Officials from the Council for the Development of Cambodia (CDC) inaugurate the cdcIPM system in Phnom Penh on November 27. CDC
Cambodia has high expectations that the newly launched Cambodia Investment Project Management System (cdcIPM) will significantly enhance the potential to attract more foreign and local investments.
In the first 11 months of 2024, 379 projects were approved, totalling approximately $6 billion – 129 more than in 2023, when the total value was $4.9 billion.
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The cdcIPM system was officially inaugurated on November 27 in Phnom Penh, with the participation of Deputy Prime Minister Sun Chanthol, first vice-president of the CDC, as well as senior officials from ministries, institutions, diplomatic representatives, national and international organisations and the private sector.
It is a new digital platform developed by the CDC to allow investors to submit their applications anytime and from anywhere, making the process smoother, reducing time delays, ensuring transparency and contributing to the development of a digital economy and e-government initiatives.
The new system will streamline the registration of qualified investment projects (QIP) by shifting away from paper documents, which will reduce the need for face-to-face interactions between financiers and government officers, making the investment environment more trustworthy for both locals and foreigners.
Chanthol stated that the system would make the investment process more convenient for investors in Cambodia.
He noted that the implementation of the new registration system aligns with the government’s objective to provide convenience and attract investment, as well as provide information to financiers.
He emphasised, “This system is easy for users to input information, submit investment requests and track the progress of their applications in real time. Investors can monitor all steps and know where their forms are, avoiding the problem of lost documents.”
Chanthol mentioned that the next step will be to integrate the cdcIPM system with five key ministries and institutions: the Ministry of Commerce, Ministry of Land Management, Urban Planning and Construction, Ministry of Interior, General Department of Taxation (GDT) and General Department of Customs and Excise (GDCE).
In the next phase, he said other ministries such as the Ministry of Tourism and Ministry of Industry, Science, Technology and Innovation will be added to ensure smoother information sharing between institutions and prevent investors from having to go from one institution to another.
Sear Rethy, founder and chairman of the WorldBridge Group, highlighted that the system is crucial in helping Cambodia increase its potential to attract both local and foreign investors.
He emphasised that the system will make it easier for those seeking information or intending to invest in Cambodia to find relevant details from anywhere at any time, including information on market conditions, opportunities and labour factors. He noted that the system will also help eliminate informal expenses.
Rethy explained, “What we, as investors, want is information… Information is critical. So, with this system, we can easily access the information we need, and it will help us understand what we want to invest in and if others have already invested there. Businesspeople are always seeking opportunities.”
Additionally, Rethy encouraged local investors to actively learn and adopt new technological systems to stay competitive with global developments.
Lim Heng, vice-president of the Cambodia Chamber of Commerce (CCC), expressed full support for cdcIPM, noting that it will make it easier for investors to apply for digital investment registration, which will be connected to relevant ministries.
He said this reflects the government's commitment to investors across all sectors.
He remarked, “This system makes it easier for investors, reducing complexity, and facilitates smoother and more trustworthy investment processes in Cambodia.”
However, as a member of the private sector, Heng urged all relevant ministries and institutions to be proactive in collaborating with the CDC to ensure fast and efficient registration procedures.
In an interview after the inauguration, Sun shared that Cambodia expects to approve at least 400 investment projects in 2024, setting a new record for the country.
He concluded, “We hope to approve 400 by the end of 2024, having already approved 379 as of November 22. We will push to exceed 400, which would be the first time in the CDC’s history that we exceeded 400 approved projects.”
