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CDC expects more investment inflows into Cambodia as it launches investment facilitation database
The Council for the Development of Cambodia, in collaboration with the World Economic Forum yesterday held a launching ceremony of a database on supply chain treaties to provide investment facilitation for sustainable development.
The ceremony was presided over by Sok Chenda Sophea, Minister Delegate to the Prime Minister, Secretary-General of the Council for the Development of Cambodia, and Dr Matthew Stephenson, Director of Policy and Community of the Department of Investment and International Trade of the World Economic Forum.
Others in the video conference were concerned stakeholders, including representatives from ministries and public and private sectors, as well as development partners.
Chenda Sophea warmly welcomed and highly appreciated the participation of relevant actors in this important event.
The Delegation thanked the World Economic Forum, in particular Dr Stephenson, for co-organising the database to provide an information technology nursery to facilitate the supply chain linkages between local suppliers and investors as well as providing investment facilitation for sustainable development.
The Minister requested all stakeholders to make full use of this database, with the strong hope that foreign investors and companies will see that Cambodia is creating an investment environment that welcomes their presence while striving to promote investment through responsible and sustainable business practices.
Dr Stephenson expressed his pleasure to work with the Council for the Development of Cambodia and other stakeholders to develop this important database.
He emphasized that foreign companies seeking investment in accordance with the principles of the Environment, Society, and Governance (ESG) could invest in Cambodia with local companies operating sustainably, and that other Cambodian companies could divert operations as they seek more sustainable development to attract joint ventures with foreign companies to promote regional and global supply chain consolidation.
Please note that the selection of Cambodia as a dialogue partner of the World Economic Forum on the provision of investment facilitation for sustainable development is based on the strong foundation of Cambodia with a policy of openness to investment.
In addition, there are three main reasons why the World Economic Forum decided to select Cambodia as a partner in this process:
- Cambodia has achieved great success in attracting foreign direct investment in a proud growth of an average of more than 50% from 2005 to the present, and investment facilitation measures have played an important role in achieving This success.
- While Cambodia needs development, while the average economic growth rate of about 7% since 2011, Cambodia’s experience in modernizing investment for development can help other countries to learn key aspects of development. Development related to investment facilitation in Cambodia.
- Cambodia embraces cooperation between the Royal Government and the private sector through the Royal Government-Private Sector Forum.
The 18th Royal Government-Private Sector Forum in March 2019 expressed the active support of the Royal Government for public-private partnerships in providing additional investment facilitation, which is in line with Mission of the World Economic Forum.
Based on the above, the World Economic Forum and Cambodia have worked together to share their findings and practices on the provision of investment facilitation, in particular the process of developing a supply chain database to provide investment facilitation for sustainable development. With other countries within the framework of the World Trade Organization and other regional frameworks.
Source: https://www.khmertimeskh.com/50856045/cdc-expects-more-investment-inflows-into-cambodia-as-it-launches-investment-facilitation-database/