Investors
will be protected, says Hun Sen
The
government is to fast track a mechanism for the enforcement
of foreign arbitration awards to boost investor confidence
in the face of an inadequate justice delivery system.
The
Ministry of Commerce has also been ordered to speed up the
drafting of comprehensive
commercial laws.
The
Prime Minister made these points during last week's
government-private sector dialogue, his third half-yearly
session for feed-back to make Cambodia business friendly.
Hun
Sen said the government realised the concern of the business
community over the inadequacy of the legal system to protect
their interest.
However,
he said, the state was unable to provide any quick-fix
response because of limitations in available expertise.
The
premier said however he had again asked the commerce
ministry to speed up in drafting the commercial code, at the
same time
instituting the mechanism for enforcing foreign arbitral
awards.
He
also asked the private sector to participate in formulating
laws and regulations so they will be viable,
business-friendly and mutually beneficial.
The
Council of Ministers, he said, would have the laws published
in Khmer and English and they would be on sale to the
public.
Hun
Sen also announced the establishment of a unit in the
Ministry of the Economy and Finance to investigate reports
of corruption involving customs and tax officials.
The
"hidden cost" factor has been a major concern of
investors, plagued by demands for bribe in every step of
doing business in the kingdom.
He
also said the law on investment was to be amended to
"Strike the
right balance, on the one hand, between the need to
enhance government revenue, and on the
other, to increase competitiveness to attract
investment".
The
Council for the Development of Cambodia and the finance
ministry are working with the World Bank with the
World
Bank, the
International Monetary Fund and the Foreign
Investment Advisory Services on the changes.
Hun
Sen said private sector
would be consulted.
"In
this spirit, the government plans to organise a seminar on
March 5 to discus ways of enhancing revenue from the
commercial sector," he said.
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