*www.chinaview.cn 2008-10-17 16:33:34
PHNOM PENH, Oct. 17 (Xinhua) -- Cambodian Finance Minister KeatChhon has
announced that the Kingdom will move forward with plans to establish a
stock exchange in 2009 despite concerns over the global market crisis
and suggestions that it would be delayed until 2010, national media
reported Friday.
"We will not rush to establish the stock exchange in Cambodia, but we
will build a strong base, including hard and soft infrastructure," Keat
Chhon was quoted as saying in the Phnom PenhPost.
The country is in the process of finalizing securities rules and the
exchange building has broken ground, he said.
He added that the Council of Ministers has begun drafting subdecrees to
implement new laws about an initial public offering.
"The establishment of a stock market will help Cambodia develop
additional sources of finance currently buried in various places, and it
will boost economic growth," Keat Chhon said.
Hang Chuon Naron, secretary general of the Ministry of Economy and
Finance, said the stock market will progress according to the
government's long-term financial vision for the country and is not
vulnerable to the global crisis.
"We hope the stock exchange will provide longer-term finance compared to
what we have relied on in the past, such as banks, national budgets,
foreign aid and foreign investment," Hang Chuon Naron told the Post.
"I think in five or ten years, the stock exchange will play a key role
in strengthening Cambodia's financial sector, but we must proceed
carefully to build trust from our people and investors," he said.
Editor: Du Guodong
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