The Council of Ministers on Friday approved two draft laws, a national strategy bill for financial inclusion and four solar energy projects with a total expected installed capacity of 140 megawatts.
The draft laws on consumer protection and e-commerce were among the instruments approved during Friday’s cabinet meeting which was presided over by Prime Minister Hun Sen.
A press release detailing the result of the full session meeting was made public on Friday and said Cambodia is the only member of the Association of Southeast Asian Nations (Asean) which has not adopted the law on consumer protection.
It also said the draft law, which has 11 chapters and 51 articles, was designed “to protect the benefits of consumers and to promote market competitiveness in terms of price and quality of certain products or services”.
“It [the draft law] not only protects consumers from dishonest merchants but also stipulates the information that needs to be provided to consumers and allows the regulator to prepare regulations on information standard that merchants have to comply with,” government spokesperson Phay Siphan said.
Siphan exemplified the protection of consumer benefits in the context of bank loans “which are essential for people’s survival in a free market economy”.
He said the law will control interest rates so as to prevent borrowers from being drowned in debt.
For the draft e-commerce law, which has 12 chapters and 67 articles, the statement said it was aimed at facilitating and regulating online business operations for investors and consumers, “both domestic and international”.
“This draft law has the intention to ensure clear information on the products or services that are put for sale online and to prevent any risky activities in the online sphere,” it wrote.
Siphan stressed that e-commerce businesses, such as the ones promoted on Facebook, must be conducted with full responsibility.
Another instrument which was also approved by the government on Friday was the National Strategy for Financial Inclusiveness 2019-2025.
According to the press release, the bill, which comprises 115 action plans, was aimed at providing quality financial services to the people.
The strategy, it read, will reduce the rate of women who have not received financial services by more than half – from 27 per cent to 13 per cent.
Moreover, the strategy will increase the usage of legitimate financial services from 59 per cent to 70 per cent.
The government also approved four investments in solar energy projects, with an expected total installed power of 140 megawatts.
The plants will be built in Pursat, Battambang, Banteay Meanchey and Svay Rieng provinces.