Phnom Penh (FN), Apr. 2 – Cambodian Prime Minister Hun Manet firmly believed that a strong, resilient and integrated ASEAN Economic Community can bring about common prosperity for all member states, speaking on Tuesday (Apr. 2) during the opening of Cambodia-ASEAN Business Summit 2024 at Sofitel Phnom Penh Phokeethra.
"Cambodia firmly believes that a strong, resilient and integrated ASEAN Economic Community can bring about common prosperity for all member states. In this spirit, the Royal Government of Cambodia is pursuing the so-called “Plus-One Strategy” by attracting investment, particularly in medium-tech industries, to build factories in Cambodia, supplying parts or intermediate goods to main factories in neighbouring countries in ASEAN,” Samdech Thipadei underscored.
Cambodia has promulgated the new Law on Investment to offer investors a compelling combination of untapped potential and strategic advantages with generous incentives for investment projects in key priority sectors, the premier added.
On the occasion, Samdech Thipadei reaffirmed that Cambodia is strategically investing in an interconnected infrastructure network. This encompasses the development of expressways, deep-sea ports, international airports, and state-of-the-art logistics hubs. This comprehensive approach fosters seamless regional connectivity, ensuring efficient access to vital economic corridors within Cambodia and throughout ASEAN.
At the same time, the premier added that these strategic investments directly translate into reduced logistics costs and enhanced operational efficiency for businesses operating in Cambodia, allowing them to effectively capitalise on the vast potential of the regional market. In recognition of the crucial role of skilled human capital played in fostering sustainable economic growth, Cambodia has addressed the skill shortage head-on by launching a comprehensive vocational and technical training program.
Samdech Thipadei underlined that the initiative will empower 1.5 million young people over the next five years. By equipping a new generation with in-demand skills, this program ensures a readily available pool of qualified talent to meet business’s specific needs, contributing to long-term success in Cambodia.
=FRESH NEWS
