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.