The Council for the Development of Cambodia (CDC) is poised to revolutionize investment procedures with the official launch of the CDC Investment Project Management System (cdcIPM) on Wednesday.
This innovative system aims to streamline and digitize investment procedures, making it easier for businesses to invest in Cambodia.
The cdcIPM is a technology system that allow investors to apply for investment project registration from via online including applying, payment of service fee and obtaining a digital project registration certificate and until reach out to connect with relevant ministries and institutions in the future, Deputy Prime Minister and CDC’s First Chairman Sun Chanthol said.
“We have put the system in trial internally and plan to launch the system officially on upcoming November 27,” Chanthol said in a business forum event held last week.
The system is one of the government’s milestones in reforming and promoting the investment environment in the country, he said.
“All investors can apply online for investment projects through this system which will be easier and convenient, and timely,” he said.
The Council for the Development of Cambodia (CDC) approves investment projects, including qualified investment projects (QIPs), to expand production, establish special economic zones (SEZs), and develop infrastructure, tourism, and industry.
QIPs may include one or more phases, including a QIP expansion application. QIPs may be eligible for tax incentives, such as an exemption from the 1 percent prepayment of tax on income (TOI) and a minimum tax exemption.
CDC’s First Chairman stated that the country has witnessed an upsurge in investment due to Cambodia’s peace, political stability, macroeconomic stability and multilateral and bilateral free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), bilateral free trade agreements with China, South Korea and the United Arab Emirates.
As of October 2024, Cambodia has four active bilateral and regional free trade agreements including the Cambodia-China Free Trade Agreement (CCFTA), Cambodia-Korea Free Trade Agreement (CKFTA), Cambodia-UAE Comprehensive Economic Partnership Agreement (CEPA), and Regional Comprehensive Economic Partnership (RCEP).
In the first ten months of this year, CDC approved 346 fixed-asset investment projects with a total capital value of $5.5 billion.
Most investment projects focus on industry, infrastructure, energy, agriculture and tourism. The main sources of investment are dominated by investment from China, followed by domestic investment.
