Cambodia exported bicycles worth US$416.7 million in 2023, a decrease of 53.6 percent from US$899.7 million in a year earlier, pointed out a report of the General Department of Customs and Excise. According to the source, the made-in-Cambodia bicycles were exported to the European Union, the United States of America, Britain, Canada, Japan and China, among others. Cambodia's bicycle exports have declined as orders from other countries were affected by the economic crisis, said H.E Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce. 'People in countries buying Cambodia's bicycles are likely paying much more attention to food as necessary base in the time of uncertain global economic growth caused by wars rather than consuming products,' he said. Bicycles have become one of Cambodia's key manufacturing products for exports after clothes, footwear and travel goods. The bicycles are assembled only in the special economic zones located in Bavet city, Svay Rieng province, at the b order with Vietnam. Currently, five companies assemble bicycles for export. They are Evergrand Bicycle (Cambodia), Speedtech Industrial Co., Ltd., Smart Tech (Cambodia) Co., Ltd., A and J (Cambodia) Co., Ltd., and XDS Bicycle (Cambodia) Co., Ltd. Cambodia is one of the top five exporters of bicycles in the world. Source: Agence Kampuchea Presse Confusion is sweeping our financial markets over the trading of bitcoin with exchange traded fund (ETFs), an index fund, due to the financial authorities' belated regulation on the trading. The Financial Services Commission (FSC) decided to ban the spot trading of bitcoin through the ETFs listed on the U.S. market and the issuing of domestic bitcoin through ETFs. The U.S. Securities and Exchange Commission (SEC) on Wednesday approved the spot listing and trading of bitcoin on ETFs eight months after U.S. asset management companies, including ARK Invest, applied for the trading last May. Since then, our securities firms considered selling the spot bitcoin ETFs, but the FSC put the brakes on it because the trading can violate the law as bitcoin is not classified as a basic asset of ETFs. The FSC's ban had a far-reaching impact. First of all, the spot trading of ETFs listed in Germany, Canada and elsewhere was immediately suspended. Domestic investors were able to trade their bitcoin ETFs listed in Germany an d Australia through Korean securities firms, starting with Canada in 2021. The FSC was laid back at that time, but it disapproved the spot trading after the SEC approved it. Securities firms even suspended the futures ETF trading after the U.S. decision, but the confusion continued after the FSC assured investors that there is no problem with the futures ETF trading. We can understand the FSC's concerns about the cryptocurrency's intrinsic weakness, limits and vulnerabilities. And we understand the financial authorities' position that the matter is connected to the stability of the financial market and the protection of investors. But such a belated regulation on bitcoin trading cannot be understood. Investors link it to the need for the FSC to prevent a massive capital flight from Korea. Standard Chartered, a British multinational bank, forecast that up to $100 billion will flow to the spot trading of bitcoin ETFs this year alone. Trading can emerge as a black hole sucking up investors' money, but it could also mean an opportunity for the government as it champions the advancement of our financial industry. The FSC's latest decision can invite criticism for taking a protectionist approach to financial transactions instead of attracting investment to Korea. The confusion over the bitcoin ETFs has exposed the problems of our financial authorities in catching up with the rapid change in the concept of assets. There was enough time for the authorities to prepare for the shift. They must listen to investors' voices and start to review the whole mess. If Korea is not to lag behind the new trend of the financial sector, the government must speed up optimizing the related systems to ensure the stability of our financial market. Source: Yonhap News Agency
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