22 to 25 June 2010]
  • Cambodia and France Signed an Agreement to Cooperate in Repairing the Ba Puon Temple [in Siem Reap, with a grant of Euro 480,000 or approx. US$589,000] and to Fight against Fake Medicine Products [with a grant of Euro 123,500 or approx. US$151,500]

Moneaksekar Khmer, Vol.17, #3913, 23.6.2010

  • [Sam Rainsy Party parliamentarian] Son Chhay: Cambodia Should Change the Habit of Praising Itself and Should Stop Cursing International Organizations That Criticize Something in Cambodia [the Secretary General of the Council for Administrative Reform, Mr. Ngor Hongly, had praised that the Royal Government of Cambodia has determined that the Rectangular Strategy for Growth, Employment, Equity and Efficiency, and the national development plan are successful. The two strategies aim to enhance the macro-economy and the development with sustainability and equity, and poverty reduction. Mr. Son Chhay regarded this speech as boasting]

Phnom Penh Post [Khmer Edition], Vol.1, #199, 23.6.2010

  • Vietnam Wants to Establish Flights from Đà Lạt [Da Lat – a touristic area in southern Vietnam] to Angkor [in Siem Reap]
  • 257 Military Trucks Donated by China Arrived in Phnom Penh

Rasmei Kampuchea, Vol.18, #5231, 23.6.2010

  • Expert Official [the head of the Border Committee of Cambodia, Mr. Var Kim Hong]: [Opposition party president] Sam Rainsy’s Map Is Fake [he claimed that the 1:100,000 map deposited at the United Nations in 1964 does not have grids, while the map that Mr. Sam Rainsy published on the Internet has grids; the Phnom Penh municipal court issued an arrest warrant for Mr. Sam Rainsy for faking public documents and spreading disinformation]
  • The German Ambassador [Mr. Frank Markus Mann] Would like to see Cambodia Returning to Normal Diplomatic Relations with Thailand

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The Conditions of the US$1.1 Billion Aid Require Hun Sen to Keep His Promise about Reforms and to Adhere to Policies of Transparency and Good Governance – Wednesday, 9.6.2010

Posted on 10 June 2010. Filed under: Week 668 | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Mirror, Vol. 14, No. 668

“Donors and aid organizations provide development aid to Cambodia because they want the Cambodian government to create mechanisms to fight corruption, effectively implementing an anti-corruption law. In 2010, Cambodia received pledges of US$1.1 billion of aid from donors, where Japan provides US$131 million, comparable to China that provides more than US$100 million. The third big donor is the United States of America that provides US$68 million, Germany more than US$65 million, and Australia more than US$61 million. Besides, the Asia Development Bank, the World Bank, and many other global institutions provide most of the rest of the aid amounting to US$352 million.

“Also, twelve organizations of the United Nations provide more than US$86 million, and European countries, including through the European Commission, provide more than US$255 million, among which Germany provides most with US$65 million.

“Besides the intention to see the government organize anti-corruption mechanisms, the donors and aid organizations as well as international financial institutions focus on the plans to maintain macro-economic stability and to reduce the poverty of Khmer citizens, by suggesting that increased aid efficiency is essential, and they hope that the Cambodian government will use the aid efficiently and transparently, to encourage economic growth. If Cambodia cannot achieve economic growth, poverty alleviation will be difficult. Therefore, the donors and aid organizations will step up their mechanisms to carefully monitor the use of aid.

“The country director of the World Bank in Cambodia called for concentration to strengthen the economic basis, like through the improvement of competitiveness and of the investment atmosphere, the provision of concession land that benefits the poor, solutions for citizens who lose their land, public administration reforms, and especially the improvement of transparent control and use of income from natural resources.

“The International Monetary Fund, an institution that provides technical assistance on finance and banking, suggested that the Cambodian government has to cut down the national deficit that increased by 6% in 2009 down to 5% by eliminating tax exemptions, though they are important to attract investors.

“Formerly, in order to attract investors to Cambodia, the government decided not to tax factories or enterprises newly opened during the first two or three years, depending on whether those factors or enterprises had gained profit or lost.

“Also, the representative of the European Union demanded the improvement of education quality and the promotion of primary education, fields which are still weak. He said that the number of people who cannot attend school is still high. Thus, the government has to ensure that boys and girls have equal opportunities to go to school, so as to increase educational opportunities for girls. And the government has to decrease the number of students that drop out from school.

