Phnom Penh (FN), Aug. 2 – Cambodian Prime Minister Hun Manet highlighted that Cambodia has not granted new economic land concessions since 2012, and previous concessions were limited to 50 years. Samdech Thipadei highlighted that investments should prioritize utilizing the Cambodian labour force, which makes up 90% of the total labour force.
The premier spoke on Friday (Aug. 2) during his gala dinner with the Cambodian Oknha Association and the Housing Development Association of Cambodia.
Regarding concerns over economic land concessions and claims that land was leased to neighbouring countries with minimal employment for Cambodian workers, Samdech Thipadei clarified the following:
1. Circular No. 8, signed by Former Prime Minister Hun Sen, prohibits citizens from selling or renting land or houses in border areas to citizens of neighbouring countries under any circumstances. The Royal Government of the 7th mandate continues to uphold this policy.
2. Investment in real estate is governed by the Law on Private Ownership of Buildings and the Law on Co-Ownership with Foreigners (2010). Article 6 states that foreigners can buy condos starting from the first floor but cannot purchase ground floor or basement units. This law applies to properties located more than 30 km from the border area; properties within 30 km are ineligible for foreign purchase.
Samdech Thipadei further explained:
1. Since 2012, the Royal Government has ceased granting new Economic Land Concession licenses. Existing concessions remain in effect.
2. Previously, concessions were granted for 99 years, but in 2015, the Royal Government reduced this period to 50 years.
3. Companies with Economic Land Concession licenses must adhere to current regulations, allowing only 10 percent foreign labour, with the remaining 90 percent being Cambodian citizens. The Royal Government will continue to enforce this principle.
On the occasion, Samdech Thipadei committed to safeguarding the territory, asserting that he does not want history to record any loss of territory during his leadership.
=FRESH NEWS
