PRIME Minister Hun Sen has urged Cambodia to diversify its export markets in the wake of the financial crisis, but said the coming year bodes well for the Cambodian economy.
“2011 is the year that we strive to help the economy recovery and the poverty rate drop,” he said at a graduation ceremony at the National Institute of Education in Phnom Penh on Monday.
The premier also encouraged policy and decision makers to look at the possibilities of exporting to new markets.
“We turn to face outside [markets],” he said. “Before this, we basically turned outside toward the USA and Europe. Now we continue to turn to outside [markets] by two main activities.
“First, we have to maintain and extend our existing American and European markets. Secondly, we have to arrange activities in other markets besides the US and Europe – there are markets in Asian countries and Africa as well.”
Cambodian Economic Association president Chan Sophal said the Kingdom is on the right track for economic growth, pointing to an increasing agricultural sector.
The economy could grow by more than the five or six percent most experts predict, he said, pointing to increased amount of land titling as unlocking loan potentia for start-up businesses.