Legal Developments Supporting Cambodia’s Vision 2050
BritCham Cambodia, the British Embassy in Cambodia and KPMG organised a seminar on ‘Legal Developments Supporting Cambodia’s Vision 2050’, on March 26, 2025 at the KPMG Cambodia office in GIA Tower, Phnom Penh.
The seminar is part of BritCham Cambodia and the British Embassy in Cambodia's ‘Deep Dive Seminar Series’, under which three seminars will be held across March, April and May to explore key topics from the UK-Cambodia Joint Trade & Investment Forum, supporting Cambodia's Vision 2050 strategy.
Seminar speakers included H.E. Dr. Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations; Marc Thayre, Deputy Head of Mission at the British Embassy Phnom Penh; Sokbunthoeun So, Senior Public Sector Specialist, Governance Global Practice, World Bank; Richard Stapley-Oh, Partner & Head of KPMG Law, Vietnam & Cambodia; and other legal professionals.
Cambodia-UK Relations
In his opening remarks, the Deputy Head of Mission at the British Embassy in Phnom Penh, emphasised that the UK’s fundamental principle in Cambodia is that the Southeast Asian nation’s prosperity is ultimately beneficial for the UK, and vice versa.
“It's a really simple message, but it's at the heart of everything that we're trying to do. It's good for regional stability, good for livelihoods, and it's good for our mutual prosperity,” he said.
As part of the Cambodia-UK Joint Trade and Investment Forum, Thayre stated that the goal is to build trust, which can be achieved through legal reform, capital market reform, and taxation reform involving both Cambodian and UK businesses.
He added:
When we listen to British businesses here, they tell us they want predictability, they want good partners, and they want a level playing field. But ultimately, what they're saying is that they want to be able to trust that what they're doing is going to be protected.
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On the matter of international diplomacy, Dr. Sok Siphana shared that most leaders under the new Cambodian government have been educated in Western countries such as the UK, US, France or Australia, which provides Cambodia an advantage in fostering stronger global collaboration.
Commenting on how Cambodian businesses can seek expansion, Dr. Siphana said they will have to connect with the international value chain, but the issue is that many lack the needed international experience to successfully do so. Hence, he noted that this is one area in which the UK and British businesses could provide support and collaborate with Cambodian businesses.
He also pointed out that Cambodia did not score well on the World Bank’s Business Ready (B-READY) 2024 report, which assesses the regulatory framework and public services directed at firms, so the Cambodian government must continue its reform efforts.
Is Cambodia’s Vision 2050 Achievable?
The Kingdom’s goal of becoming a high-income country by 2050 might be realised at only half of its potential without reforms, said Sokbunthoeun So from the World Bank. To be considered a high-income country by 2050, Cambodia's GDP per capita would need to be at least USD 13,826.
“If we just consider business as usual and progress as it has been, by 2050 Cambodia could be only halfway to [its goal],” said Sokbunthoeun.
He also pointed out climate change, the pandemic and other productivity issues, as factors which have likely disrupted the country’s economic efficiency. The main areas Cambodia needs to improve on, he stressed, include innovation, education, health, labour supply, market efficiencies, infrastructure, and institutions.
According to the World Bank’s B-READY 2024 report, the Kingdom’s main weaknesses lie in business entry, solvency, property transfer, and market competition, while financial services and calculation were found to be the country’s strengths. Sokbunthoeun particularly underlined that Cambodia’s public services were found to be its lowest-performing pillar.
He emphasised that Cambodia needs effective policies, a functional bureaucracy, and strong leadership to drive reforms and improve service delivery.
What Can the United Kingdom Do to Support Cambodia’s Legal Reform?
Richard Stapley-Oh of KPMG Vietnam and Cambodia stated that Cambodia has made impressive progress in becoming a more dynamic and interconnected economy, underlining improvements in the country’s infrastructure, the emergence of new industries, and the expansion of international trade partnerships.
“Phnom Penh is rapidly developing into a business hub, and we're seeing a growing presence of international firms. This progress reflects the country's commitment to modernisation,” he said. “The business environment is bold, and with continued legal and regulatory improvements, Cambodia is well positioned to attract long-term investment and sustain its growth.”
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Stapley-Oh added that one of the most promising initiatives by the Cambodian government is the establishment of specialised commercial courts, which will help expedite dispute resolution and improve business confidence. Additionally, the government is enhancing business registration processes by shifting towards digital platforms.
According to Stapley-Oh, several key areas the UK can support Cambodia’s legal reforms, include:
- Supporting commercial courts – the UK has a strong track record in commercial law and could assist in setting up specialised courts and training legal professionals to handle business disputes efficiently.
- Capacity building for judges and lawyers – legal training programs conducted in partnership with UK institutions could enhance the capabilities of Cambodian legal professionals, ensuring better enforcement of commercial laws.
- Enhancing intellectual property protection – the UK could collaborate with Cambodia to craft stronger IP laws and implement enforcement systems that align with international standards, providing greater security for UK businesses operating in Cambodia.
- Digitalising legal and business processes – the UK could extend its support in Cambodia's ongoing digitalisation journey.
He asserted that while Cambodia’s future is bright, the Kingdom will need to continue building legal certainty, which is the foundation for sustainable growth, and the main way to achieve this is by strengthening commercial laws, dispute resolution mechanisms, and regulatory transparency.