PHNOM PENH, Feb 20, 2022, Khmer Times. The Investment Law of Cambodia will be a strong legal and regulatory basis to attract foreign direct investment and help promote Cambodia’s economic growth. Okhna Tan Khee Meng, president of the Malaysian Business Chamber, Cambodia (MBCC) said at the Cambodia-Malaysia Business Forum co-organised by the Council for the Development of Cambodia (CDC), Khmer Times reported.
“Cambodia’s economic growth has continued steadily during the last two decades under the wise leadership of Prime Minister Hun Sen.
The Law on Investment that was first promulgated in 2004 has definitely functioned as one of the key pillars that served as the wagon of economic growth of the Cambodia, which had made the Kingdom one of the fastest growing economies in the World,” he told Khmer Times.
While admitting that Cambodia’s economic growth was affected by the Covid-19 pandemic like all other parts of the world, the new Law on Investment, he said, was enacted at the right timing.
“In my opinion it will be one of the strongest forces that will assist Cambodia to become one of the fastest recovered economy in the world,” said Tan.
The forum also disseminated the new Law of Investment for Malaysian and foreign investors in Cambodia and in other countries, much to the delight of investors and businessmen alike.
Datuk Phan Ying Tong, managing director and CEO of Oriental Bank described the forum to disseminate the new law as being “very timely revision of the investment law.”
This, he said, taking into account the impact of pandemic on the economy and businesses and it showed Cambodia to be a few steps ahead of other countries.
“I see the incentives given are much more generous than before, augurs well for existing and new investors,” he told Khmer Times.
For Credit Guarantee Corporation of Cambodia Plc. (CGCC) chief executive officer, Wong Keet Loong, the forum and the new investment law gave good perspectives in terms of incentives for investors to invest in Cambodia.
“They see the incentives from the new law and will definitely become attracted to invest in Cambodia,” he said.
Chaired by Sok Chenda Sophea, Minister Delegate to the Prime Minister, Secretary General of the Council for the Development of Cambodia was held in the presence of Malaysian Ambassador to Cambodia Eldeen Husaini Mohd Hashim, Cambodian Ambassador to Malaysia Chuy Vichet and Tan together with 260 participants comprising mostly business owners, bankers and investors.
“The law is aimed at establishing an open, transparent and predictable legal framework to attract and promote qualified, efficient and effective investment by Cambodian or foreign individuals, vital for the socio-economic development in the Kingdom of Cambodia,” said Suon Sophal, Director of the Department of Public Relations and the Promotion of Private Investment Council for the Development of Cambodia.
He pointed this out in his presentation on the new investment law.
The CDC welcomed and registered 162 Malaysian qualified investment projects with a total investment capital of approximately 3.15 billion US dollars up to the end of last year.
Vichet expressed his appreciation for the cooperation between the Council for the Development of Cambodia and the Malaysian Business Chamber of Cambodia in organising the forum to disseminate the new investment law of Cambodia for Malaysian investors and businessmen operating businesses and investing in Cambodia.
He also highlighted the diplomatic, trade and investment relations between the two countries, which have been continuously enhanced.