Phnom Penh (FN), Dec. 15 – At the opening ceremony of the 14th Cambodia Import Export One Province One Product Exhibition, held Sunday at Koh Pich, Phnom Penh, Cambodian Prime Minister Hun Sen stated that 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.
“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,” the premier addressed.
He added that 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.