The Council of the Ministers approved the new investment law draft last week in order to attract increased investment flow to the country and enhance the nation’s economic diversification and competitiveness.
The new draft consists of 12 chapters and 42 articles. It was approved by the Council of the Ministers at a meeting chaired by Prime Minister Hun Sen on Friday July 9.
The draft law sets the strengthening procedures on monitoring and checking from relevant ministries and institutions through joint one-time inspection as well as sets incentives to qualified investment projects, both tax and non-tax preference, to attract flow-in investment to sectors that Cambodia needs specifically in the context of economic diversification and increasing competitiveness.
It also includes international obligations undertaken by Cambodia to show investors the commitment of the government to protecting investment and providing assurances in accordance with international law. Additionally, it shortens the period of certificate issuing from 31 to 20 working days for business registrations made via the single portal, Single Window Service.
In the first six months of 2021, the Council for the Development of Cambodia approved 87 investment projects worth $3 billion, up 10 percent from the first half of 2020.
Author: Chea Vanyuth
Source: The PhnomPenh Post
For full Article, please read here.
Original published date: 12 July 2021
July 16, 2021
