In a recent interview with AquariiBD, RHTLaw Cambodia Managing Partner Mr. Houn Vannak said Cambodia has a business-friendly legal framework and regulations which allow both local and foreign investors to enjoy the fruitful market potential and investment opportunities prevalent in the Kingdom.
The remarks were made as part of Aquarii’s new three-part series covering key business and investment laws which can be found here.
Law on Investment provides a roadmap
Mr. Houn Vannak said Cambodia’s new Law on Investment provides a roadmap for an investor to acquire various investment incentives and enables Cambodia to become an open, transparent, and conducive investment destination for local and foreign investors.
“The new law makes it possible through the shortening of the application period as well as the improvement of the administrative and institutional mechanism for the investment application with the introduction of the online portal services where the application can be submitted through information technology platform”.
Read more: Updated investment law aims to increase capital inflows and diversify investments
Mr. Vannak is optimistic that these developments will keep Cambodia attractive to foreign investment which will enable the Kingdom to grow its post-pandemic economic potential.
“Cambodia is on the path of investment diversification. It is the right time for an investor to enter the Cambodian market to enjoy the benefit of investment incentives and investment protection.”, Mr. Vannak added.
“The current regulatory frameworks concerning investment in Cambodia are expected to enhance the Kingdom’s competitiveness and attractiveness, modernization, economic diversification, private sector development, and improving the post-Covid-19 recovery.”
A broad range of business-friendly laws
Mr. Michael Tan, CEO of AquariiBD, said this three-part series intends to not only deliver key information for businesses and investors who are looking for opportunities in the Kingdom but demonstrate the broad range of business-friendly laws and investment incentives which make Cambodia especially attractive to foreign businesses and investors in South East Asia.
“It is no secret that international business is very interested in the opportunities available in Cambodia, and the Kingdom has done a commendable job formulating laws which are conducive for attracting investment,”
“We recently helped organize an event between the Indonesian Chamber of Commerce and the Singaporean Business Investment Forum, which is among other networking and business activities that are designed to help businesses generate leads and to explore collaboration opportunities.”
Mr. Tan added that future activities could include visits by a business delegation from Indonesia later this year, or another overseas visit to Abu Dhabi, UAE to raise awareness amongst international investors of the potential and opportunities that Cambodia has to offer. For example, the consultancy firm recently took on a client from Thailand and receives international inquiries regularly from those looking toward Cambodia.
“The interest is evident, and that’s why at AquariiBD, we strive to be a gateway for businesses and investors to help them understand Cambodian business and investment law as well as the market.”
Read more: IndoCham and SBIF bring together regional business communities to explore new partnerships, opportunities and international exposure for Cambodia
The first of the three-part series, released this week, will cover everything you need to know about the current law on business in Cambodia, including application, set-up, tax incentives on investment and businesses, foreign ownership laws, and regulations.
Part two will focus on the law surrounding investment in Cambodia, including applications, processes, legal requirements and more, courtesy of legal experts RHTLaw. Part 3, we discuss incentives, advantages, and promoted business sectors in Cambodia. It will also touch on how these can be beneficial for investors and businesses operating in the Kingdom.