The Draft Law on Investment of the Kingdom of Cambodia was approved by the Royal Government in the Plenary Meeting of the Council of Ministers chaired by Prime Minister Hun Sen.

The newly drafted Law on Investment of the Kingdom of Cambodia is to replace the old Investment Law of the Kingdom of Cambodia, which came into force in 1994 and 2003 in order to make it more attractive and better to invest in the Kingdom of Cambodia on the basis of independence, ownership, the real situation of investors and the economy, which will create a legal framework that is open, transparent, predictable, as well as strengthen the attractiveness and complementary capacity in particular, consider providing incentives for priority sectors, technology and technical levels, job creation, skills training, research, development and innovation, and small and medium enterprises.

In addition, the draft law also revises and improves administrative procedures related to the institutional mechanisms and procedures for applying for registration of qualified investment projects (SEC).

At the same time, in order to increase the competitiveness and attractiveness of Cambodia for investors, this draft law has shortened the time to issue registration certificates from 31 days to 20 days, and the registration application can be completed by using the information technology nursery.

In addition, the draft law also strengthens the monitoring and control mechanism of the relevant ministries and institutions through simultaneous and joint inspections, as well as determine the incentives for the project, both tax and non-tax to attract investment flows to the sectors that Cambodia needs in the context of economic diversification and increasing competitiveness.

For the comfort of investors, this draft law incorporates some of Cambodia’s international obligations to demonstrate to all investors, the commitment of the Royal Government of Cambodia to protect investments and provide guarantees in accordance with international law, non-discrimination as well as investment maintenance services.

The draft law on investment of the Kingdom of Cambodia has 12 Chapters and 42 articles.

• Tags: economic diversification, investment flows, Investment Law, protect investments