Principles of Economic Management
Article 56 of the Cambodian Constitution declares that Cambodia shall adopt a market economy system. The Constitution further says in Article 61 that the State shall promote economic development in all sectors and remote areas, especially in agriculture, handicrafts, and industry, with attention to policies concerning water, electricity, roads and means of transport, modern technology and a system of credit. In 1994, the Minister of Commerce issued to all provincial governors and mayors Circular No.63, which instructed that market standards and guidelines should be observed as follows:
・ All the prices of goods shall be determined by mutual agreement between buyers and sellers.
・ The State shall allow free competition between traders.
・ The State shall guarantee traders freedom to move goods.
New Article 10 of the Law on the Amendment to the Law on Investment (The Amended Law on Investment) also guarantees that the Cambodian Government shall not fix the price or fee of products or services of an approved Qualified Investment Project (QIP), which is also entitled for investment incentives (see “Chapter IV INVESTMENT”). Thus, Cambodia provides economic and business activities with the most open and freest environment. Article 56 of the Cambodian Constitution declares that Cambodia shall adopt a market economy system. The Constitution further says in Article 61 that the State shall promote economic development in all sectors and remote areas, especially in agriculture, handicrafts, and industry, with attention to policies concerning water, electricity, roads and means of transport, modern technology and a system of credit. In 1994, the Minister of Commerce issued to all provincial governors and mayors Circular No.63, which instructed that market standards and guidelines should be observed as follows:
– All the prices of goods shall be determined by mutual agreement between buyers and sellers.
– The State shall allow free competition between traders.
– The State shall guarantee traders freedom to move goods.
New Article 10 of the Law on the Amendment to the Law on Investment (The Amended Law on Investment) also guarantees that the Cambodian Government shall not fix the price or fee of products or services of an approved Qualified Investment Project (QIP). Thus, Cambodia provides economic and business activities with the most open and freest environment.
Source from : COUNCIL FOR THE DEVELOPMENT OF CAMBODIA
