Phnom Penh: Prime Minister Hun Sen has invited more investors to the country. With government’s new investment law in place, he says it’s time to promote the kingdom as an investment destination. On Tuesday, the Prime Minister met with the US-ASEAN Business Council, saying he would welcome more investors from the United States. The kingdom’s new Investment Law was signed by His Majesty King Norodom Sihamoni last Friday.

The Royal Government says the new law is designed to create an open, transparent, predictable, and favorable legal framework for investors in the country. With 11 chapters and 42 articles, all guaranteed to protect investors with compensation if they are damaged by armed conflict or civil war or the country is placed in a state of emergency. This law also allows investors to buy and exchange foreign currency freely and provide them ownership of the issue.

Prime Minister Hun Sen called for more investors in the country on Tuesday. As Cambodia slowly reopens, he says it is the government’s hope that more investors will come in and he’s eyeing more investment from the United States.

On Wednesday, Minister of Public Works and Transport, Sun Chanthol, asked US companies to participate in the bidding process for infrastructure projects in the kingdom. He expressed his request during a virtual meeting with a delegation from the ASEAN-US Business Council led by its chairman, Ted Osius. Investors are being assured by the kingdom that with the new investment law, they will be allowed to obtain long-term accommodation for themselves and their families during the time-frame of their project. They are also eligible to apply for work permits for themselves and their foreign employees. The new investment law also tempts investors with full or partial exemptions on taxes and other duties.