The Council of the Ministers approved the new investment law draft last week in order to attract increased investment flow to the Kingdom and enhance the nation’s economic diversification and competitiveness.
The new draft consists of 12 chapters and 42 articles. It was approved by the Council of the Ministers at a meeting chaired by Prime Minister Hun Sen on Friday July 9.
It will provide incentives to prioritized sectors to foster development in science and technology, job creation, skills training, research, innovation and small and medium enterprises.
The draft law shortens the period of certificate issuing from 31 to 20 working days for business registrations made via the single portal, Single Window Service.
The statement released stated that the draft law sets the strengthening procedures on monitoring and checking from relevant ministries and institutions through joint one-time inspection as well as sets incentives to qualified investment projects, both tax and non-tax preference, to attract flow-in investment to sectors that Cambodia needs specifically in the context of economic diversification and increasing competitiveness.