January 23, 2012
(Source: Asia News Network) – Cambodia is open to foreign investment but treats some investors unfairly, a US Embassy official says.
“All sectors of the economy are open to foreign investment and 100 per cent foreign ownership is permitted in most sectors. There is little or no discrimination again foreign investors either at the time of initial investment or after investment,” said the official who asked not to be named.
“However, some foreign businesses have reported that they are at a disadvantage relative to Cambodian or other foreign rivals who engage in acts of corruption or tax evasion or take advantage of Cambodia’s poor enforcement of legal regulations,” the official added.
Even though the United States is Cambodia’s largest trading partner, US investment in Cambodia remains very small amounting to only US$4 million in 2010.
“Strengthening the rule of law in Cambodia would have a positive impact on attracting US investors to Cambodia,” the official said.
Prime Minister Hun Sen has repeatedly urged officials to make sure that Cambodia becomes one of the most favorable places for foreign investment.
He has threatened to take action against officials who commit any kind of corruption which could keep foreign investors away from Cambodia.
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