Phnom Penh (FN), Dec. 13 – Cambodian Prime Minister Hun Manet advised to continue the implementation of the approach 'Strengthening Current Markets and Expanding to New Markets' to ensure that Cambodian products can access both domestic and international markets.

The premier spoke on Friday (Dec. 13) at the opening ceremony of Cambodia Trade Expo 2024 under the theme ‘A New Era of Trade’ on Friday (Dec. 13) in Phnom Penh.

Samdech Thipadei underlined the commitment of the seventh-mandate Royal Government to provide a solid foundation for business and investment in Cambodia. This includes maintaining peace, social, economic, and political stability, and continually improving the business environment through key measures to ensure that investors can operate with confidence, predictability, and success.

On the occasion, Samdech Thipadei added that the Royal Government has implemented the Pentagon Strategy-Phase I, an economic and social development agenda that underscores Cambodia’s commitment to enhancing the business climate and investment sector.

To promote trade development and build resilience, Samdech Thipadei underscored, “I strongly recommend continuing the implementation of the approach 'Strengthening Current Markets and Expanding to New Markets' to ensure that Cambodian products can access both domestic and international markets by further deepening integration into the regional and global economy and exploring new markets with preferential tariffs through the negotiation of bilateral, regional, and multilateral trade agreements.”

Samdech Thipadei added that it is crucial to maintain investors' confidence in Cambodia. If existing markets and customers are lost, it will be challenging for the Cambodian market to find new customers. Therefore, if existing investors succeed and are satisfied with the investment environment, they will spread positive feedback about Cambodia to their partners abroad, encouraging further investment.

Samdech Thipadei continued, "Investors, when considering investment in a certain sector, will inevitably inquire about the ease of finding companies, the need for guarantees, and potential risks. Thus, ensuring quality, stability, and satisfaction among existing investors is crucial for sustaining the current market."

At the same time, Samdech Thipadei Hun Manet instructed the Minister of Commerce to enhance efforts in exporting Cambodian products abroad and to engage directly with the private sector to improve the business environment and attract more foreign investment to Cambodia.

Samdech Thipadei Hun Manet also encouraged attracting more foreign direct investment into the processing industry, which will help strengthen Cambodia's current potential industries and build resilience, especially as Cambodia prepares for a smooth graduation from the Least Developed Countries (LDC) group in 2029.
=FRESH NEWS