Cambodia officially launched the long-awaited National Arbitration Center (NAC) on Monday, aiming at enhancing business environment and attracting more local and foreign investors.
Speaking at the launching ceremony, Minister of Commerce Cham Prasidh said the government is committed to improving and enhancing Cambodia’s business environment and investment climate for both domestic and foreign investors.
He said one of the measures taken by the government to achieve this goal is the enactment of various commercial laws including the law on commercial arbitration that was adopted in 2006.
The law envisages the creation of the NAC.
Eric Sidgwick, head of the Asian Development Bank to Cambodia, said that ADB technical assistance, together with the support from the International Financial Center, has supported the Ministry of Commerce in selecting 53 founding members, formulating the rules and administrative procedures, preparing a code of conduct for the NAC, and setting up the center and training the commercial arbitrators since 2010.
This article originally appeared in the Shanghai Daily