Phnom Penh (FN), March 15 – Speaking at the 4th Cambodia-Korea Business Forum at the Peace Palace on Friday, Prime Minister Sen expressed his commitment to introduce sharp measures at the 18th Government-Private Sector Forum to be held at the Peace Palace on 29 March 2019.
The Premier stated that at the 18th Royal Government-Private Sector Forum, he will introduce detailed sharp measures on: (1) promoting competitiveness of Cambodian economy; (2) enhancing and promoting investment and business environment; (3) diversifying the national economy and creating more quality jobs for Cambodian workers.
In order to promote competitiveness, economic diversification, and business environment in Cambodia, the Royal Government of Cambodia (RGC) has decided to introduce in-depth reforms to reduce operating costs. The government also considered private sector an engine of economic growth and a real partner for development.
According to the Strongman, Cambodia has created a dialogue mechanism called “Government-Private Forum” under the leadership of Prime Minister, and participations from all ministers, governors, 300 private sectors, ambassadors, and international organizations. The mechanism aims to allow private sector present the challenges for the government to take actions. All the decisions of the Forum will be considered the decision of the Council of Ministers.
"Cambodia is one of the most open country in the region that provides opportunities to local and foreign investors, including Korean investors,” Premier Hun Sen spoke before President Moon.
Cambodia is one of the fastest-growing economies in the world blessed by stable macroeconomic and political stability, thus Cambodia unveils potential and investment opportunities for Korean businessmen and investors.
Cambodia has maintained seven per cent economic growth per annum, and that Cambodia is becoming a middle-income country by 2030 and a high-income country by 2050. Furthermore, the kingdom’s geography is located at the center of ASEAN, a crucial partner for South Korea due to the bloc’s growth potential, rich resources and growing diplomatic influence with USD 2.7 trillion GDP and over 640 million people.
Prime Minister recently highlighted economic reforms, which begin with the fifth principle – the surgery – aims to eliminate corruption. The government also works on trade facilitation and fiscal incentives, including reducing input costs and customs procedures; eliminating the 40-year operation Kampuchea Shipping Agency and Brokers (KAMSAB); reducing cost of scanning containers; lowering electricity price; and eliminating Cambodia Import-Export Inspection and Fraud Repression Directorate General (CAMCONTROL) of the Ministry of Commerce at all land and water borders. These are factors hopeful to attract international investors and businesspeople to invest in the kingdom.