“Not only in Cambodia, but also in other developing countries in the world, financial aid is crucial for the development of these countries.

“Among the more than 14 million Khmer citizens, about 4 million live under the poverty line. In 2006, Cambodia received more than US$700 million financial aid, and the figures keep increasing from year to year, where in 2010 the aid pledges increased to US$1.1 billion. Nevertheless, expert officials estimated that in 2011, the aid will decline to US$958 million and in 2012 to US$750 million.

“The opposition parties suggested to donors and aid organizations not to provide aid to the government, accusing the government of committing corruption, and the government does not use the aid properly. But the aid keeps rising anyway.

“It is good that the government is successful in trusting donors and aid organizations in its ruling. But what the government had promised is not just to satisfy the donors. The government must work on its weak points and should not arbitrarily react against criticisms. Particularly, it should be able to carry out its commitment to conduct public administrative and judicial reforms, to strengthen the transparent management of income from oil and gas resources, and to strengthen the effective implementation of the anti-corruption law.

“If the government can achieve success following its commitments, we believe that the aid to be provided in 2011 would be more than that in 2010.” Khmer Amatak, Vol.11, #777, 9.6.2010

Newspapers Appearing on the Newsstand:
Wednesday, 9 June 2010

Deum Ampil, Vol.4, #499, 9.6.2010

  • Cambodian and Siamese [Thai] Soldiers Had an Armed Clash at Ou Cham Bak Point in the Trapeang Prasat District [in Oddar Meanchey; one Cambodian army commander said that Thai soldiers started shooting at Cambodian soldiers first, but the spokesperson of the Cambodian Ministry of Defense says that this is not clear – but nobody was wounded]
  • Spain Provides a Loan of US$5 million for Development over a Period of Three Years [2010 to 2012, to achieve the Millennium Development Goals]
  • [Mr. José Mujica, a former left wing guerilla fighter, elected president in 2009] The President of Uruguay Is the Poorest President in the World [he owns no house and drives a car that cost only US$1,900; he gets US$11,000 as his salary, but he donates one fifth to the funds of his party, and the rest of the salary to the state funds to construct infrastructure for people in poor areas]

Kampuchea Thmey, Vol.9, #2270, 9.6.2010

  • The Forestry Head of the Sandan Commune Intercepted More Than 400 Cubic Meter of Wood Hidden by a Trader [so far nobody has been arrested – Kompong Thom]

Khmer Amatak, Vol.11, #777, 9.6.2010

  • The Conditions of the US$1.1 Billion Aid Require Hun Sen to Keep His Promise about Reforms and to Adhere to Policies of Transparency and Good Governance

Koh Santepheap, Vol.43, #6977, 9.6.2010

  • The Appeals Court Maintains the Judgment of the Municipal Court That Rejects the Request [of opposition party president Sam Rainsy] to Create an Independent Border Committee [to check the putting of border markers in Svay Rieng]
  • Fake $100 Notes Worth US$10,000 Were Planned to Be Trafficked into Phnom Penh [but were intercepted; a man was arrested – the Banteay Meanchey police suspected a taxi that carried no passengers but drove very fast towards Phnom Penh – Kandal]

Moneaksekar Khmer, Vol.17, #3901, 9.6.2010

  • Corruption and Interference by Politicians into the Judicial System in Cambodia Must Be Reformed in Time

Phnom Penh Post [Khmer Edition], Vol.1, #189, 9.6.2010

  • Four Companies [names not mentioned] Continue to Dredge Sand at the Koh Kong Beach [sand dredging is supposed to have been forbidden, and it affects the fish yield ]
  • Another Car Assembly Company Will Be Established [in Cambodia; the Khmer First Car Company, owned by a Chinese national, will be established in Phnom Penh to assemble trucks – brand name not mentioned]

Rasmei Kampuchea, Vol.18, #5219, 9.6.2010

  • The Senate and the National Assembly Appointed Members of the Anti-Corruption Council [Mr. Prak Sok, a former member of the Constitutional Council, is the representative of the Senate, and Mr. Tob Som is the representative of the National Assembly]
  • The Secretary of State of the Ministry of Economy, Industry, and Employment in Charge of Foreign Commerce of France [Ms. Anne-Marie Idrac] Visits Cambodia [from 9 to 11 June 2010, to boost Cambodian-French cooperation]
  • 11.54 Cubic Meter of Ebony Wood Was Intercepted [the car driver run away from the truck – Prey Veng]

