(Phnom Penh): Cambodian Prime Minister Hun Manet warned that growing global economic uncertainty and geopolitical tensions are placing increasing pressure on Cambodia’s economy, underscoring the need for deeper reforms to strengthen the country’s competitiveness.
Speaking at a meeting with Cambodia’s SMEs on Saturday (Jun. 27), the premier said global economic uncertainty is being driven by supply chain disruptions, rising trade protectionism, technological competition and geopolitical conflicts.
He added that Cambodia also faces challenges from cross-border tensions with Thailand and the economic impact of the government’s crackdown on online scam operations.
The prime minister said the global transition toward green growth, digital technology and artificial intelligence is reshaping international standards and raising the bar for competitiveness.
He also noted that Cambodia is set to graduate from Least Developed Country (LDC) status in 2029, bringing changes to trade preferences, development assistance and other preferential arrangements.
On the occasion, Prime Minister Hun Manet said stricter product standards, environmental requirements, quality management systems, food safety regulations and market rules are becoming increasingly important for Cambodian businesses seeking to compete internationally.
Within ASEAN, he added, harmonized standards, technical regulations and conformity assessment procedures are emerging as key measures of the competitiveness of Cambodia’s micro, small and medium-sized enterprises.
Despite the challenges, Samdech Thipadei said Cambodia retains significant advantages, including its strategic location in ASEAN, a young workforce, macroeconomic stability, sustained economic growth and broad market access through free trade agreements.
He said these challenges should accelerate reforms under the government's philosophy of “reform – live, not reform – die.”
“Sometimes hardship is the medicine that pushes us to act faster. When we face challenges, we can either wait for difficult times to pass or confront them directly and use them as an opportunity to strengthen ourselves,” he underlined.
=FRESH NEWS
