With Cambodia’s property sector increasingly in the spotlight, the International Business Chamber of Cambodia (IBC) has signed a memorandum of understanding (MOU) with UK headquartered​ Royal Institute of Chartered Surveyors (RICS) to jointly promote standards in construction and property management in Cambodia.

The IBC is the leading business association in Cambodia, with 100 members representing international and local companies in all sectors of the economy. RICS has already joined forces with the​ IBC to host seminars in Phnom Penh on building and fire safety standards and on best practices for property valuation.

Under the new MOU, signed last Friday, RICS and the IBC will collaborate on providing training to improve skills in the construction and property sectors in Cambodia.

“We are delighted to have signed this MOU with such a reputable body as the RICS, which has been setting international standards for many years,” said IBC Chairman Bretton Sciaroni.

“The property sector in Cambodia, and especially in Phnom Penh, is growing at a healthy rate so it is important that, where possible, we set benchmarks and help companies improve their skills when it comes to professional, quality construction and property management,” he added.

The MOU also allows the IBC and RICS to collaborate in industry research for mutual benefit​ in ethics, international standards and best practices in Cambodia.

“This MOU with the IBC gives us easy access to all the key stakeholders in the building industry here– in both the private and the public sector. This will certainly help ensure that Cambodia’s building boom is underpinned by best practices in construction and building standards and safety,” said Salim Aslam, ASEAN manager for RICS.