Samdech Hun Sen “the Government wants to establish stock market in 2009”

Rasmei Kampuchea Daily

Friday, September 7, 2007 

Samdech Hun Sen “the Government wants to establish stock market in 2009”

- There are over 400 companies who have abilities to engage in stock exchange 

Phnom Penh: Keat Chhon, Senior minister and minister of Economy and Finance Thursday announced plans to set up the stock market in Cambodia which will be managed by the Ministry of Economy and Finance with the cooperation with Korean Exchange that declared the launch of “Securities Market Establishment Project” on Thursday, September 6, 2007 by Prime Minister Hun Sen. This stock market will establish in 2009.

 

Meanwhile, Keat Chhon, minister of Economy and Finance told the press conference at the Inercontinental Hotel that the development of this stock market will establish the new choice for financial grant on the national economy which currently depends on the financial grant from the banks. He also informs that the establishment of stock market aiming at to have the competition under the free market economy.

To establish the stock market in 2009, Keat Chhon informed that the first step the government will fully manage by the Ministry of Economy and Finance and the ministry will be a chairman of Cambodian Stock Market Board. Next time, the ministry will select the lawyers or independent board to manage this stock market. He also went on to say that the Korean stock market, KOREX which is helping to establish Cambodian stock market will be more cooperated to manage stock market in Cambodia.

Keat Chhon also informed that the Korea International Cooperation Agency (KOICA) gave fund by 1.8 million in aid to educate the human resources in order to establish the stock market in Cambodia from now on until 2009.

Keat Chhon and Dr. Young Tak Lee, Executive Director of Korean Exchange informed that they will prepare more fund to establish stock market in Cambodia, and the government of Cambodia will provide one area of land to build the stock market building. The Korean site will provide IT equipments and other technical equipments for this project.

Keat Chhon told the journalists that under the cooperation with the foreign experts who have had high experience on the stock market and according to the survey result was positive. So Cambodia can establish stock market in 2009. There are over 400 companies that the Ministry of Economy and Finance has evaluated and those companies could register in stock market but this kind of thing based on those own companies. He also confirmed that the foreign companies and the domestic companies have equal rights to joint this stock market.

Keat Chhon informed that currently the Ministry of Economy and Finance was practiced on the project of capacity building development for 2 years (2007-2009) under the grant aid from the Korea International Cooperation Agency (KOICA).

Be reminded that the launching of Cambodia Securities Market Project on September 6, 2007 was presided over by Samdech Prime Minister Hun Sen and other delegations such as Mr. Won Song Cho, Deputy Minister, the Ministry of Finance and Economy of Korea, Mr. Jeon Hong-Yul, Deputy Governor of the Financial Services Monitoring Committee of Korea.

Unofficial Translation by HORT Sroeu