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Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia granted $3m for development

Cambodia granted $3m for development

Cambodia granted $3m for development

Cambodia will receive a grant of US$3.3 million from the World Trade Organisation to support rice milling, silk production and development of the Department of International Cooperation, according to Heng Sovannarith, communication officer for Trade Wide Sector Approach.

Sovannarith said the Ministry of Commerce would receive the grant from the WTO’s Enhanced Integrated Framework (EIF) project.

He said the money would go toward implementing EIF’s three-year project in three main areas: building trading capacities, increasing milled rice export and enhancing high value silk.

“The signing to receive this grant will be held on October 5,” he said.

The grant is a response to Cambodia’s successful Trade Policy Review carried out by the EIF last year, he said.

Yesterday a two-day workshop at the Cambodiana Hotel to determine the use of the funds was concluded. About 30 Cambodian officials joined in co-operation with the UNDP.

Pan Sorasak, Secretary of State at the Ministry of Commerce, said the workshop would help increase trade and understanding of the regional business atmosphere before the establishment of the ASEAN Economic Community in 2015.

“The Trade Mainstreaming Agenda is set to integrate the trade sector and it plays a very important role for national economic development,” Sorasak said.

Napoleon Navarro, deputy country director of UNDP in Cambodia said there would be increased competition within the region before the community was officially established in 2015.

“All developing countries are seeking to strengthen their competitive exports as well as improving their regional integration,” he said.

Navarro also said UNDP sees the potential of trade to expand opportunities for local entrepreneurs, generate employment, deepen local capacities, reduce poverty and expand domestic revenue.

To contact the reporter on this story: Rann Reuy at [email protected]