Govt calls for investment in electric vehicles industry

Govt calls for investment in electric vehicles industry

Amid the rising trend of renewable energy demand and the use of electric vehicles (EVs) in the Kingdom, the Royal Government of Cambodia (RGC) asked businessmen to seize the opportunity by investing in the EV-related industry that comes with a range of benefits for both the consumers and the environment.

Presiding over the ‘RMA Cambodia Plc and Business Partners Expo’ on the eve of the Khmer New Year celebration at The Premier Center Sen Sok from April 8-10, Cham Nimul, Minister of Commerce (MoC) spelt out the MoC priorities focusing on the improvement of the trade flow and investment environment in the Kingdom that involve three continuing processes.

First, is the enforcement of the competition law, consumer protection law and relevant legal documents in force aimed at preventing all transactions and business activities which hinder, restrict or distort equitable and fair-trade competition.

Second, to strengthen the protection of legal intellectual property and private property to promote the development of new products and services, creativity and innovation to ensure competition in the market.

The third is to amend laws and regulations aimed to facilitate trade and investment activities as well as strengthen competitiveness on the international stage.

Others who were present on the occasion were the United States Ambassador to Cambodia W. Patrick Murphy and Ngorn Saing, General Director of RMA Cambodia.

Nimul encouraged investors to seize the opportunity from the growing trend of renewable energy demand and the use of EVs in the market which will provide significant benefits to local consumers such as increasing energy efficiency, reducing production costs and toxic emissions, improving the cleanliness of the environment.

She appreciated the RMA Cambodia for organising such an important exhibition which reflected the confidence of the private sector in investing in the country through the establishment of the Ford Ranger and Ford Everest factory in Pursat province and its operation has created over 4,200 jobs for locals.

Speaking to Khmer Times, Natharoun Ngo Son, Country Director of EnergyLab said that with less than 2,000 EVs officially registered in the country, the EV sector is poised to further grow, attract investments and create new types of jobs and occupations for Cambodians.

“The EV policy consultation coordinated by the Ministry of Economy and Finance and facilitated by EnergyLab yesterday discussed the need to further develop the Light-2 and 3-wheeler BEVs (Battery Electric Vehicles) while attracting assembling and manufacturing chains domestically.”

Actors also pointed out the importance of promoting high standards that protect consumers from harmful health hazards related to a malfunctioning lithium battery, for example, he added.

Yann Vaudin, Founder of VOLTRA told Khmer Times that the government, through the Ministry of Industry, Science, Technology and Innovation (MISTI) and the Institute of Standards of Cambodia (ISC) must take the lead in establishing standards first to ensure the safety and quality of EVs. It is crucial to prevent the circulation of low-quality products that may pose risks to end users.

“To encourage investment in the EV industry, stringent control measures should be implemented, focusing on the quality of EVs, batteries, and chargers. A comprehensive approach is needed, including strict oversight of EV imports by the General Department of Customs and Excise and mandatory registration of all EVs through the Ministry of Public Works and Transport (MPWT).”

Additionally, companies operating in the EV sector should be required to register with MoC and adhere to the appropriate regulations outlined in the Cambodia Standard Industrial Classification (CSIC) and finally, the Ministry of Mines and Energy should review the electricity tariff for EVs to be more attractive, he added.

Collaboration between the government and private sector is crucial hence banks and insurance companies should offer lower interest rates and insurance prices for EV purchases, incentivizing the public to embrace sustainable transportation.khmertimeskh

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