Cambodian Minister Delegate and Royal Government Spokesperson Chairman Pen Bona recently outlined the Royal Government of Cambodia’s (RGC) strategic policies aimed at propelling the nation towards achieving upper-middle-income status by 2030 and transforming into a high-income country by 2050. In discussions with the media and various stakeholders, Bona detailed the multifaceted approach encompassing social, environmental, and political dimensions critical for the nation’s economic advancement.
A cornerstone of these efforts is the stabilization of the economy, underscored by the development of national human resources. Bona emphasized the importance of building a resilient and robust economy, impervious to external shocks and capable of equitable wealth distribution among its populace to sustain growth.
Central to realizing these ambitions is the RGC’s Pentagon Strategy, which prioritizes the development of a highly skilled workforce imbued with strong moral values, health, and work ethics. The Ministry of Vocational and Technical Training (TVET) plays a pivotal role in this vision, offering free training across 673 vocational courses to 1.5 million Cambodians, coupled with financial support.
Since the program’s inception on January 15, nearly 30,000 individuals have enrolled in these courses, marking significant progress in human resource development.
Additionally, Bona highlighted the RGC’s commitment to bolstering the agricultural sector, which, along with manufacturing and tourism, forms the backbone of Cambodia’s economy. An investment of $100 million has already been directed towards supporting farmers, aiming to enhance their income, offset production costs, and secure national food stability.
Jean François Tan, another key official present at the briefing, spotlighted the new government’s economic achievements under Prime Minister Hun Manet. These successes include attracting foreign direct investment (FDI), boosting foreign tourist arrivals, and increasing exports of Cambodian-made products, despite the global economic challenges.
Tan noted a significant uptick in approved investment projects in January, with 32 new projects totaling nearly $187 million, expected to generate employment for approximately 29,000 individuals. Since the new government’s tenure began eight months ago, Cambodia has welcomed 172 investment projects valued at around $4 billion, potentially benefiting 190,000 Cambodian families.
Tan also pointed out Cambodia’s demographic advantage, with half of the population under 22 years, making it an appealing destination for diverse industries. The nation’s commitment to facilitating foreign investment, coupled with its strategic geographic position, robust infrastructure, and integration into regional and global trade frameworks, positions Cambodia as a promising hub for trade and investment.
Efforts to enhance foreign tourist arrivals have included initiatives to increase direct flights to Phnom Penh and other key destinations like Siem Reap, reflecting the government’s strategy to make the local tourism sector more accessible and vibrant.
Source: Khmer Times
