Logo of Phnom Penh Post newspaper Phnom Penh Post - E-Commerce Strategy launched

E-Commerce Strategy launched

Content image - Phnom Penh Post
Cambodia officially launched the E-Commerce Strategy on Wednesday. Hong Menea

E-Commerce Strategy launched

Cambodia officially launched the E-Commerce Strategy on November 25 in a bid to achieve and drive forward competitive growth in trade and economic terms and aid in its pursuit of becoming an upper middle-income country by 2030 and a high-income country by 2050.

This comes timely as the government passed the E-Commerce Law on November 2, 2019, as a response to the rapid development of e-commerce and online shopping.

The law aims to regulate electronic businesses based in the Kingdom and enable local small and medium-sized enterprises (SMEs) to integrate into value chains linked to domestic and international markets, the Ministry of Commerce said in a prakas.

The strategy comprises 10 chapters – strategy, policy and institutional coordination; legal and regulatory frameworks; SME regulations; information and communications technology (ICT) infrastructure; digital knowledge infrastructure; payment systems; domestic e-commerce logistics; cross-border trade; access to finance; and trade information and market support.

Speaking at the launch, Minister Pan Sorasak said that, in the context of the fourth industrial revolution, digital technology is key in sharpening the competitive edge of commercial enterprises, promoting productivity, augmenting exports, creating jobs and reinforcing national economic growth.

Having embarked on a long-term vision to reap the fruits of Industry 4.0 and the innovation-driven modern age, he said the government of the Sixth Legislature of the National Assembly has demonstrated its readiness to develop a digital economy.

It has put in place policy which aims to, among other things, develop domestic industry, diversify the economy and prop up capacity building for the Kingdom’s SMEs, he said.

“The e-commerce law serves as an important legal basis for the development of e-commerce, especially to protect the interests and build high-trust relationships with e-consumers, as well as to entice local and foreign investors to come and invest in Cambodia.

“This is a newly-emergent sector, but it has tremendous potential to generate new sources of growth for the Cambodian economy,” Sorasak said.

Covid-19 has strained the economies of every country across the globe and has brought to the fore the vital role that e-commerce can play in the pandemic and beyond.

At the same time, it has highlighted the need for new, efficient and highly competitive business models – for now and in the post-Covid-19 era – which use digital technology that adapts to the digital economic environment and market demand conditions.

Sorasak said: “The strategic document will be a major driver of national economic development, especially for Cambodia’s transformation into a digital economy going forward.

“It will bring us closer to realising Cambodia’s vision to become an upper middle-income country by 2030 and a high-income country by 2050.”

He added the strategy was drawn up at the right time, just over a year since the E-Commerce Law went into effect.

But he warned that the success of the E-Commerce Strategy hinges on the active involvement of the Ministries of Posts and Telecommunications; and Industry, Science, Technology and Innovation, other institutions, as well as the private sector.

Cambodia Chamber of Commerce vice-president Lim Heng told The Post on November 25 that the E-Commerce Strategy is a multifaceted boon for doing business in the Kingdom and would only sweeten its allure to international investors.

He stressed that the general migration to electronic systems would cut down on overly-complicated procedures and save time and money.

“The E-Commerce Strategy will make things easier for investors, and, of note, will make them more transparent for everyone,” Heng said.

Preparation of the strategy was funded by the Geneva, Switzerland-based global development programme Enhanced Integrated Framework for Trade-Related Assistance for the Least Developed Countries (EIF), according to the commerce ministry.

MOST VIEWED

  • Hun Sen: Full country reopening to be decided in two weeks

    Prime Minister Hun Sen has announced that if the Covid-19 situation remains stable for 15 consecutive days from the end of the October 5-7 Pchum Ben public holiday, Cambodia will reopen fully, albeit in the context of Covid-19 whereby people have to adjust their lives to

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Phnom Penh governor: Show Covid-19 vaccination cards, or else

    Phnom Penh municipal governor Khuong Sreng late on October 5 issued a directive requiring all people aged 18 and over and the parents of children aged 6-17 to produce Covid-19 vaccination cards when entering schools, markets, malls, marts, eateries and other business establishments that have been permitted

  • Cambodia seeks probe into 'false reports' on Hun Sen's alleged Cypriot passport

    Minister of Justice Koeut Rith on September 6 wrote a letter to his Cypriot counterpart Stephie Dracos requesting cooperation in investigating and providing the truth in relation to the "exaggerative and false allegations" that Prime Minister Hun Sen holds a Cypriot passport. In his letter, the

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the