PHNOM PENH: Cambodia is taking steps to improve its investment climate. This effort was highlighted at a recent meeting between top officials from the Council for the Development of Cambodia (CDC) and the General Department of Customs and Excise of Cambodia (GDCE).
The goal is to develop new measures that will enhance the nation’s competitiveness and make it more attractive to investors.
On Monday, H.E. Chea Vuthy, Secretary General of the CDC’s Cambodian Investment Board, met with H.E Dr. Kun Nhem, Director General of the GDCE. The meeting focused on strengthening compliance for importing production inputs for export-qualified projects.
Previously, the two institutions encountered a number of problems with this process. The meeting served as a platform for officials to discuss these issues and work on creating more appropriate mechanisms and Standard Operating Procedures (SOPs).
This collaboration is intended to make the import process more efficient and address the challenges faced by investors. The results of the meeting will be presented to the leaders of both institutions for guidance, with the aim of ensuring Cambodia remains a competitive and welcoming environment for both new and existing investments.
On the same day, in a separate meeting also chaired by H.E. Chea Vuthy, the Cambodia Investment Committee of the CDC reviewed and approved 13 new investment projects. These projects, with a total capital of approximately $99 million, are expected to create about 5,500 jobs.
The new investments span 11 industrial sectors, including the assembly of automobiles, the production of equipment for tow trucks and accessories, the production of car accessories and decoration materials, and the production of electrical lighting, decorative electrical equipment, and all kinds of electrical accessories.
Additional sectors include the production of Christmas trees, Christmas tree decorations and accessories, all kinds of furniture, cardboard, sponges, plastic bags, adhesive tapes, and marker paper, as well as two agro-industrial projects, specifically a rubber processing factory.
The approved projects are located in Phnom Penh, Kandal Province, Takeo Province, Kampong Speu Province, Kampong Chhnang Province, and Tbong Khmum Province.
