Cambodian Prime Minister Hun Sen opened the
Asean Business and Investment Summit today with a medium-term outline to
diversify the Cambodian economy in three priority areas.
"Over the
medium-term, Cambodia aims to diversify its growth base relying on existing
comparative advantages," he told regional business leaders in a keynote
address.
Hun Sen said the
first priority would be to promote agro-industry and light manufacturing that
helps strengthen existing pillars of growth such as agriculture, garments and
tourism.
The second priority
is to expand capacity of handicrafts and small industries with the potential to
"evolve as core forces for promoting growth to serve exports and domestic
markets.
Hun Sen said the
third priority was to identify new industries with "latent comparative
advantage" to link Cambodia with the value chain of regional and global
production networks.
"Over the past
decades, the Royal Government of Cambodia has made tremendous efforts to
further strengthen its economic and industrial foundations," the prime
minister said.
He also noted that
improved physical infrastructure and better economic governance standards had
significantly boosted foreign direct investment recent years.
"Also, the
newly established stock market is a major step in capital market development
and liberalisation, which will promote the development in all sectors,
especially investment, trade and industry," he said.
"Strengthening
regional integration and the robust growth of the Asean economies not only
augurs well for sustained export and income growth in Cambodia, but will also
provide Cambodia with competitive edge to attract regional and international
investors.
"Cambodia
attaches high priority to the integration of its economy into ... Asean and
considers it as critical for sustaining its development performance.
"The strategic
location of Cambodia in the Greater Mekong Sub-region and Asean is favourable
to its integration and connection to the rest of the world."
News Desk
Business & Investment Opportunities
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