Cambodia gives aliens guarantees

Cambodia gives aliens guarantees

PHNOM PENH (Reuter): Cambodia's top investment body, trying to ease concerns stirred up by a big British firm's frustrated exit from the country, has assured foreign investors of the government's full cooperation.

The Cambodian Development Council (CDC) also said in a statement that foreign investment proposals would be dealt with promptly.

In a statement dated Nov. 18 but received late on Friday, the CDC rejected a report by Inchcape Import Testing Services that the lack of an administrative framework had forced the closure of Inchcape's Phnom Penh Liaison Office.

Inchcape Testing Services closed down its Cambodian operation on Nov. 11.

CDC said the Inchcape deal had been terminated by First Prime Minister Prince Norodom Ranariddh because "it had been issued incorrectly without the knowledge or authorization of the country's Minister of Commerce."

The statement promised that companies which followed correct procedures could be sure of "maximum cooperation from Government departments."

The Council pledged that all foreign investment applications would be dealt with within 45 days of receipt and that following the promulgation of the new Investment Law in August the CDC had approved projects exceeding US$300 million.