The Council for the Development of Cambodia’s (CDC) office in the capital’s Daun Penh district. Heng Chivoan
King Norodom Sihamoni has issued a Royal Decree outlining the structure and functions of the Council for the Development of Cambodia (CDC). Chaired by Prime Minister Hun Manet, the CDC is entrusted with leading, managing and fostering private investments and special economic zones (SEZs).
According to the December 9 decree, the CDC holds the responsibility of formulating policies, strategies, goals and action plans to advance collaborative development in alignment with regional and global contexts.
The council is further mandated to create a strategic plan and implement measures for the short, medium and long terms, serving as a guiding framework to attract and promote private investments.
Additionally, the CDC is directed to engage with all development partners and NGOs to disseminate government strategies and priority programmes. Its role extends to evaluating and supporting projects by development partners, coordinating efforts with them and approving private investment projects.
“The CDC has the role and duty of promoting and attracting investments, focusing on priority investment sectors and activities as stipulated in the Kingdom’s Law on Investment as well as current legal standards in force,” stated the decree.
Hong Vanak, an economist at the Institute of International Relations at the Royal Academy of Cambodia, said the CDC has been effective in its operations. The new royal decree serves as an update or streamlining measure for the CDC in response to the current situation.
“This royal decree outlines crucial duties for implementation. My primary focus is on creating a roadmap for investment opportunities. This is a vital aspect that Cambodia must address to maintain competitive advantages in the region and the world,” he said.
“The current situation in Cambodia necessitates the mobilisation, coordination and attraction of foreign investors to invest in the country. Offering incentives to both domestic and foreign investors is crucial. While we already have the CDC, some of our investments remain in the small and medium scale,” he said.
The decree also mandates the council to negotiate bilateral and multilateral investment agreements within regional, international and ASEAN frameworks. Additionally, the body is tasked with coordinating activities for government-private forum mechanisms.
