AmCham In The News

Cambodia’s relatively new Trust market is growing fast and has so far attracted investments worth $1.27 billion, according to Sok Dara, Director General of the Trust Regulator, yesterday.Addressing a seminar on ‘Emerging Business Opportunities in the Trust Sector,’ organised by the Law Committee of the American Chamber of Commerce (AmCham), the Director General said that the number of Trusts registered has reached 810 since the Trust Regulator (TR) was established in 2021.

In a move that underscores the commitment to fostering improved relations between Cambodia’s public and private sectors, the General Department of Taxation (GDT) of the Ministry of Economy and Finance recently convened with prominent representatives from the American Chamber of Commerce in Cambodia (AmCham) and the European Chamber of Commerce in Cambodia (EuroCham) on 5th October 2023.

The General Department of Taxation (GDT) is targeting $4.162 billion in 2024, which is a 20 percent increase from the target set for the current year, according to Kong Vibol, Minister Attached to the Prime Minister and Delegate of the Royal Government In-Charge as Director-General of the GDT. Addressing the AmCham’s Tax Forum organised by AmCham Cambodia under the theme ‘Understanding the New Tax Updates and Solving Common Tax Issues’ at Raffles Hotel Le Royal yesterday Vibol said, “During the current year, the GDT has been able to accomplish 93.71 percent of the set target in the January-November period (11 months) despite speculations about the economic downturn. The GDT continues to play a key role in collecting taxes since ensuring social equity is one of the key principles of taxation.”

Companies that made significant impacts with their Corporate Social Responsibility (CSR) programmes in Cambodia were honoured with awards by the American Chamber of Commerce (AmCham) on Wednesday night. At the CSR Excellence Awards Dinner, held at Fairfield by Marriott Phnom Penh, some 36 companies vied for the awards in five different categories — Social Impact, Digital Inclusion, Financial Literacy, Law (for pro-bono work) and Education. Gracing the occasion was Patrick Murphy, the US Ambassador to Cambodia, who in his keynote address, praised AmCham for its efforts to support the CSR initiatives from the private sector in Cambodia. “The American Embassy is happy to coordinate with AmCham in these initiatives,” he said.

Addressing a delegation of the American Chamber of Commerce (AmCham) visiting the port on Friday, Viro said that the Prime Minister is keen to fast forward the work and the port management is going ahead with the plan for the project supported by JICA – Japan International Cooperation Agency (JICA) with a soft loan of $203 million.

In the aftermath of the COVID-19 pandemic, Sihanoukville, a province in southwest Cambodia, is embarking on an ambitious journey. Spearheaded by the provincial government, the region aims to reinvent itself as a thriving ASEAN port city, overcoming the long-term challenges posed by the pandemic. This strategic pivot was showcased during a key visit by the American Chamber of Commerce (AmCham) in Cambodia, where policymakers and key private sector players convened to outline the province’s renaissance plans.