CDC Launches Investment Project Management System (cdcIPM)
The Council for the Development of Cambodia (CDC) has launched the Investment Project Management System (cdcIPM), which is designed to streamline and digitize investment procedures, making it easier for businesses to invest in Cambodia, on November 27, 2024.
In their press release, the CDC stated that this new development is based on the "Cambodia Digital Economy & Society Framework 2021-2035," which began implementation in 2021.
During the launch ceremony, H.E. Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the CDC, mentioned that the new system follows the examples of Singapore's Economic Development Board (EDB) and Indonesia’s Investment Coordinating Board (BKPM).
Chanthol noted that with the new digital technology system 'cdcIPM,' investors will be able to apply directly from anywhere and at any time, facilitating investment processes and reducing time. Additionally, the system will ensure transparency, security, and efficiency, contributing to the development of Cambodia's digital economy, society, and government.
According to the Deputy Prime Minister, the new system will accelerate the services of Qualified Investment Projects (QIP) by transitioning from physical documents to a fully digital system, thus reducing the need for face-to-face meetings between investors and CDC officials.
During the event, Neak Oknha Sear Rithy, Vice President of the Cambodia Oknha Association and Chairman of Worldbridge Group, commented that this improvement is another step forward for the CDC. He noted that Thailand, Singapore, and Vietnam have already made significant strides in this area.
“To make it easier for investors is very important. I want to discuss the speed of investment [requests]; it creates distance between investors and officials. With this gap, we can also reduce the possibility of irregularities,” he said.
He added, “Secondly, data is crucial. What investors want is data collection. For investors, information is important. If this system is implemented, we can extract that information - for example, what kind of investment you want to make and who has already invested in those sectors. They will be able to assess the opportunities."
Rithy emphasised that with this new development, investors will not need to visit the CDC for information; they can use the system to find details such as license fees or permit requests. 'With opportunity, ease, and transparency, they can make informed investment decisions,' he stated.
The press release added that, in addition to providing investment project registration services, the system will enable the development of a potential single-entry technological ecosystem in the future by integrating the cdcIPM system with the member ministries and institutions of the CDC.
“This means that in the next phase, the registration of investment projects will be a one-time process, allowing relevant ministries and institutions to receive information and documents from investor requests issued by the CDC. This will expedite service procedures and increase investor confidence in a transparent, efficient, and sustainable manner,” it concluded.
Currently, cdcIPM can be downloaded via the Play Store or App Store, or accessed through the website portal. The application will notify users about the status of their investment projects via the app, Telegram, or email.
The Royal Government of Cambodia has recently also released the Law on Investment 2021 and the Handbook on Investing in Cambodia 2023 to help facilitate investments. The launch of the cdcIPM is one of several new digital portals released which is intended to increase investor confidence and transparency.
The Digital Government Committee (DGC), led by the Ministry of Post and Telecommunications (MPTC) is also working on several other projects, including Verify.gov.kh—the Cambodian government's document verification platform—and the Government Point of Truth (PoT) Repository for Public Documents (GO.GOV.KH), among others.