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Officials: Cambodia Hopes to Get US$1 Billion Aid as Expected – Thursday, 3.6.2010

Posted on 4 June 2010. Filed under: Week 667 | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Mirror, Vol. 14, No. 667

“Government officials and donors met on Wednesday in Phnom Penh for the [third] Cambodia Development Cooperation Forum. During the forum, the donors appealed to the government to speed up key reforms tied to the provision of aid. More than 100 representatives from donor countries and from international financial organizations attend the Cambodian Development Cooperation Forum with plans to grant aid before the meeting ends on Thursday. Officials of the Cambodian government expect that the government will get the envisaged aid of US$1 billion.

“During the speech to open the forum, Prime Minister Hun Sen announced that the government will use the aid effectively, adding that the government will continue to solve major problems such as corruption, land ownership, and judicial reform. He said, ‘The Royal Government has made its utmost effort to firmly and deeply implement various reform programs and consider them a “life or death” issue for Cambodia.’

“The World Bank country director, Ms. Annette Dixon, said, representing the donors, that she lauded the development of Cambodia since the Cambodian Development Cooperation Forum held in December 2008, but the progress of the government is still limited in terms of its work to improve strategic planing and to manage aid. She said, ‘It is important for the government to take the lead in aligning resources to development priorities,’

“During the closed-door meeting on Wednesday, the delegations discussed the National Strategic Development Plan Update for 2009-2013 of the government, as well as the policies to ensure the macroeconomic stability during this time of a global economic crisis. In December 2008, Cambodia received pledges of US$951.5 million, compared to US$650 million in June 2007.

“The spokesperson of the Royal Government, Mr. Khieu Kanharith, said after the meeting on Wednesday that the meeting went smoothly and there were not any objections from donors. He said, ‘I don’t know how much money the government will receive from donor countries this year, but I estimate it will reach our expectations.’

“Also, the Minister of Economy and Finance, Mr. Keat Chhon, said that the aid tendency keeps increasing, and the requirement of the government will rise to as much as US$1 billion in 2010.

“The Cambodian Development Cooperation Forum has been analyzed carefully in the past few weeks, and local and international non-government organizations called on the donors to press the government to fulfill the agreed requirements carrying out major reforms in the country and to apply the Joint Monitoring Indicators. Fifteen local non-government organizations said in a document released on Tuesday, ‘It is not enough to throw money at problems and hope the ruling party will act in the interest of the people.’

“A report released on Monday by Global Witness suggested that the donors should take ‘a coordinated stand against the horribly subverted dynamic of aid in Cambodia in which their country’s money props up the basic functions of the state, leaving an elite free to exploit the state’s assets for personal profit.’

“An advisor of the government, Mr. Raoul Jennar, said during the forum that the government and the donors have been successful in cooperating to create new laws, and he hopes that the donors will provide strong support during the Cambodian Development Cooperation Forum. He said, ‘The government has made many achievements in recent years where more than 260 laws have been adopted during the previous decade. The problem is that development needs highly skilled human resources; this is a problem that Cambodia is facing.’

“Other participants said that the government should care more about the involvement by civil society rather than focusing on foreign policy makers.” Phnom Penh Post [Khmer Edition], Vol.1, #185, 3.6.2010

Newspapers Appearing on the Newsstand:
Thursday, 3 June 2010

Areyathor, Vol.17, #1442, 3-4.6.2010

  • 2,000 Workers Strike in Kompong Chhnang [against their shoe factory owner, who is forcing them to work overtime]

Deum Ampil, Vol.4, #494, 3.6.2010

  • Sam Rainsy Party Parliamentarians Are Still Defiant and Want to Visit the Border Marker Number 270 [in Takeo though the president of the National Assembly did not give them a permission for this visit]

Kampuchea Thmey, Vol.9, #2265, 3.6.2010

  • Samdech Dekchor Hun Sen: The Aid provided by Development Partners Is a Very Important Contribution for the Development of Cambodia
  • The Cambodian and the Indonesian Governments Signed an Agreement to Mutually Waive Visa Fees for Normal Passport

