Phnom Penh (FN), Nov. 12 – Cambodian Prime Minister Hun Manet highlighted several favorable factors and incentives provided by the Royal Government of Cambodia to attract foreign investment.
The premier spoke on Tuesday (Nov. 12) during the meeting with Lin Clans Commercial Association in Cambodia.
Samdech Thipadei Hun Manet affirmed that the current program offers a unique opportunity for all members of the Lin Clans Commercial Association to come together to exchange views, foster cooperation, and explore investment opportunities.
The Royal Government of Cambodia is prepared to collaborate with all investors to establish effective mechanisms for attracting and supporting investment, ensuring high flexibility, risk mitigation, and maximizing benefits in today’s global landscape and for the future.
Samdech Thipadei underlined Cambodia’s steadfast commitment to principles of positive peace, maintaining no conflicts of interest with any country. Over recent decades, Cambodia has sustained complete peace, with its economy demonstrating high growth and resilience to crises. In fact, Cambodia has swiftly recovered from the COVID19 pandemic, achieving a 5 per cent economic growth rate in 2023 and an anticipated 6 per cent growth rate in 2024.
Samdech Thipadei Hun Manet further underlined that building on the solid socio-economic foundation established by the previous government, the seventh-mandate Royal Government has implemented a Pentagon Strategy-Phase I. This strategy's mission is to safeguard the hard-earned peace and accelerate national development to realise the vision of becoming a high-income country by 2050.
The strategy outlines five key areas including 1) human capital development, 2) economic diversification and competitiveness enhancement, 3) development of private sector employment, 4) resilient, sustainable, and inclusive development, and 5) development of digital economy and society.
In this context, Premier Hun Manet underscored that Pentagon Strategy-Phase I under the seventh-mandate Royal Government continues to prioritise the private sector, deepening reforms to enhance Cambodia’s investment and business environment. The aim is to strengthen the capacity and competitiveness of the private sector in international markets.
The premier added that the Royal Government has made substantial efforts to establish both hard and soft socio-economic foundations to attract and support investment in Cambodia. In terms of physical infrastructure, these efforts include ongoing development of land, water, air, and rail transport, as well as renewable energy infrastructure, including hydropower, solar, and wind power.
Regarding the "soft" socio-economic foundations, the Royal Government has simplified and streamlined procedures, introduced new investment support mechanisms, and implemented skills training programs for 1.5 million underprivileged youth. Cambodia has also continued its active integration into regional and global markets by negotiating free trade agreements on bilateral, multilateral, and regional levels, notably through the Regional Comprehensive Economic Partnership (RCEP).
In addition, Cambodia has introduced a new investment law to foster effective investment by identifying priority sectors and providing enhanced incentives for investors. The Royal Government has also established a government-private sector mechanism to address the challenges faced by investors and businesspeople and to develop appropriate solutions.
=FRESH NEWS
