The Secretary-General of the Cambodia Development Council (CDC) Sok Chenda Sophea has held a meeting, to solicit opinions from all parties and improve the draft content of the new Investment Law. Permanent Secretary of State of the Ministry of Finance and Economics Vongsey Vissoth and representatives of the industry were invited to participate.
The CDC pointed out that the draft content of the new “Investment Law” refers to the “Industrial Development Policy 2015-2025” and the major economic reform measures announced by Prime Minister Hun Sen at the 18th Public-Private Forum in 2019.
It pointed out that the draft of the new “Investment Law” is more preferential and attractive, focusing on protecting the rights and interests of investors and promoting sustainable economic and social development.
According to the draft of the new Investment Law, Cambodia will establish a more favourable and competitive investment environment, attract investment and increase opportunities for the private sector by ensuring accountability, transparency and efficiency.
Cambodia’s “Investment Law” was enacted in 1993 and revised in 2003.
In October 2020, the Minister of Finance and Economy explained that the draft of the new Investment Law aims to respond to recent developments, promote economic diversification and promote the development of the private sector. The private sector will become the engine of economic development.
At the end of November 2020, when Prime Minister Hun Sen attended the opening ceremony of the 17th China-ASEAN Expo via video, he said that the Cambodian government is stepping up digital construction in the fields of production, industry, services and digital government.
He said that Cambodia will introduce a new Investment Law providing a package of preferential measures for investment in the fields of electronics, assembly, agro-industry, spare parts, technology and digital infrastructure.
In addition, the government will also introduce a series of major reform measures to continuously optimize the trade and investment environment, including launching an online business registration service platform that will reduce the time needed to process a business registration to eight working days, as well as promoting the Cambodia-China Free Trade Agreement that took effect on January 1, 2021 and formulating the “Sihanoukville Development Master Plan” to build it into a model of multi-functional special economic zones.
Source: Khmer Times