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Cambodia Hosting Valuers Congress

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Cambodia is hosting the two-day 19th ASEAN Valuers Association (AVA) Congress, the first time it has been held in the Kingdom.
 
The theme of this year’s congress is One ASEAN, One Valuation Standard, and by hosting the event Cambodia hopes to show the region that its property sector is vibrant and a good place to invest.
 
Aun Porn Moniroth, who runs the Ministry of Economy and Finance and who made the opening remarks at the congress yesterday, said the gathering will increase input and exchanges of views and information about the current situation in the industry and hear from experts, relevant institutions and agencies and government officials.
 
“Today’s congress, One ASEAN, One Valuation Standard, reflects a vision for the ASEAN Economic Community,” Mr. Moniroth said. “It will bring one valuation standards to the ASEAN stage.”
 
Kim Heang, president of the Cambodian Valuers and Estate Agents and AVA, said the congress had brought a lot of experienced people to Cambodia for the first time to take part in the congress, which is held every two years.
 
“We benefit from the congress – it is a chance for Cambodian real estate experts to learn from countries in the ASEAN region and other countries as well and it paves the way for investors to meet each other to exchange information,” Mr. Heang said.
 
“If we often have such an event, it not only helps invigorate the Cambodian property sector, but other sectors as well,” Mr. Heang added.
 
Noun Rithy, the General Manager of the Bunna Reality Group, said it is a very important event for the Cambodian property sector because it shows the potential of the property sector in Cambodia to the region and to countries further away.
 
“Cambodia has a very big market because of the ASEAN integration, while Cambodia can draw investment from ASEAN, which has a population of 600 million and ASEAN plus,” Mr. Rithy said. “It can bring experience for Cambodian property experts and strengthen their capacity to compete on the ASEAN stage as well as the international stage,” he added.
 
The AVA was established in 1981 with five founding members: Indonesia, Malaysia, Philippines, Singapore, and Thailand. It expanded its membership to include Brunei in 1990, Vietnam in 1997 and Cambodia in 2009.
 
Laos and Myanmar, the last two ASEAN countries yet to have been brought into the fold, are not officially members yet as they have no formal valuation profession in their countries. For this year’s congress, Laos and Myanmar retain an observer status.
 
The Cambodian Valuers and Estate Agents Association was founded by a number of real estate agencies registered at the Ministry of Interior as a non-profit business network organization in November 2008.

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