Thailand
Cambodia pins hope on more Singapore investment
Cambodia urged more investment from Singapore businesspeople, pointing out the advantages of its newly introduced investment law.
More sectors are eligible for incentives under the new investment law, Sok Chenda Sophea, Minister attached to the Prime Minister and Secretary-General of the Council for the Development of Cambodia (CDC) said while delivering his keynote address at a webinar organised by the Singapore Business Federation yesterday.
Explaining the salient features of the law in the webinar titled ‘Discovering Cambodia – Insight Into The Business Opportunities in Cambodia’, Sophea said, “Cambodia has recently adopted a new law on investment. In 1994, we had adopted the law on investment and that law at that time was already very liberal. As per that law, all sectors were open, national treatment has been provided for all investors including foreign investors, and free repatriation. But the good news with the new law and acts since last October 2021 is that more sectors are eligible for incentives.”
The Kingdom promulgated the new law on investment, known as the Law on Investment in the Kingdom of Cambodia, aimed at modernising the investment scenario in the country. The new initiatives boosted the economy that was adversely affected by Covid-19.
Urging the investors and businesspeople from Singapore to look into the various business-friendly features of the new law, he said, “The law has 42 articles. When businesspeople look into the law, they can look at some chapters that mention the incentives. Look at chapter six, articles 24, 25, 26, 27 and 28. Those articles are dealing with fiscal incentives. Article 24 enumerates 19 sectors or activities eligible for incentives. The previous law mentioned a certain number of activities already. But what is new is for the first time SMEs, not all but some, are eligible for incentives. And I think that this should be music to some Singaporean ears.”
“In the previous law, we had a set of incentives, tax holidays, duty-free exemptions on the import of raw materials, and equipment machinery. But in the new law, article 26 will tell you that your project provided that you fulfil all conditions will be eligible for basic incentives. Basically, the tax holiday depends on the sector of activities.”
He also explained the attractions of article 27, suggesting that the new initiatives would help attract more investment to the country.
“Article 27 is brand new and it wasn’t there in the previous law. It’s about additional incentives. On top of the basic incentives, you will receive additional incentives,” he said.
Sophea went on to explain that article 28 is about special incentives. Special incentives in the law precisely mentioned which activities in the sectors are considered of high priority, he pointed out.
Sok Khoeun, Cambodia’s Ambassador to Singapore; Teo Lay Cheng, Singapore’s Ambassador to Cambodia; David Totten, Managing Director, Emerging Markets Consulting; Han Peng Kwang, CEO, Wing Bank Cambodia; and Richard Seah, Commercial Director, Lim Siang Huat have talked about the investment opportunities being offered by the Kingdom.
According to the Singapore Business Federation (SBF), it is the apex business chamber championing the interests of the Singapore business community in the areas of trade, investment and industrial relations. It represents 27,000 companies, as well as key local and foreign business chambers.
SBF said it was established on 1 April 2002, with the aim of representing the business community’s interests both locally and overseas.
Source: https://www.khmertimeskh.com/501119958/cambodia-pins-hope-on-more-singapore-investment/