In a historic gathering at the Peace Palace, Prime Minister Hun Manet affirmed the indispensable partnership between the Cambodian government and the private sector in driving the nation’s economic development. The 19th Government-Private Sector Forum (G-PSF), attended by various private sectors, foreign chambers of commerce, and ambassadors to Cambodia, marked a pivotal moment in shaping the trajectory of the country’s economic transformation.
Addressing the forum, Prime Minister Hun Manet emphasized the pivotal role of the private sector in Cambodia’s ambitious strategy to transform into a high-income country by 2050. The nation is on track to transition from a least developed country status to a developing country status by 2027. The Prime Minister highlighted the significance of a joint process between the government and the private sector, aiming to harmonize efforts and realize Cambodia’s common ambition and vision for the year 2050.
During his comprehensive speech, the Prime Minister acknowledged the challenges posed by the COVID-19 crisis and expressed his commitment to addressing the concerns of the private sector. The G-PSF serves as a platform for constructive dialogue, resolving issues, and creating opportunities to foster continued growth in Cambodia’s investment, trade, and the well-being of its citizens.
The Prime Minister underlined the government’s receptiveness to the recommendations and inputs from the private sector, recognizing them as crucial in shaping and implementing effective policies. The G-PSF, known as the highest platform for government and private sector dialogue, plays a pivotal role in improving the business environment, building trust, and encouraging private investment through a demand-driven process.
Prior to the 19th G-PSF, the private sector, through its 14 Working Groups, identified 186 issues and recommendations. Impressively, 150 of these issues were resolved through a collaborative dialogue with the government, showcasing the efficacy of the G-PSF in addressing and resolving concerns.
Key figures in the forum, including Aun Pornmonirath, Finance Minister, and Kith Meng, President of the Cambodia Chamber of Commerce, expressed their satisfaction with the progress in private-sector development. The collaboration between the Royal Government and the private sector was lauded as instrumental in fostering a constructive dialogue for the future.
Kith Meng, in particular, praised the new actions taken by the Royal Government, stating that they are contributing to new investments in Cambodia. The close collaboration showcased by the G-PSF process exemplifies the shared commitment to achieving Cambodia’s objectives and fostering prosperity for its people.
According to a report by the Council for the Development of Cambodia (CDC), the country attracted a fixed-asset investment of almost $3.76 billion in the first three quarters of this year, reflecting an 8.6 percent increase from the same period last year. The Kingdom’s economic growth is projected to continue, with a 5.6 percent growth expected in 2023, up from 5.2 percent in 2022.
As Cambodia forges ahead on its journey towards becoming an upper-middle-income economy by 2030 and realizing its vision for 2050, the collaborative efforts between the government and the private sector stand as a testament to the nation’s resilience, adaptability, and commitment to shared prosperity.