Phnom Penh (FN), Dec. 15 – Below is the full remarks of Cambodian Prime Minister Hun Sen delivered at the opening ceremony of the 14th Cambodia Import Export One Province One Product Exhibition, held Sunday at Koh Pich Convention Center, Phnom Penh.
Samdech, Excellencies, Oknha, Ladies and Gentlemen!
Today, I have a great pleasure to attend the 14th International Cambodia Import Export One Province One Product Exhibition that is solemnly celebrated at this moment.
I would like to welcome and thank the national and international trade delegates, entrepreneurs, investors and embassy representatives to Cambodia, as well as all participants who are attending this international trade event, and have been seeking the opportunity in doing business and investment in Cambodia.
Meanwhile, I would like to express my appreciation and high evaluation toward the effort made by the management and officials at all levels of the Ministry of Commerce that have been actively contributing in organizing this Cambodia Import Export One Province One Product Exhibition with continued success in the previous years and this moment.
Similar to the past years, Cambodia Import Export One Province One Product Exhibition this year has reflected the potential business and investment environment of Cambodia through maintenance of peace and social stability with high economic growth and development in all sectors that have provided Cambodian and foreign businessmen the opportunity to meet and discuss in order to foster business and investment activities, arrangement of domestic and international exhibition, China-ASEAN exhibition and global exhibition These events are the opportunity to promote investment potential of Cambodia, gain access to export markets, promote culture and strengthen the cooperation on economy, trade and other sectors with dialogue partners in the region and the world.
In order to ensure inclusive and transparent business environment, particularly the maintenance of peace, and political stability and social order with macro-economic stability, the Royal Government has introduced opened policy for all investors to invest and establish businesses in Cambodia. Subsequently, foreign direct investment flowing into Cambodia has provided Cambodia with the financial resources, technologies, skills, knowledge on the utilization of modern technology, business experience, new employment opportunities for people, and comprehensive expansion of domestic production capacity with quality and availability of economic resources for transparent capacity building, development, and investment in both present time and future.
- All Participants!
Through peace and sustainable economic growth, Cambodia has been actively integrating into the region and the world, while strengthening its competitiveness in all sectors, particularly trade that has made significant contribution in providing employments to Cambodian citizens as well as promoting growth rate through the export of goods and services to market of 147 WTO member countries and import of goods and services to fulfil the economic needs from 135 countries, which made international trade increase to USD 30 billion in 2018.
At the same time, Cambodia has achieved average annual growth rate of approximately 7.7% for the last two decades as well as achieving historical poles, which is the transformation from Low Income Country to Lower Middle Income Country in 2015 with the continuous effort to become Higher Middle Income Country by 2030 and High Income Country by 2050.
In 2018, Cambodian achieved growth rate of 7.5%, which is forecasted to continue maintaining at approximately 7% annually in the years to come. Cambodia has diversified both products and markets that has made export of Cambodia increase from USD 5.7 billion in 2012 to USD 13 billion in 2018, and has subsequently diversified from export of textile (garment, footwear, and luggage) to industrial products (not textile) and other products with major exported targets including United States, EU, Japan, Korea, ASEAN countries and other countries.
In the meantime, the Royal Government of Cambodia has also addressed attention on the expansion of production base, development of infrastructure, improvement of soft and hard transport and logistic system, enhancement of trade facilitation, reduction of electricity and other related service fee, soft and hard skill training, formulation of information technology and digital system as well as reforming on financial sector and other priority sectors, which are considered as the comprehensive priority conditions and potential with quality and transparency for investment in the Kingdom of Cambodia.
- Samdech, Excellencies, Ladies and Gentlemen!
At the present time as well as in previous years, promoting Small and Medium Enterprises has been the priority objective of the Royal Government that has paid utmost attention in alignment with the Sub-Decree on Tax Incentive for Small and Medium Enterprises through the exemption of profit tax for 5 years, exemption of prepayment of profit tax and minimum tax during the exemption of profit tax as well as deductible expenditure incentive to create more jobs, and increase productivity capacity in Cambodia in priority sectors, including agriculture, agro-industrial productivity and food processing, research and development on information technology, in which these sectors are concentrated on the Small and Medium enterprises zone.
Meanwhile, the Royal Government has been formulating new investment law and special economic zone law with the objective to establish open, transparent, estimated, favourable and effective regulatory framework for investment, modernization, and enhancing domestic industrial productivity as well as strengthening the connectivity in regional and global value chains through intensifying the growth of capital flow and transfers of technology, knowledge and knowhow. The mentioned legal framework provides investment incentive with transparency, equal competitiveness, rights and benefits protection without discrimination, based on Cambodian Investment Law, which creates comprehensive and balanced regulatory framework in accordance with the investment condition and national benefits.
I strongly hope that through the international exhibition today, local and foreign businessmen, entrepreneurs, investors will clearly understand about investment potential in Cambodia, and seize the opportunity to utilize full capacity of your priority concessions, given by the Royal Government for investments and businesses with success now and in the future.
In conclusion, together with the Official Opening of 14th Cambodia Import Export One Province One Product Exhibition at this moment, I would like to wish Samdech, Excellencies, Oknha, Ladies and Gentlemen, and all Distinguished National and International Guests the five gems of Buddhist blessing: Longevity, Nobility, Healthiness, Strength, and Reconciliation.