The Royal Government of Cambodia has allocated nearly $3.85 billion to spur economic growth in the country’s northeastern regions, aiming to facilitate economic integration with the adjacent development triangle formed by Cambodia, Laos, and Vietnam. This financial commitment supports the construction of essential infrastructure, industrial zones, and commercial hubs.
During a recent press briefing, Penn Sovicheat, a high-ranking official at the Ministry of Commerce, shared details about the investment following the ’13th meeting of the Joint Coordination Committee on the Cambodia-Laos-Vietnam Development Triangle Area’ (CLV-DTA), which took place on March 1. The event saw key participation from commerce and planning ministers of the involved nations, focusing on the socio-economic upliftment in the CLV-DTA and the progress in implementing strategic plans approved by the trio’s leaders.
Sovicheat highlighted the unanimous decision during the meeting to finalize the Socio-Economic Development Master Plan for the CLV-DTA through 2030. This plan is scheduled for presentation and approval at the upcoming 12th CLV-DTA Summit in Cambodia towards the end of 2024.
The initiative, originally proposed by Cambodia’s former Prime Minister Hun Sen, seeks to enhance the northeastern provinces’ development by linking them with the economic circuits of neighboring Laos and Vietnam through strategic infrastructure and economic projects.
Sovicheat detailed the distribution of the development funds, with Kratie receiving $1.5 billion, Stung Treng $1.2 billion, Ratanakiri $728 million, and Mondulkiri $431 million, cumulating to an approximate total of $3.85 billion invested.
The 13th CLV-DTA Joint Coordination Committee meeting also resulted in several key agreements, focusing on improving infrastructure connectivity, human resource development, and the exploration of potential industries within the triangle area. Vietnam has volunteered to host the next series of meetings in 2026, reflecting the collaborative spirit among the countries.
Additionally, a preceding meeting of the Economic Sub-Committee on CLV-DTA addressed the challenges faced in past cooperation efforts and outlined a forward-looking strategy for more effective collaboration, aiming to translate strategic visions into actionable outcomes that enhance the living standards within the CLV-DTA region.
Sovicheat also touched upon Cambodia’s resilience in maintaining its international market presence amidst global conflicts, attributing success to the strategic establishment of Free Trade Agreements and the continuous progress of domestic projects. Under Nimul’s leadership, Cambodia has solidified its position as a leading exporter in the Regional Comprehensive Economic Partnership, contributing significantly to the region’s economic fabric.
