Logo of Phnom Penh Post newspaper Phnom Penh Post - Investment law change-up

Investment law change-up

Investment law change-up

Following the announcement of recent reforms to Cambodia’s customs department and Commerce Ministry, a revision of the country's investment law is planned for next year, according to the secretary-general of the Council for the Development of Cambodia (CDC).

Speaking to reporters at a workshop at the Raffles Hotel Le Royal in Phnom Penh yesterday, Sok Chenda said Cambodia’s investment climate needed a revamp.

“We must clean up, improve and adjust to the new circumstances,” Chenda said, referring to a new regional competitive environment.

Previously Myanmar was not considered an attractive place for foreign investors, Chenda said. But now, after government reforms, it is opening up and becoming easier to do business.

“We have a new competitor,” he said.

Cambodia’s investment law was initially implemented in 1994. It was revised in 2003, but has since remained unchanged.

This is one of a series of economic changes announced in the past month.

In October the government set a 60-day deadline for the customs department to clean up corruption, while earlier this week the minister of commerce announced reforms that would reduce red tape for exporters in Cambodia.

A panel discussion including private sector representatives also voiced their reform priorities at yesterday’s workshop.

“For us . . . the chief challenge is human resources,” Martin McCarthy, managing director of Total Cambodia, said, referring to a lack of skilled labour in the local market.

Being able to find “very, very good young engineers, civil, mechanical, even construction engineers, is quite a challenge.”

Rami Sharaf, CEO of RMA Cambodia, agreed, saying “the number one problem is actually people.”

“What is needed here is to build the right task force of the relevant ministries in addition to the contribution and the presentation of the private sector, so all together can have a proper road map,” he said, referring to a plan for human resource development as the economy grows.

ADDITIONAL REPORTING BY ANNE RENZENBRINK

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Takeo hand-woven silk items provide local high-quality alternative to imports

    After graduating from university and beginning her career as a civil servant at the the Ministry of Economy and Finance, Khieu Sina found time to establish a business that aligns with her true passion – quality hand-woven Khmer goods. Her product line, known as Banteay Srei,

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,