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Local business registration up, sound macro-economic performance cited

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Minister of Commerce Pan Sorasak has reiterated the government’s commitment to reform by improving trade mechanisms. Photo supplied

Local business registration up, sound macro-economic performance cited

Crediting sound macro-economic performance, the Ministry of Commerce reported a more than 24 per cent increase in the number of firms registering with it in the first 11 months of this year on the same period last year.

According to the ministry, business registration increased by 24.54 per cent – or 16,208 firms – between January and November.

The number of foreign businesses registering with the ministry decreased by 37.69 per cent, while the number of local firms doing so increased by 95.15 per cent to 5,470, up from 2,803 in the same period last year, according to a ministry report.

The number of venture capital firms registering increased by 4.77 per cent to 40,672 from 10,186 last year, while 125 companies filed for certificates of dissolution, a 1.57 per cent decrease on the 127 that did so last year, the ministry said.

Minister of Commerce Pan Sorasak, in opening remarks at the ministry’s annual meeting last week, reiterated the government’s commitment to reform by improving trade mechanisms in line with the new international trade agenda.

Among the reforms, Sorasak said, was “making services more accessible by launching automated systems for enterprise registration, issuing certificates of origin, paying public service fees and trademark requests”.

Cambodia Chamber of Commerce vice-president Lim Heng credited the Kingdom’s political stability for the number of new firms registering.

“Our country has become a more attractive place for investors and that has helped boost economic growth,” Heng said

In late November, the World Bank projected Cambodia’s economy to remain robust, underpinned by solid export performance and strong domestic demand, even as real growth is expected to decelerate to seven per cent this year, down from 7.5 per cent last year.

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