Cambodia could overtake Thailand’s gem export market to the United States within five years, officials said yesterday. Thailand’s growing economic status could soon disqualify it for tax exemption when exporting gems to the US market, but Cambodia’s standing as a Least Developed Country would allow it to continue trading tax free.
“US officials have told me it will likely happen within the next five years,” said Cham Prasidh, senior minister at the Ministry of Commerce, referring to Thailand’s gem trade being taxed. He said that the move would likely attract Thai traders to move their businesses to Cambodia.
“I believe that some Thai traders may run to Cambodia to produce gems and jewellery, and then export from here because they would lose some customers if they were forced to increase their prices. They will have to come to Cambodia.”
Thailand’s gem industry may move to Cambodia
CLMV economies Outlook by EIC Q1/2021
Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.
The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.(more…)
CLMV’s economic growth crashes to two-decade low due to COVID-19
The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year
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