TR and CCC Join Forces to Propel Trust Sector Advancement in Cambodia

• 21 July 2023
• Local News
• 1163 Views

In a momentous step towards enhancing the trust sector in Cambodia, the Trust Regulator (TR) and the Cambodian Chamber of Commerce (CCC) have inked a significant Memorandum of Understanding (MoU) focused on “Cooperation on Raising Public Awareness and Promoting Participation in the Public Sector in Cambodia.”

The official signing ceremony of this pivotal MoU took place on July 18, 2023, with Duke Kith Meng, President of the Cambodian Chamber of Commerce, and His Excellency Sok Dara, Director General of Public Administration, cementing the partnership.

The MoU is underpinned by three key objectives:

• Enhancing Awareness: The collaboration aims to foster public awareness among CCC’s esteemed members, comprising high-potential investors, traders, and businessmen who play a vital role in Cambodia’s investment and business landscape.
• Empowering Participation: By facilitating a deeper understanding of the mechanisms of public administration, the private sector can be better prepared to actively engage in governance matters.
• Promoting Banking Operations: The MoU seeks to equip the private sector and other stakeholders with the necessary knowledge to optimize banking operations within their business endeavors, contributing to the overall growth of Cambodia’s banking sector.

Additionally, in a parallel move to bolster public awareness and participation in the field of public administration, the Regulatory Authority of the Public Service Regulatory Commission (NDRC) and the Cambodian Housing Developers Association have also signed a Memorandum of Understanding, showcasing the collective commitment towards building a stronger governance framework. (Read more)

The alliance is poised to drive impactful advancements in the administrative sector, which is currently experiencing significant growth in Cambodia. It is projected to surpass $1 billion by the end of 2023, marking a pivotal milestone in the nation’s economic landscape. (Read more)

It’s important to note that the Law on Trust 2019 allows foreigners to acquire land in Cambodia through a government company duly registered with the Ministry of Economy and Finance. The purchase must comply with the stipulated terms of the law and be accompanied by a letter of guarantee or a standing agreement. (Read more)

The MoU between TR and CCC represents a significant stride towards reinforcing public-private partnerships and fostering a more dynamic, inclusive, and prosperous business environment in Cambodia. With a united vision, both entities aim to fuel the growth of the trust sector and contribute to the nation’s overall economic advancement.

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