Sunday, 26 October 2008

The Government Prepares to Issue Four or Five Laws to Facilitate Business - Friday

Posted on 25 October 2008
The Mirror, Vol. 12, No. 583

“According to an announcement of the working group on Law, Taxation & Good Governance (Group 4 [also called Group D]) of the Royal Government-Private Sector Forum (G-PSF), the government is working on four or five draft laws to facilitate private business and investment.

“Early this week, Deputy Prime Ministry Keat Chhon, the Minister of Economy and Finance and chairperson of the Working Group 4 representing the Royal Government, and Mr. Bretton Sciaroni, the co-chairperson of the Group 4, representing the private sector, met to discuss four drafts that are being produced to facilitate the work of private business and of investors. According to the announcement, those draft laws include an ‘Eminent Domain’ law [related to the expropriation of land for public purposes], regulations for Customs Brokers, draft laws for Public Purchasing procedures, the management and development of real estate, and judicial standards that will allows foreigners to own rooms in multiple story buildings.
“The director of the State Property Department of the Ministry of Economy and Finance, Mr. Net Mony, said during the session that the Eminent Domain draft law aims to facilitate the construction, restoration, and expansion of public physical infrastructure to serve public interest, as well as to provide appropriate compensation and justice, if the property of any owner is expropriated. He added that these draft laws will be put through a session of the Council of Ministers at the end of November, before they are sent to the National Assembly to be adopted in 2008.
“Dr. Pen Siman, the Royal Government’s delegate in charge of the Customs and Excise Department, reported to the session about the regulations for Customs Brokers, where at present, the Ministry recognizes 76 companies as temporary Customs Brokers (represented by 144 natural persons). In the meantime, the conditions for natural persons to be recognized as temporary Customs Brokers are that they must have a bachelor degree, and place US$5,000 as a bond. In future, bachelor’s degrees will not be demanded, but they must pass a tests, and the money that is now required as a bond, can in future be replaced with a guarantee letter issued by a bank.
“Mr. Ou Bun Long, a Secretary of State at the Ministry of Economy and Finance, reported during the session about the preparation of a Public Purchasing Law, that it aims to guarantee that public purchasing proceeds with transparency and with justice, and with full open competition, and is in line with other public finance legislation.
“Also, Mr. Ngy Tayi, an Under-Secretary of State at the Ministry of Economy and Finance, reported to the session about the management, the monitoring, and the provision of licenses to individuals developing real estate, that on 30 July 2008, the Ministry of Economy and Finance issued an announcement about such management and monitoring, by establishing policies where Cambodia wants that qualified investors develop real estate where Long Term Agreements are protected.
“Regarding the creation of judicial standards that allows foreigners to own rooms in multi-story buildings, an Under- Secretary of State of the Ministry of Land Management, Urban Planning & Construction, said during the session, that the Ministry has created this a working group to draft these regulations. This special working group has conduced careful studies to guarantee that the permission for foreigners to own rooms in multi-story buildings is not against the constitution or against any laws. The private sector is welcoming this effort and even asks the working group of the Ministry of Land Management, Urban Planning & Construction to study the detailed procedures for the splitting up of major land holdings – that is real estate – when it is mortgaged, for the registration of Long Term Lease Agreements, as well as for the Security of Long-Term Lease Agreements.”
Rasmei Kampuchea, Vol.16, 4724.10.2008
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Friday, 24 October 2008

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