Cambodian stock exchange in 2009

Cambodian Finance Minister confirmed last week that Cambodia will have its own stock market in 2009 despite the world's exchange crisis, reported the Phnom Penh Post.

Although the plan is going ahead, there are some sceptics questioning if Cambodia is ready for this big move. Are there enough laws to implement the new system? And do the Cambodian companies and public have enough knowledge to participate?

There have been efforts from the government to make sure that enough law mechanism is already in place in advance. The Korea International Cooperation Agency (Koica) invest more than $1 million each year just to make this Korean style stock exchange exist.

So why does Cambodia need a stock market?

Cambodian officials said the market will provide other sources of money coming to the country. Now Cambodia depends on Aid, banks and a little amount from foreign direct investment. This trend is not stable for long-term market solution.

More interestingly, the establishment of the market itself is to test Cambodia's capacity in adpating to the new economic mechanism. The country have to run and reform their financial sector in order to response to this new market. Success or failure will be a good lesson for Cambodia.

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