The head of the Council for the Development of Cambodia (CDC) on November 29 issued a fresh invitation for Chinese investors to raise their level of participation in the Cambodian market, and called for more Chinese nationals to visit the Kingdom, now that quarantine requirements have been substantially scaled back.
CDC secretary-general Sok Chenda Sophea was attending a workshop to present and explain the new Law on Investment to Chinese businesspeople and investors active in the Kingdom.
He said the law was designed in accordance with the provisions outlined in the Cambodia Industrial Development Policy 2015-2025 concerning administrative divisions, politics, the economy, Industry 4.0 and the digital transformation, and Covid-induced global value chain disruptions.
The law is tailored to maximise the opportunities from the rapidly-evolving regional economic architecture, as well as to take advantage of trade deals, especially the Cambodia-China Free Trade Agreement (CCFTA), which will come into force on January 1, he said.
He thanked the Chinese government and investors for their contribution to the Kingdom’s socio-economic development.
He noted that the CDC and China’s National Development and Reform Commission have signed a series of deals to promote investment cooperation, notably a November 12 memorandum of understanding on improving cooperation, production capacity and investment.
Chinese ambassador to Cambodia Wang Wentian lauded the new investment law as favourable and attractive to investors, especially Chinese entities.
“Currently, the relationship between Cambodia and China has reached the best level and Cambodia has become an important investment destination for China,” he said.
Wang expects the law, the CCFTA, and the continued implementation of the Belt and Road Initiative to yield “better results”.