Logo of Phnom Penh Post newspaper Phnom Penh Post - CIB to streamline investment procedures




CIB to streamline investment procedures

CIB to streamline investment procedures

THE Cambodian Investment Board (CIB) is preparing to implement a new strategy for foreign investment that aims to simplify bureaucracy and improve the quality of services.

"We have already made changes in the import-export sector by adopting a Single Administration Document, whereby authorities check all goods at a single location to save time and money," said Suon Sithy, secretary general of CIB.

Previously, investments required a 28-day waiting period as paperwork moved between various ministries. Under the new strategy, simple investments will require only seven to 10 days for an answer directly from the CIB, Suon Sithy said.

He said more complicated investments related to the environment or politics will still be subject to the 28-day requirement.

"We are walking the right path, though we haven't yet reached our goal," Suon Sithy said. "We are making investment easier by not requiring the same documents be submitted to all relevant ministries."

Suon Sithy said the board has also put in place a risk-management strategy for imports and exports that requires inspection of only suspicious or "irregular" cargo, while simplifying the process for companies that respect the law while meeting the needs of their customers. "We have made progress in promoting Cambodia as an attractive investment target and creating a good business climate for potential investors, but more needs to be done," he said.

Economist Sok Sina said Cambodia's investment laws have improved and current trends show a strengthening investment market.  

"We can already see that trade volumes are getting bigger and bigger," he said.

MOST VIEWED

  • Thousands attend CNRP-organised pro-democracy vigil in South Korea

    Thousands of supporters of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) on Saturday gathered in the South Korean city of Gwangju to hold a candlelight demonstration calling for the “liberation” of democracy in Cambodia. Yim Sinorn, a CNRP member in South Korea, said on

  • US Embassy: Chinese trade does not help like the West’s

    The US Embassy in Phnom Penh on Friday said relations between China and Cambodia did not create jobs or help industry when compared to the trade between the Kingdom and the US. “About 87 per cent of trade [with China] are Chinese imports, which do not

  • Vietnamese land-grabbers held

    Following a provincial court order, Ratanakkiri Military Police on April 16 arrested 12 Vietnamese nationals accused of crossing the border into Cambodia and illegally clearing forest land. The accused are now being detained at Phnom Svay prison in the province. Ratanakkiri military police commander Thav Yen told

  • Eight people sent to court over violent protest

    Preah Sihanouk provincial authorities on Sunday sent eight people to court for blocking National Road 4 and using violence against authorities in a land dispute in Prey Nop district’s Bit Traing commune. Four police officers and two commune security guards sustained injuries when the protesters