Logo of Phnom Penh Post newspaper Phnom Penh Post - Draft investment law approved

Draft investment law approved

Content image - Phnom Penh Post
The Council for the Development of Cambodia signed off on 70 projects with a total capital investment of $2.428 billion in the first half of this year. Hong Menea

Draft investment law approved

The government has approved the draft investment law, following a plenary session of the Council of Ministers chaired by Prime Minister Hun Sen via a Zoom call on July 9.

"The law is aimed at increasing Cambodia's potential at attracting more domestic and foreign investors," Hun Sen said, adding that peace and stability are key priorities for investors.

"We see that investors prioritise this when deciding on Cambodia as an investment destination, regardless of the global situation on politics and trade," he added.

According to government spokesman Phay Siphan, the draft law on investment was initiated under the Cambodian Industrial Development Policy 2015-2025.

Its objective is to establish an open, transparent, predictable legal framework that is conducive to investment and to attract and promote investment by Cambodians or foreigners in a quality, efficient and effective manner for the socio-economic development of Cambodia.

The law will raise Cambodia's competitiveness and productivity of local industries, establish investment incentives, strengthen connectivity to regional and global supply chains, ensure economic diversification, and protect the rights and interests of investors. It also addresses dispute settlements related to investment projects.

Seeing how Covid-19 has badly impacted global and regional economies including Cambodia, the investment law is a crucial tool to attract foreign direct investment and domestic investment.

Studies and drafting of the law were carried out by the Council for the Development of Cambodia which had several times consulted private sector representatives and other stakeholders to gather input.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • Nestle’s debut may spur dairy market

    Leading confectionery manufacturer Nestle plans to invest in Cambodia by setting up an operation in the near future, a move majorly hailed by local dairy farmers as a means of boosting the fresh milk market in the Kingdom. During a visit by a delegation led

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement