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

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one