Phnom Penh (FN), Mar. 14 – Cambodian Prime Minister Hun Manet urged investors in Cambodia to continue attracting foreign investment partners to strengthen domestic production chains, component manufacturing, and product processing. To support this, the Royal Government is preparing special incentive policies.
The premier spoke on Friday (Mar. 14) during the closing ceremony of the 2024 Cambodian Oknha Association annual meeting at Premier Centre Sen Sok in Phnom Penh.
“I would like to encourage the private sector to attract partners to invest in domestic production chains and component manufacturing. This is a key objective for which the Royal Government is preparing special incentive policies. Therefore, if the private sector has partners interested in producing local components, please encourage them to invest, rather than relying entirely on imports before re-exporting products,” the premier underscored.
Samdech Thipadei Hun Manet added that reducing imports by 20-40 per cent through increased domestic production would be highly beneficial. Enhancing and structuring production chains will help Cambodia adapt to changes in global trade and mitigate potential disruptions.
On the occasion, the premier also highlighted plans to promote investment in expanding production chains and processing various goods, such as cashew products. In the past, the Royal Government encouraged the export of raw cashew nuts, but some companies have now started producing canned cashew nuts for export. Moving forward, Cambodia aims to develop a production chain that can fully process cashew nuts domestically.
Samdech Thipadei stated that the Royal Government is establishing a dedicated cashew industry ecosystem and formulating a policy to develop a specialised industrial park, set to launch in 2025. This initiative will consolidate production chains into a single cluster, making it easier to manage and allowing the state to support essential infrastructure.
The premier added that this policy aims to attract investors and enhance production value across various sectors.
=FRESH NEWS
