Press Release

On the Weekly Meeting of Council of Ministers

on March 29, 2002

In the morning of March 29^th, 2002, the Council of Ministers meeting, which was held under the highest presidency of Samdech Hun Sen, Prime Minister of the Royal Government of Cambodia at 8:30 am at the Council of Ministers, passed:

1- The Draft Law On Investment in Kingdom of Cambodia.

2- Other discussion: The Request for the Ratification from the executive body.

- Convention on the formation of The Customs Council for Cooperation.

- Convention on Code System and the unification for goods.

After the discussion and the share of opinions, the weekly meeting passed:

The Draft Law on Investment in the Kingdom of Cambodia.

The Council of Ministers and agreed and adopted the Draft Law on Investment in the Kingdom of Cambodia. The draft law stated that Council of Development of Cambodia is the competence body and the only gate for rehabilitation, development and investment. The Council for Development of Cambodia is the headquarters under Royal Government of Cambodia in charge of reviewing and approving rehabilitation, development and investments. The draft law also stated the legal measures on investments. It states that after receiving requests for investment for three week-days, the Council for Development of Cambodia is to issue registered certificates attached with conditions or letters of refusal to the proponents.

Every competent authority in the Royal Government of Cambodia in charge of issuing permits for audit, permit or registered requirements is to issue these documents in 28 week-days from the registered date in list requirements. Any government official failed to respond to the requests or cannot find any reason to explain the failure is to be punished by law.

Also the draft law stated that the Royal Government would not do any nationalization that effects the wealth of investors in the Kingdom of Cambodia.

The Draft Law also states about partial or entire exemption of duty or/and taxes determined by sub-decree.

The legislation on investment in the Kingdom of Cambodia promulgated by Royal Kram No.03/NS/94 dated August 5, 1994 is null and voided and is replaced by provisions in the Draft Law.

Other Discussion

The Council of Ministers meeting agreed and adopted the convention on the formation of Custom Council for Cooperation and convention on Code System, as well as unification for goods in order to request approval from legislation body.

Today plenary meeting of Council of Ministers also discussed about strike at Goldfame garment factory in Svay Rolom village, Sitbo commune, Sa-ang district, Kandal province on March 25, 2002. On this issue, Samdech Prime Minister suggested the formation of a committee to investigate, report then give recommendation to Royal Government.

The Council of Minister meeting closed at 12:30 pm.

Executed March 29, 2002

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