Cambodian Prime Minister Hun Manet has underscored the imperative for the Royal Government to maintain stability as a cornerstone for fostering national economic growth and boosting the confidence of the private sector. Addressing the celebration of the National Day of Micro, Small, and Medium-sized Enterprises (MSME Day 2024) at the Diamond Island Convention and Exhibition Centre, the premier highlighted that despite the challenges posed by global disturbances, the new government has navigated the country to maintain macroeconomic steadiness over the past ten months.
Emphasizing the crucial role of over 750,000 small and medium enterprises within the country, Hun Manet pointed out Cambodia’s enduring resilience amidst global uncertainty. He detailed the country’s multi-faceted strategy, which includes upholding peace, security, and social concord as indispensable for business expansion, while addressing the economic lag caused by the COVID-19 pandemic through a series of targeted interventions.
The comprehensive approach also entails sustaining macroeconomic stability by controlling inflation, and prices of essential commodities, such as oil and electricity, which have remained stable in Cambodia in contrast to price hikes elsewhere due to the Russia-Ukraine conflict. Additionally, the government remains invested in the nation’s infrastructure enhancement by improving transport systems, refurbishing the tourism industry, and establishing direct flights with countries like India to attract travelers.
In addressing health sector needs, Hun Manet noted that private clinics have been integral in complementing public hospitals by providing additional space and consultations, thereby easing the demands placed on government medical facilities.
On engaging with foreign investment, the premier urged more overseas business meetings to facilitate dialogue and collaboration between Cambodian and international businesses. During such an encounter with Thailand’s foreign minister, both sides expressed interest in connecting regional tourism sectors. To further bolster economic confidence, Hun Manet mentioned predictions from an Australian institute forecasting an optimistic economic outlook for Cambodia relative to its regional neighbors.
Hun Manet also announced Chinese electric vehicle giant BYD’s intention to invest in a manufacturing facility in Cambodia, underscoring the potential for creating a robust component supply chain that aligns with the presence of other global automakers in the nation.
To streamline bureaucracy, the premier encouraged digitization in tax systems, noting advancements in the CamDX software system for data exchange and service provision. This reflects a broader reform initiative to optimize processes within the Royal Government’s various departments.
Conclusively, while pledging continual government support for the private sector, Hun Manet cautioned against overdependence on state support, urging the private sector to bolster its capacity. He stressed the importance of small and medium enterprises in driving economic prosperity and preparing for Cambodia’s transition from a least developed country by 2029, setting sights on achieving a wealthier nation by 2050.
Source: Fresh News
