India-Cambodia Current Affairs

Union Cabinet approves Bilateral Investment Treaty between India and Cambodia

The Union Cabinet has approved Bilateral Investment Treaty (BIT) between India and Cambodia to boost trade and business.

Decision in this regard was taken during the Union Cabinet Meeting chaired by Prime Minister Narendra Modi in New Delhi.

Key Facts

  • The Treaty seeks to promote and protect investments in either country with the objective of increasing bilateral investment flows.
  • It also seeks to encourage each country to create favourable conditions (climate) for investors of the other country to make investments in its territory and also to admit investments in accordance with its laws.

This Treaty is the first Bilateral Investment Treaty (BIT) signed between both countries in accordance with the text of the Indian Model BIT which was approved by the Union Cabinet in December, 2015.

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Union Cabinet approves MoU with Cambodia for cooperation in tourism

The Union Cabinet chaired by Prime Minister Narendra Modi has approved signing a Memorandum of Understanding (MoU) between India and Cambodia for bilateral cooperation in the field of tourism.

The MoU was signed during Vice President Hamid Ansari’s visit to Cambodia on September 16, 2015 in order to promote bilateral tourism between the two countries.

It also seeks enhancing investment and promoting exchange of experience in management, marketing and destination development in this field.

Key highlights of MoU

  • Expand bilateral cooperation in tourism sector along with exchange of data and information related this sector between both countries.
  • Encourage cooperation between tourism stakeholders of both countries including hotels and tour operators.
  • Establish platform for exchange of programmes for cooperation in human resources development, investment and hospitality sectors for promotion of two way tourism.

Background

Cambodia is an emerging key tourism source market for India. To tap this potential, Union Government has extended the Electronic Tourist Visa (eTV) facility for citizens of Cambodia.

Signing this MoU with Cambodia will help India to further increase tourist arrivals and elicite good response from the travel trade of both countries.

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