PHNOM PENH, Oct. 7 (Xinhua) -- The National Assembly of Cambodia on Monday adopted a much-awaited draft law on construction, which was designed to enhance investor confidence and to promote efficiency in the real estate market.
Some 106 lawmakers of the ruling Cambodian People’s Party (CPP), who were present at the parliamentary session, unanimously approved the draft bill.
Deputy Prime Minister Chea Sophara, minister of land management, urban planning and construction, said the draft bill was aimed at governing activities in the construction sector in order to ensure security, safety and public order.
“It will increase investor confidence in the construction sector and improve efficiency in the real estate market,” he told the parliament. “It will also enhance the accountability and efficiency of construction professionals.”
The draft law, initiated in 2017, consisted of 22 chapters with 111 articles, said CPP’s senior lawmaker Nin Saphon.
“It will contribute to protecting the interest of building owners, building users and the public,” she said.
Construction is one of the four pillars supporting the kingdom’s economic growth.
According to a government report, the construction sector attracted a total investment of 4.56 billion U.S. dollars in the first seven months of 2019, up 52 percent over the same period last year.
The report said the Southeast Asian nation granted licenses to 2,572 construction projects during the January-July period this year, up 30 percent from 1,973 projects over the same period last year.
