Phnom Penh (FN), Jul. 8 – Cambodian Prime Minister Hun Manet stated that foreign investors can establish investment projects with full foreign ownership in most sectors without the need for local investors, except for land ownership.
The premier spoke on Monday morning (Jul. 8) during the opening of the 2nd Cambodia-France Business Forum at Sofitel Phnom Penh Phokeethra.
Prime Minister Hun Manet underlined that Cambodia has been implementing comprehensive laws, policies, and strategies to improve the business landscape, and has been investing heavily in key infrastructure, access to regional markets, decent work, social protection, digitalisation, and environmental sustainability.
“Cambodia is one of the most open countries for investment. Foreign investors can fully own projects in most sectors without needing local partners, except for land ownership,” Samdech Thipadei underscored.
Samdech Thipadei noted that despite high global uncertainty stemming from the economic downturn, rising geopolitical tensions, climate change, the war in Ukraine, and the armed conflict in the Middle East, the Cambodian economy remains resilient. It achieved a 5% growth rate in 2023, with a 6% growth forecast for 2024.
With this strong and resilient economic trajectory, Cambodia has emerged as one of the top investment destinations in Southeast Asia over the last decade, the premier added.
On the occasion, Samdech Thipadei Hun Manet also announced that the first semester of 2024, Cambodia achieved greater momentum from Foreign Direct Investment (FDI), with the Council for the Development of Cambodia (CDC) approving 190 investment projects worth USD 3.2 billion, a threefold increase compared to the same period in 2023.
Samdech Thipadei added that the Royal Government of Cambodia always prioritises the well-being of all investors by addressing the challenges raised by them and continuously strengthening relations with the private sector to solve new problems effectively and efficiently, adhering to the principle of "thinking together, acting together, and taking responsibility together."
The Royal Government has been continuously developing and implementing mechanisms that provide the easiest ways for the private sector to express its concerns and suggestions. The most prominent mechanism is the Government-Private Sector Forum.
Prime Minister Hun Manet invited all French investors to explore the vast investment potential, rich opportunities, and make strategic decisions to take advantage of the close bilateral relationship. Cambodia is ready to welcome and provide full support and hospitality to investors and businesspeople.
Samdech Thipadei also welcomed the wise decision of all investors, especially French investors, who choose to invest in Cambodia directly or partner with local investors.
Please be informed that Cambodia has opened its economy to all investors with equality between Cambodian and foreign investors. Openness in all sectors, including banking, insurance, and telecommunications, is notable, as many countries generally do not allow foreign investors to invest 100 per cent without the participation of local investors in these sectors. Cambodia still has great potential for the development of the financial sector, including the continued deepening of financial intermediaries, the promotion of the insurance sector, and the development of the securities market.
=FRESH NEWS
