Cambodia National Assembly debates draft law of stock exchange

PHNOM PENH, Sept. 11 (Xinhua) -- The Cambodian National Assembly here on Tuesday debated the draft law of stock exchange which has 10 chapters and 58 articles, in preparation for inauguration of stock exchange market in 2009.

"This law is a tool for collecting capital from the public to contribute to develop the economy, and Cambodia has to implement this law as member of the World Trade Organization," said Cheam Yeap, chairman for the Committee of Banking and Finance.

The law will be passed on Wednesday and "the Cambodian people who have habits of keeping their money in pillows and under mats can release their money to invest in this stock exchange market," he said.

Cambodia will set up corporate bonds, bond transaction and bond issuers for general people to buy and sell and the private sectors also can do it, he said.

Meanwhile, Keat Chhon, minister of Economy and Finance, said that for the first step from 2009 to 2015, the Cambodian government is the legal individual who will guarantee the public confidence in the security market.

This law allows the government to establish the Securities and Exchange Commission of Cambodia (SECC), which is responsible for managing and checking the bond market, allowing for securities depository, licensing security firms and representative, resolving conflicts of investors' benefit, practicing bond market, developing stock exchange and processing securities market, he said.

SECC has nine members and the president of SECC is the minister of Economy and Finance.

"Now we have over 400 companies who have abilities to engage in stock exchange in Cambodia," he said, adding that "we have two more years to create confidence for national and international investors to invest in stock exchange market in Cambodia."

The government will first release 10-15 million U.S. dollars for infrastructure construction of stock exchange market and the South Korean government contributed about 1.8 million U.S. dollars for human resources training of the market, he added.

According to the draft bill, anyone who issues and sells bonds publicly without recognition of SECC will be put into jail for one to five years and fined 500 to 2,500 U.S. dollars.

Product standard law debated at Cambodian National Assembly

April 25, 2007

The Cambodian National Assembly on Tuesday started its debate on the Law of Standard of Cambodia, which aims to facilitate the kingdom's import and export of various products.

The kingdom needs the law urgently in order to implement the conditions of the World Trade Organization (WTO), which Cambodia entered in 2004, said Ky Lim Orng, chairwoman of the Committee of Trade, Industry, Mines and Energy at the National Assembly.

This law is expected to help Cambodian products gain high and good qualities, including proper package, and enable the kingdom to compete with other countries, she said.

"This law will also help the Cambodian people have good health care from the imported and exported products," she said.

Under the law, the signs, logos and trademarks of all enterprises will be protected, in order to foster an environment of trust and legality in Cambodia, she added.

Source: Xinhua

SRP Mu Sochua challenges gov't to provide fair and equal debates in next year general election

Phnom Penh, March 12, 2007

SRP Calls for Debate to Further Strengthen Culture of Democracy

As the candidates for the April 1 commune elections prepare for upcoming debates, the Sam Rainsy Party is looking ahead and pressing for public, non-violent exchange in the national elections.

Mu Sochua, the Secretary General of the Sam Rainsy Party, issued a challenge to the government to provide fair and equal debates in the general election next year.

This would be an important step towards leveling the playing field in national politics. In an address this morning to commune candidates from different parties, Mu Sochua spoke in support of the current debates and the training provided to candidates. But she emphasized that for the SRP, this is not enough; there is still a long way to go in cleaning up the electoral process.

“We want to see leadership of a nation as well as local leadership become a product of democracy,” explained Mu Sochua, “The Sam Rainsy Party is firmly convinced we all want democracy... those who have not yet decided which candidate will receive their vote must be allowed to hear candidates on an equal basis.”

The announcement came during the opening remarks of the Commune Council Debate Training held by the National Democratic Institute with the support of USAID. Commune council candidates are trained in public speaking and how to engage in mutually respectful debate.

“We must send a good signal to the next generation,” Mu Sochua firmly stated.

The SRP has been an active voice for opening up the electoral process, citing past intimidation and unequal access to media and legal protection as obstacles to free and fair elections. In addition, the SRP tracks the thousands of voters who have been illegally turned away at the polls and denied their right to vote.

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