Cambodia, represented by H.E. Sok Chenda Sophea, Minister attached to the Prime Minister and Secretary General of the Council for the Development of Cambodia (CDC), has shown its case in promoting sustainable investment, at the World Investment Forum 2021 in Geneva.
Cambodia has indicated its strong commitments in promoting sustainability dimension in its new investment law where a smart incentive scheme has been introduced in this new investment law to lure more sustainable investments to the Kingdom, H.E. Sok Chenda Sophea told the forum from Phnom Penh via videoconference.
Cambodia launched this year a supplier database with sustainability dimensions (https://sd2.cdc.gov.kh) to facilitate investment that achieves sustainable objectives, he said, adding that investors are able to contract with domestic firms that operate in manners that protect the environment, achieve gender goals, and impart training for skills development.
The supplier database is a result of cooperation between the CDC and the World Economic Forum, he underlined.
The rationale is that the world has been undergoing a series of profound changes, brought on by industrial transformation, technological shifts, societal evolution, geopolitical competition and the COVID-19 pandemic. International investment can tie together and strengthen economies throughout these changes, making the global community stronger rather than weaker. However, international investment flows have changed form, and in many cases declined – with FDI falling globally 35 percent in 2020 – putting their contribution to sustainable development at risk.
At the same time, there are trillion of dollars in sustainable finance waiting to capitalise a rebound in greenfield FDI, if enabling policies and measures are put in place. This potential is seen with the burst of recent mergers and acquisitions around the world, which in only the first half of 2021, surpassed all of 2020.
Source: Agency Kampuchea Press