Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, shared here this morning his pride over the growing bilateral trade between Cambodia and the United States, despite the COVID-19 pandemic.
The Premier said that even though the world is suffering from the COVID-19 pandemic, the bilateral trade between Cambodia and the U.S. in the first eight months of this year saw an increase by nearly 17 percent compared to the same period last year.
In a meeting via Videoconference here this morning with the U.S.-ASEAN Business Council (USABC) led by its President and CEO Mr. Alexander Feldman, Samdech Techo Hun Sen informed the USABC delegation that although the COVID-19 epidemic has been causing many difficulties to the functioning of social and economic life, the Royal Government of Cambodia has not slowed down its reform in all fields.
In order to attract more investors, especially when the COVID-19 situation eased, Cambodia is preparing to improve the investment law and new incentive system that is comprehensive and attractive for the electronics industry, agro-industry, supporting industries, and so on, he stressed.
At the same time, he continued, Cambodia will sign the Cambodia-China Free Trade Agreement soon, hoping that this will play an important role in making Cambodia a destination for U.S. companies looking for new production locations in Southeast Asia.
Samdech Techo Hun Sen said that for more than nine months, the world has been fighting against COVID-19, which has caused an unprecedented social and economic crisis, but for Cambodia, the Royal Government has effectively managed the situation.
The Kingdom has so far not been infected by the virus at the community level yet, and had no national shutdown even though the pandemic has created acute challenges, especially in the textile industry, tourism, aviation and service sectors, he said, adding that in this situation, the Royal Government of Cambodia has already introduced five rounds of measures, both economic and social, to help maintain the balance of production and business, as well as to ensure the livelihood of people who have been severely affected.
“I believe that some U.S. businesses present in Cambodia have also benefited from these measures,” he underlined.
In addition, he pointed out, the Royal Government has introduced a series of sharp reform measures to address the key challenges that investors and businesses have been facing in order to increase Cambodia’s competitiveness through facilitation and creation of a conducive environment for doing business and investing in the country.
In the future, Cambodia will implement appropriate and timely intervention measures combined with strategic considerations through the introduction of public financial policy, monetary policy and structural reform measures to achieve two priority objectives – maintaining socio-economic stability, and boosting economic growth, the Prime Minister said.
Moreover, Samdech Techo Hun Sen asked all U.S. company representatives to continue promoting the Royal Government’s efforts in enhancing Cambodia’s competitiveness, and helping attract more U.S. investors to invest in Cambodia to strengthen the economic ties between the two countries, as well as to contribute to strengthening the U.S.-ASEAN cooperation.