PHNOM PENH: The Cambodian Oknha Association (COA) was officially launched yesterday with Prime Minister Samdech Techo Hun Sen's presidency.

In his speech during the launch, Samdech Techo Hun Sen, who also holds the title of Honorary President, expressed his gratitude to the private sector, particularly all Cambodian Oknha, and encouraged their continued participation in the country's development.

On October 25, 2022, the COA was legally registered with the Ministry of Interior. Its primary goal is to preserve and elevate the Oknha title's prominence while partnering with the Royal Government in the country's socioeconomic development, as well as its social and humanitarian activities.

The COA is governed by a 32-member Board of Directors, with Neak Oknha Ly Yong Phat serving as President for a five-year term. Oknha Hun Lak leads the General Secretariat in the day-to-day operations.

While membership in COA is divided into three categories: Founder Members, Active Members, and Support Members, it's worth noting that Oknha and Neak Oknha, who are typically among Cambodia's wealthiest individuals, are often the primary contributors to the COA's initiatives.

Those who donate money or materials worth over US$500,000 to the government are eligible to receive the honorific title of Oknha from His Majesty the King, at the Royal Government's request. There are three Oknha ranks in Cambodia: Oknha, Neak Oknha, and Lok Oknha.

Neak Oknha Ly Yong Phat reported that, as of early this year, there are over 1,000 Oknha and Neak Oknha in Cambodia.

Recently, the Council for the Development of Cambodia (CDC) and the Cambodian Oknha Association (COA) signed a Memorandum of Understanding aiming to promote and enhance trade and investment activities in the Kingdom of Cambodia.

The Council for the Development of Cambodia (CDC) is a government agency in Cambodia established to promote and encourage foreign investment in support of the country's economic development. The CDC acts as a regulatory body responsible for approving foreign investment projects in Cambodia, providing guidance and incentives for investors, and monitoring project implementation.

It aims to facilitate economic growth in Cambodia by attracting foreign businesses and investments across a variety of sectors, including manufacturing, agriculture, tourism, and infrastructure. The CDC plays a significant role in shaping the country's economic landscape and promoting sustainable development in Cambodia.