Khmer Machas Srok, Vol.4, #672, 3.6.2010

  • [Sam Rainsy Party spokesperson] Yim Sovann: Sam Rainsy Party Parliamentarians Will Visit the Border Marker Number 270 Today

Koh Santepheap, Vol.43, #6972, 3.6.2010

  • Ms. Mu Sochua Said that She Will Not Pay the Fine of Riel 16.5 Million [approx. US$4,000] in the Case She Lost [against Prime Minister Hun Sen over defamation], but She Would Rather Go to Jail [the Supreme Court upheld the judgment of the Appeals Court]
  • A Grenade Was Thrown at a Dancing Event, Resulting in One Death and Thirteen Injured People [perpetrators are not yet identified – Oddar Meanchey]
  • The Japanese Prime Minister [Mr. Hatoyama Yukio] Resigned from His Position after Staying in Office Less Than One Year

Moneaksekar Khmer, Vol.17, #3896, 3.6.2010

  • The National Bank of Cambodia Bought Riel Notes with US$3 Million to Support the Dwindling Value of the Riel [the present exchange rate is approx. US$1 to Riel 4,260]

Phnom Penh Post [Khmer Edition], Vol.1, #185, 3.6.2010

  • Officials: Cambodia Hopes to Get US$1 Billion Aid as Expected
  • [Minister of Foreign Affairs] Hor Namhong: Cambodia Is too Lazy to Respond to Thailand over an Extradition Request for Mr. Thaksin [confirming that Cambodia will not honor an arrest warrant from Interpol to extradite Mr. Thaksin, though the Thai government plans to send it through Interpol to 187 countries]
  • Disabled People [through 150 representatives of 620 families of veterans from Kompong Cham] Protested in Front of the Prime Minister’s Residence [in Phnom Penh] over a Land Dispute [asking for intervention by Mr. Hun Sen to distribute 4,000 hectares of land to the ‘Association Cripple Development’ in Kratie, because on 24 April 2010, the provincial authorities claimed that the land belongs to private companies]

Rasmei Kampuchea, Vol.18, #5224, 3.6.2010

  • Cambodia Denied It Has Provided Training Shelter in Cambodia for Thai Red-Shirt Armed Militants [a Thai military commander had commented that Thai red-shirt armed militants had been in Anlong Veng district, Oddar Meanchey]
  • The Asian Development Bank Grants US$2.2 Million for a Project to Assess the Impact of Legal Procedures of the Economic, Social and Cultural Council

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It Is Time to Value the Riel and Stop Trading with Foreign Currencies at the Markets in Cambodia – Saturday, 22.5.2010

Posted on 23 May 2010. Filed under: Week 665 | Tags: , , , , , , , , , , , , , , , , |

The Mirror, Vol. 14, No. 665

“Earlier on, Sam Rainsy Party parliamentarians had frequently demanded that the National Assembly should promote the use of the Riel, and now there is a plan by the government for the de-dollarization of the economy towards the use of the Riel in general, which is welcomed immediately by the opposition party.

“A Sam Rainsy Party parliamentarian, Mr. Yim Sovann, welcomed this plan on Friday, 21 May 2010, saying, ‘This is what we have demanded for a long time, to value our national currency and to prevent inflation by using the Riel.’ Mr. Yim Sovann told Moneaksekar Khmer, ‘During sessions of the parliament, I had often raised this issues of using the Riel in our Cambodian economy, to both enhance our national prestige and to promote the Riel in order to effectively maintain macro-economic stability.’

“Mr. Yim Sovann said so after a Secretary of State of the Ministry of Economy and Finance had mentioned, during a meeting on 20 May 2010, a plan of the government to de-dollarize the economy by using the Riel, considering also economic and social observations of the UNDP in Asia and the Pacific. Mr. Hang Chuonarong said that Cambodia wants to de-dollarize towards the use of the Riel. However, the Secretary of State said, ‘We want to change, but we are not sure from which step to start.’

“There is the same insight like what the opposition party had said, that only the use of the Cambodian currency can help Cambodia to maintain economic stability and its prestige. A millionaire and senator from the Cambodian People’s Party, Mr. Kong Triv, stated in support of the initiative that Cambodia should use the Riel to show its integrity at the international arena.

“Anyway, this initiative was intensively debated on Thursday, 20 May 2010. Most participants wanted Cambodia to take effective actions to ensure the use of its currency. For years, Cambodia had been criticized for allowing the free use of foreign currencies, including the US Dollar, which is being lively traded in the markets of Cambodia – and that devalues the Riel.

