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

  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Manet calls for Cambodia’s railways to get back on track

    Prime Minister Hun Manet has instructed the relevant authorities to expedite studies into upgrades to the Phnom Penh to Preah Sihanouk railway line. He suggested that the maximum speed on the line should be increased to 80km/h, in order to expedite the transportation of