Cambodia en route to achieving 2030, 2050 economic status

Cambodia en route to achieving 2030, 2050 economic status

Cambodian Minister Delegate and Chairman of the Royal Government Spokesperson Pen Bona discussed the policies underway by the Royal

Government of Cambodia (RGC) to achieve the economic goals of upper-middle-income status by 2030 as well as to become a high-income country by 2050.

In an interaction with media and other stakeholders, Bona touched upon all aspects of achieving such a policy directive, including social, environmental and political aspects, a key development for the Cambodian economy. This included achieving economic stabilization through mechanisms such as the development of national human resources.

Bona said that to raise the economy to high-income status by 2050, Cambodia must become a more resilient one. “It must be a robust economy that is not vulnerable to harm or external influences that could destabilise it,” he said, adding, that such stability included the equitable distribution of benefits to the people, fostering a strong environment for ongoing economic growth.

He said that to achieve the goals of the RGC’s Pentagon Strategy, human resource development is crucial.

The RGC is focussed on building a highly skilled workforce with strong moral values, good health and a strong work ethic, he said.

Bona cited the Ministry of Vocational and Technical Training’s (TVET) sizable efforts in driving human resource development, to realize this longer-term vision for the economy.

The TVET plan promises that 1.5 million Cambodians will receive free training across 673 available vocational education courses, along with a subsidy of KHR 280,000 per month.

Already, since the launch of the program on January 15, nearly 30,000 users have registered for the training courses.

Bona also cited the RGC’s financial support to assist the agricultural sector, an important pillar of the economy alongside manufacturing and tourism.

Already $100 million has been allocated to farmers through the initiative, to achieve higher incomes for food producers, balance production costs, and maintain food security for the nation, he said.

Cambodian Minister Delegate Jean François Tan, who was present alongside Bona at the meet, highlighted some recent economic successes of the new Government at the outset of the ambitious 2030 and 2050 income goals.

François Tan emphasized that the new Government under Prime Minister Hun Manet is actively succeeding in encouraging foreign direct investment (FDI), increased foreign tourist arrivals and increased export of products made in Cambodia, in what is a challenging global commercial climate.

In regards to FDI and export development, he cited a sharp increase in newly approved investment projects in January alone, promising increased income and export opportunities within the economy, and supporting progress towards the ongoing salary goals.×280&!3&btvi=2&fsb=1&dtd=261

The Council for the Development of Cambodia (CDC) approved 32 new projects last month with a total investment of close to $187 million.

January’s approved projects are expected to create jobs for nearly 29,000 people alone, he said.

In the past eight months, under the new Government, Cambodia has attracted 172 investment projects worth approximately $4 billion, he added.

By creating new jobs, these investments have the potential to improve the livelihoods of at least 190,000 Cambodian families.

François Tan explained that Cambodia offers investors a uniquely youthful population, with 50 percent under the age of 22. This is an attractive point for many industries.

Besides an upwardly mobile workforce, Cambodia facilitates and encourages foreign investment from a wide range of partners, boasts significant potential in terms of land and infrastructure, and demonstrates a strong integration into regional and global trade organizations, easing trade for local producers, he said.

In regards to foreign tourism arrivals, the minister stressed that the RGC efforts have been concentrated on persuading private companies and other countries to promote direct flights to Phnom Penh and other tourist destinations within Cambodia, such as Siem Reap.

Rising numbers of foreign tourists in 2024 are showing the potential of this ongoing policy to ease access to the local tourism sector. khmertimeskh

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