“Mr. Yim Sovann said that dollar notes are used for buying and selling, including even such simple daily vegetable products like water convolvulus, and this partly devalues its own currency – something no other countries do as Cambodia does. Neighboring countries like Thailand and Vietnam established their central banks for exchanging foreign currencies into their countries’ currencies. Everywhere in Yuon [Vietnam], the Dong is used. He added that tourists as well as investors exchange Dollar notes or their countries’ currencies when they leave Cambodia [for Thailand of Vietnam].

“As for foreign currencies used in Cambodia, it is not only the US Dollar. In some provinces of Cambodia bordering Siam [Thailand] and Yuon, their currencies are also invading . For example, if one want to go to Bavet in Svay Rieng or to Phnom Din district in Takeo, one needs to exchange Riels and Dollars for Dongs in advance. And if one wants to go to Oddar Meanchey or to Koh Kong, one needs to exchange money to have Thai Baht, because at those places, Riel notes are not used in general, and some common vendors do not even know Khmer Riel notes well.

“The most important problem is that earlier on as well as recently, it had been reported that the Koh Kong Water Supply and Electricity Authority – exclusively controlled by a local millionaire and senator from the Cambodian People’s Party, Ly Yong Phat, known to hold a Siamese identification card – officially decided to order the citizens in the town to settle their electricity bills with Thai Baht. This seems to show to have indirectly cut-off the province of Koh Kong from Cambodia and attached it to Siam.

“This bad decision, that leads to the devaluation of one’s own currency, seems to be a part of the devaluation of the national identity, and it is seen to originate from the Cambodian government itself, as most bidding and expense-income projects of the state are settled by using US Dollars rather than Riels. Therefore, the Cambodian People’s Party government has to be awake and stop devaluing its own currency. If it prints Riel notes, but does not use them broadly in the country, it is useless to print them and to waste national resources on it. In fact, it is not a good practice when a nation does not support its own country, but values the currencies of other nations.

“At present, the Riel of Cambodia is not used broadly to settle the account of important products – which is very dangerous for Cambodia. Thus, the government should reconsider the demands mentioned above by the opposition party and in a timely way introduce new strategies to guarantee the potential of the Riel in the markets.” Moneaksekar Khmer, Vol.17, #3886, 22-23.5.2010

Newspapers Appearing on the Newsstand:
Saturday, 22 May 2010

Deum Ampil, Vol.4, #484, 22.5.2010

  • Cambodia Supports a Statement of Vietnam That Expresses Concern about the Situation in Siam [Thailand]
  • Cambodia Is among the Twenty Countries around the World to Receive [direct agricultural] Aid from the United States of America
  • [Oknha] Mong Riththy: Collecting Taxes for Pigs Imported from Neighboring Countries Will Help Farmers [each year Cambodia loses US$146 million on imported pigs]

Kampuchea Thmey, Vol.9, #2255, 22.5.2010

  • Wood Trading Still Continues Strongly in Oddar Meanchey
  • According to Latest Information, 85 Red Shirt Demonstrators [opposing the Thai Government] Died and 1,898 Were Injured
  • Agricultural Officials Encourage Citizens to Grow Foreign Grass [it contains higher nutrition than local grass]

Koh Santepheap, Vol.43, #6962, 22-23.5.2010

  • Samdech Dekchor Hun Sun Asked for a Reduction of Wood Consumption, but Suggested the Use of Iron and Cement Instead in Order to Reduce Logging
  • The Koh Kong Town Runs Out of Clean Water as the Water Reservoir Dries Up Due to the Too Hot Weather
  • Mr. Philippe Gréciano [professor at the university of Grenoble in France, who has also worked at the international genocide court it Rwanda] Is Appointed as Defense Lawyer of [former Khmer Rouge leader] Khiev Samphan

Moneaksekar Khmer, Vol.17, #3886, 22-23.5.2010

  • It Is Time to Value the Riel and Stop Trading with Foreign Currencies at the Markets in Cambodia

Rasmei Kampuchea, Vol.18, #5204, 22.5.2010

  • Five People Trafficking Humans across the Border Were Arrested and Seventeen Victims Were Freed [Sampov Loun district, Battambang]
  • The Destructions in Bangkok Amounts to US$1.5 Billion

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