ASIA_PACI FIC TAX BULLETIN
New Foreign Investment Regime
By David Took and Edward Dever
This paper is adapted from the client brochure oJ'Fresh-
fields, a London based international law firm with region-
al ffices in Bangkok, Hanoi, Ho Chi Minh City, Hong
Kongl P eople' s Republic of C hina, Singapore and Tokyo.
David Took is Of Counsel to the Bangkok office of
Freshfields. Mr Took's practice includes tax, project
finance, land development, joint ventures and invest-
ment. Since 1983, he has worked extensively
throughout Southeast Asia including Cambodia, Laos
and Vietnam. He is admitted to practice as a barrister
and solicitor in the major Australian jurisdictions and
as a solicitor in England. He holds a B.Com., LL.B.
from the University of Melbourne and an Associate-
ship Diploma in Communications Engineering from
the Royal Melbourne Institute of Technology.
Edward Dever is a foreign consultant in the Bangkok
office of Freshfields. Mr Dever's practice includes joint
ventures and investment transactions in Thailand,
Cambodia and Laos and securities-related transac-
tions in Thailand. He holds degrees in Economics and
Law from the University of Queensland and Queens-
land University of Technology and a post-graduate
diploma in Applied Finance and lnvestment from the
Securities Institute of Australia.
One of the difficulties which foreign investors face when
considering investing in the Kingdom of Cambodia
("Cambodia") is the lack of certainty regarding the appli-
cation of Cambodian laws to their proposed investment.
The introduction, in 1994, of a law governing foreign
investment clarifies the method of approval of foreign
investment applications in Cambodia and the level and
type of incentives which will apply to the investment. The
requirements for investment in Cambodia will be further
clarified with the introduction of the implementing regu-
lations for the law governing foreign investment. How-
ever, many laws other than the law goveming foreign