PHNOM PENH (AFP) — The Cambodian government is considering allowing foreign ownership of property such as apartments and office buildings to boost the country's economic growth, an official said Wednesday.
Under the current rules, foreign property investments can only be made through the name of a Cambodian national, and many are unwilling to risk losing their assets to unscrupulous local partners.
Information Minister Khieu Kanharith said the government is evaluating the policy to ensure that foreigners will be allowed to own buildings and apartments but not land.
"The important thing is that foreigners cannot own land... They can buy things above the ground only," Khieu Kanharith told AFP.
He said that the plan would attract more foreign investment and more skilled foreign workers to the impoverished nation.
"This policy will boost our economic growth," Khieu Kanharith added.
The move comes after the private sector last year urged the government to allow foreign ownership of certain properties like apartments or factories, saying a liberalised real estate market would spur the economy.
Cambodia's investment law was amended in 2005 to allow foreign ownership of buildings, but the legislation has yet to be implemented and the initiative has floundered.
Despite current restrictions, billion-dollar skyscraper projects and sprawling satellite cities promising to radically alter Phnom Penh have bloomed over the past few years.
They are mainly backed by South Korean companies working through local partners.
After decades of turmoil, Cambodia has emerged as a rising economy in the region -- posting average 11 percent growth over the past three years on the back of strong tourism and garment sectors.
But officials warn that the country, which still relies on international aid for half of its annual budget, must diversify by seeking more varied foreign investments.
Under the current rules, foreign property investments can only be made through the name of a Cambodian national, and many are unwilling to risk losing their assets to unscrupulous local partners.
Information Minister Khieu Kanharith said the government is evaluating the policy to ensure that foreigners will be allowed to own buildings and apartments but not land.
"The important thing is that foreigners cannot own land... They can buy things above the ground only," Khieu Kanharith told AFP.
He said that the plan would attract more foreign investment and more skilled foreign workers to the impoverished nation.
"This policy will boost our economic growth," Khieu Kanharith added.
The move comes after the private sector last year urged the government to allow foreign ownership of certain properties like apartments or factories, saying a liberalised real estate market would spur the economy.
Cambodia's investment law was amended in 2005 to allow foreign ownership of buildings, but the legislation has yet to be implemented and the initiative has floundered.
Despite current restrictions, billion-dollar skyscraper projects and sprawling satellite cities promising to radically alter Phnom Penh have bloomed over the past few years.
They are mainly backed by South Korean companies working through local partners.
After decades of turmoil, Cambodia has emerged as a rising economy in the region -- posting average 11 percent growth over the past three years on the back of strong tourism and garment sectors.
But officials warn that the country, which still relies on international aid for half of its annual budget, must diversify by seeking more varied foreign investments.
14 comments:
PEOPLE POWER MUST BE USED TO PREVENT THE REGIME FROM SELLING THE COUNTRY.
CAMBODIA IS NOT FOR SALE!
Think again all shit parliament members. I think all of you work in parliament so long become crazy. Do you want to sell cambodia to foreigner? What nationality are you? Maybe all of you are vietnamese. We will against you till the end.
What 3:46 said is absolutely right! Cambodia is not for sale!
Wrong, everything are for sale. Hanoi gets it for free, though. Poor xmer.
AGAIN, ONLY THE POEPLE POWER CAN PREVENT THESE HAWKISH BASTARD LEADERS FROM SELLING CAMBODIA.
SAY YES TO THE PEOPLE POWER!
PEOPLE POWER MUST BE USED, BUT MUST CAREFULLY IMPLEMENT WITH THE HELP OF OUTSIDE EXPERTS.
Believe me soon the so called "People Power" will be spilled over from Thailand to Cambodia.
Oh dear, HUN SEN don't follow Saddam Hussein's path.
I don't want to see the people hang you!
Khmer Phnom Penh,
I was told that Khieu Kanharith had cheated a woman to have sex with him until she had pregnant he tossed her to his body guard and made his body guard saying that child belonged to his body guard. The child now around ten years of age and looks exactly like Khieu Kanharith.
Can anybody find the truth please.
I also was told that Khieu Kanharith made those karaoke girls unclothed nakedly and displayed to him one by one.
I believe he will say that's his private life.
there will be a lot of vietnamese coming to buy. It is good for cpp because they will gain more votes.
What an old pervet guy!
May Khieu, HUN go to hell!!
People Power will be demonstrate in Phnom Penh soon!!
Jayo!!!!!!!!!!!!
Roum Rith Je me demande pourquoi on garde encore le pamais royale je suggere que Samdach ECKCHO s'approprie et soit mettre en vente soit mettre en location au grang frere << LE GRAND VIETNAM>>. C'est un acte TRES TRES FORT et je suis persuadé que Samdach TA se sera d'accord sur un tel projet
There is a law called synergism. This law states that when the joint action of agents are brought together they increase each other's effectiveness or “the interaction of elements that when combined produce a total effect that is greater than the sum of the individual elements, contributions, etc.” There is nothing the devil fears more than people who are united. This means that the devil number one tactic is to bring disunity in the Khmer. If he can succeed, then the Nation is crippled.
4:21 PM
It's amazed me that you open your stinking mouth with pride,
under communist government the state owned everything. Your just a slave to your government. So please don't boast about Hanoi, you just a laughing stock to the whole planet.
Good idea, but not near the border, and Thailand and Vietnam are not eligible in that new law.
not a bad idea, just do not allow them to own the land, though as land belongs to the nation of cambodia, not foreigner. however, real estate and businesses are ok to be owned by foreigners for the purpose of trade and commercial, etc... this way khmer people and nation don't have to worry about losing land to foreigners as the land is still belonged to the sovereignty of cambodia only. god bless cambodia.
Ah Kanhrith can only fuck cheap whores cuz his appearance looks disgusting
Ruom Rith,
Friend of SHN
Post a Comment