On behalf of the Royal Government of Cambodia, Prime Minister Hun Sen welcomed the wise decisions of all foreign investors, especially Sri Lankan investors who wish to choose Cambodia as a high-potential investment destination to start or expand their business, speaking at the Sri Lanka-Cambodia Business Forum, held Wednesday at the Sofitel Phnom Penh.
He also encouraged Cambodian investors seeking to expand their business abroad to consider Sri Lanka as an investment destination.
According to the premier, the Royal Government of Cambodia has launched the Cambodia Industrial Development Policy for 2015 to 2025 — a new growth strategy aimed at diversifying the economy and transforming the industrial structure from being labor-intensive to skills-based by 2025.
The policy sets five priority sectors — (1) new industries and manufacturing as new market entrants with high added-value, innovation and competitiveness; (2) small and medium-sized enterprises in all sectors; (3) agro-industrial production for export and the domestic market; (4) supporting industries for the agriculture, tourism and garment sectors, and industrial production supporting regional production or global value chains; and (5) industries supporting regional production chains with future strategic purposes.
“Cambodia also launched the Fourth Cambodia Trade Integration Strategy for 2019 to 2023 with specific goals for all stakeholders to implement strategic actions aiming at strengthening competitiveness to support Cambodia’s graduation from Least Developed Country status and to achieve the sustainable development goals and vision for 2030. The strategy also aims to tap new sources for growth such as services and the Fourth Industrial Revolution,” the strongman addressed.
The premier also mentioned a dialogue mechanism called the Government-Private Sector Forum that provides the private sector with an opportunity to raise issues and make requests for the Royal Government consideration and to take appropriate action to address those issues.
“All decisions of the forum are considered cabinet decisions,” he underlined.
It is worth noting that during the 18th Royal Government-Private Sector Forum on 29 March, the premier announced specific policy measures to enhance Cambodia’s economic competitiveness; improve and promote investment and the business climate; and diversify the economy while creating more quality jobs for the Cambodian people.
The Royal Government of Cambodia considers the private sector as the engine of economic growth and a true partner in the country’s development.