CCA urges stakeholders to invest more in Cambodia during ACF 45th Meeting

• 10 April 2018
• Local News
• 1842 Views

The Cambodia Constructors Association (CCA) has urged international stakeholders to invest in Cambodia more during its participation in the 45th ASEAN Constructors Federation (ACF) Council Meeting in Manila, Philippines.

The event took place at the Shringi-la at the Fort hotel on 9 March, where members from different ASEAN nations gathered to discuss progress toward achieving ASEAN-wide construction standards.

Discussions in this 45th council meeting included the ASEAN Construction Standard Trade Skills Training (ACSTST) program update, the amendment of the ACF Constitution, the manual for standard procedures for the host country, the update on ACF website improvement, and detaila for the next upcoming ACF conference.

The priority topic of this year was the ACSTST program, which is a program aiming to produce a single standard for construction workers across ASEAN. From last year’s meeting, discussion over the issue of establishing vocational training centres in each respective nation still remained unsolved and the minimum requirement for each level has also not yet been conclusively reached. Therefore, this year the members were discussing this issue again.

In addition to the main issue, each member also has the chance to present their yearly reports on the construction industry progress in their country. Using this opportunity, CCA urged international investors to feel confident and invest more in Cambodia’s construction industry as this sector continues to grow very strongly.

3,052 construction projects were recorded in Cambodia in 2017 representing an increase of 22.31 percent year-on-year from 2016, according to the annual report by the Ministry of Land Management, Urban Planning and Construction (MLMUPC).

“Cambodia has an open economy with equal treatment of all investors and without requirement of local equity participation. We have no price controls on products or services, no restriction on foreign currency convertibility, and allow foreigners to own properties (house or condominium from first floor up). Cambodia is also the 6th fastest growing economy in the world over the last two decades with an average growth rate of 7.7%,” according to the presentation to the board by the CCA representative during the event.

“With competitive investment incentives with a low corporate tax of 20 percent, Cambodia is also providing the full import duty exemption on items such as production equipment and machineries, construction material and production inputs as well,” he continued.

To date, ACF currently has eight constructors association members representing private construction-related companies across South East Asia including Cambodia Constructors Association(CCA), Indonesian Constructors Association(ICA), Master Builders Association of Malaysia(MBAM), Philippines Constructors Association(PCA), Singapore Contractors Association Limited (SCAL), Thai Contractors Association(TCA), Vietnam Association of Construction Contractors(VACC) and Myanmar Construction Entrepreneurs Association(MCEA).

• Business and Market
• Economy and Finance
• Fair and Event