The Cambodia government is gathering input from the private sector and development partners to review the country’s Investment Law by aiming to be one of the attractive destination for foreign investment.
Cambodia Investment Law was promulgated in 1993. The first revised was in 2003.
Speaking at a public consultation that brought together around 70 representatives from the private sector, development partners and law firms, Sok Chenda Sophea, Secretary General of the Council under Development of Cambodia (CDC), commented that the government intend to hear the voices from all sectors to enact new Investment Law which suitable for the country’s current situation.
He further said that the revamp would create a more favorable investment climate. It is important to have all sectors participation as the goal is set to have a very competitive and attractive Investment Law; a law in line with the regional context and the needs of the country.
According to Mr. Chenda Sophea, CDC had conducted different studies to revise the law and consulted the Japan International Cooperation Agency (JICA), the Organization of Economic Cooperation and Development (OECD), and the International Finance Corporation (IFC) to in-depth study about the investment laws of other countries in the region.
At the 40th anniversary of the victory over the Khmer Rouge held at Phnom Penh’s Olympic Stadium, Prime Minister Hun Sen announced that the government had transformed the country since the Khmer Rouge regime into a nation that attracts billions of foreign direct investment (FDI) annually.
“Peace, security and political stability over the last two decades has allowed Cambodia to develop economically and socially,” Mr. Hun Sen said. “Cambodia is now considered by local and foreign investors, as well as many international financial organizations, as a very good and competitive place for business and investment.”
National Bank of Cambodia (NBC) released that in 2019, the Kingdom’s economy will grow at a rate of 7%, slightly lower compare to last year’s 7.3%. The inflation rate will remain at 2.6 percent in 2019, reported by Central Bank.