The National Assembly on Thursday approved measures that will help Cambodia fit into Asean free trade agreements with China and South Korea.
Supporters say the investment agreements will increase free trade, transparency and competition and provide protections for investors. The agreements are intended to help ease the flow of capital and trade between Asean countries, China and South Korea.
Capital flow reached $8 billion with China and $2.7 billion with South Korea in the first half of the year, Kong Vibol, secretary of state for the Ministry of Economy and Finance, said in Thursday’s session.
Investment reached agro-industry, tourism, infrastructure, hydroelectricity and industrial manufacturing, reducing poverty, he said.
In principal, China allows most-favored status to 418 different goods for export, while South Korea has provided most-favored status for 90 percent of goods exported from Cambodia.
However, opposition lawmaker Chheam Channy said during the session that Cambodia still needs to strengthen transparency measures and effective implementation of the law if it really wants to attract investment.