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Cambodian diplomats tasked with promoting new investment law to attract FDIs
Cambodian ambassadors, counsel-generals and the diplomatic corp have been tasked to promote the newly-endorsed investment law to businessmen abroad in a bid to attract them to select the Kingdom as their investment destination.
The Ministry of Foreign Affairs and International Cooperation in collaboration with the Council for the Development of Cambodia (CDC) on Wednesday organised a virtual workshop to disseminate the new investment law to the Cambodian diplomats based overseas.
The aim of the workshop was to incorporate the new investment law into diplomatic strategies, called Economic Diplomacy, to help boost foreign direct investment (FDI), increase productivity of the domestic industry and link domestic production chains with regional and global ones.
In the workshop, Prak Sakhonn, Minister of Foreign Affairs and International Cooperation, highlighted the negative aspects – the US-China trade war and Covid-19 – which contributed significantly towards decreasing global economic growth and FDI.
“Using the investment law will become an important tool for an efficient and timely socio-economic recovery in the post Covid-19 and to make Cambodia a potential attractive destination for foreign investors at the same time the government reopens economic activities and the country to welcome foreign investors and tourists, particularly vaccinated tourists,” Sokhonn said.
CDC Secretary-General Sok Chenda Sophea said that the dissemination of the investment law by the diplomats abroad is an important strategy to show opportunities in Cambodia aimed at attracting more quality investment.
“All representatives of Cambodia abroad will help promote the benefits mentioned in the investment law for investors to understand more clearly and make decisions to inject investment into Cambodia which is a potential investment destination,” Chenda Sophea said.
The new investment law consists of 12 Chapters and 42 Articles.
It provides incentives to prioritised sectors to foster development in science and technology, job creation, skills training, research, innovation and small and medium enterprises.
It 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.
In the first nine months of 2021, the CDC approved a total of 134 investment projects with a total investment of $3.3 billion.
Most of the projects focus on agriculture and agro-industry, tourism and infrastructure.
Source: https://www.khmertimeskh.com/50964747/cambodian-diplomats-tasked-with-promoting-new-investment-law-to-attract-fdis/