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New Investment Law Effective and Timely Tool for Socio-Economic Recovery

  • Posted Nov 3, 2021 18:31 by Rosahlee Bautista
  • 2772
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PHNOM PENH: Deputy Prime Minister and the Minister of Foreign Affairs and International Cooperation, Prak Sokhon has expressed his firm belief that the promulgation of a new investment law will be an important, effective and timely tool for the restoration of socio-economic after Covid-19 crisis and will make Cambodia an attractive destination for investors.

The deputy prime minister has made this statement during a video workshop to disseminate the new Investment Law of the Kingdom of Cambodia to all the leaders of the Ministry of Foreign Affairs and International Cooperation on Wednesday. The workshop participated by 170 delegates was organized by the Council for the Development of Cambodia in collaboration with the Ministry of Foreign Affairs and International.

The investment law was drafted in accordance with the guidelines of the Cambodian Industrial Development Policy 2015-2025 and has undergone a rigorous study and development by the working group of the Council for the Development of Cambodia from 2015 until its completion. This investment law is designed to create an open, transparent, predictable and favorable legal framework that can attract and promote quality, efficient and effective investment in Cambodia for Social Development - Economy.

During the workshop, the Deputy Prime Minister has pointed out the negative consequences of the Covid-19 crisis and the trade war, which significantly reduced the global economy and foreign direct investment flows, as well as power struggles of superpowers that are altering international order and putting pressure on the Asia-Pacific region and undermining ASEAN centrality and solidarity and the region's relations with external partners.

However, the Deputy Prime Minister strongly believes that the promulgation of this investment law will be an important, effective and timely tool for the socio-economic recovery after the Covid-19 crisis and will make Cambodia an attractive destination for investors as the Royal Government decides to gradually re-launch economic and national activities to welcome foreign investors and tourists, especially vaccine tourism.

In addition, the Minister highly appreciated the regular cooperation of the Ministry of Foreign Affairs and International Cooperation and the Cambodian diplomatic missions abroad, which have always contributed significantly to promoting investment and promoting the investment environment in Cambodia.

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