World Bank (WB) on Wednesday urged the promotion of the Cambodian economy as Cambodia is one of many countries in the world affected by the global downturn, according to a Wednesday WB press release.
The Second Investment Climate Assessment, published in 2009 by the World Bank and IFC, identifies priorities to significantly improve the business environment by helping to retain existing investors and attracting new ones, said Qimiao Fan, Country Manager for the World Bank in Cambodia.
“This would position Cambodia well to benefit from a recovery in the global economy, and also help its small firms to develop and create jobs.”
IFC’s Resident Representative in Cambodia, Julia Brickell, noted that Cambodia is making efforts to improve some aspects of the business environment.
“IFC, with support from the European Commission and other donors, is assisting the government to improve commercial dispute resolution mechanisms through the establishment of the National Arbitr- ation Center, which will be a quicker and cheaper alternative to the courts.
We are assisting with the selection of arbitrators and preparing a program for training them to arbitrate commercial disputes. Effective commercial arbitration is crucial in helping businesses enforce contracts in ways that are less costly and time consuming than is currently the case,” said Brickell.
Due to the press release, as a result of its reforms, Indonesia—the region’s most active reformer this year—moved up to 122 from 129 on the global ease of doing business rankings. Indonesia cut the time required to start a business by 16 days and the time to transfer a property by 17 days. The country also strengthened disclosure requirements for related-party transactions to protect investors.
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