Cambodian Prime Minister Hun Manet has articulated a comprehensive perspective on enhancing the standards of living for the country’s citizens, emphasizing that it goes beyond merely increasing their income. On Thursday, April 5, during the inauguration ceremony of the new Toyota assembly plant in the Royal Group Phnom Penh Special Economic Zone, the Prime Minister shed light on the multifaceted approach required to uplift the economic welfare of Cambodians.
Prime Minister Hun Manet discussed the nation’s evolution from an importer to a fledgling producer of various goods, including vehicles, through foreign partnerships. He pointed out that while Cambodia has started manufacturing products domestically, it primarily accomplishes this through foreign companies. Nevertheless, these made-in-Cambodia products, which now include vehicles, meet high standards of quality and affordability. This development is in harmony with the government’s goals to meet the diverse needs of its citizens efficiently.
“The objective of enhancing the livelihoods of our citizens encompasses not only augmenting their income but also minimizing their expenses. This is vital for ensuring that they can afford essential goods while saving or investing in other areas. Hence, it is critical to control inflation effectively each year,” the Prime Minister stated.
During the event, he expressed concern over the repercussions of a significant spike in the cost of goods, pointing out that an annual increase by 30 or 40 percent could drastically affect the populace. To combat this, the Cambodian government diligently works to align salary increases with the cost of living, ensuring that essential goods remain within the financial reach of its citizens.
The Prime Minister further projected a positive outlook for Cambodia’s capability to continue attracting investments, thanks to its skilled labor pool. He attributed this optimism to the nation’s enduring peace, political stability, and solid macroeconomic fundamentals, which collectively create a conducive environment for sustained and new investments, especially in sectors that highly value skilled labor.
By focusing equally on increasing income and managing expenses, Cambodia is taking a holistic approach to improving the quality of life for its citizens, highlighting the government’s commitment to fostering social and economic development across the nation.
Source: Fresh News
