Logo of Phnom Penh Post newspaper Phnom Penh Post - Government to harness tech to increase economic growth

Government to harness tech to increase economic growth

Content image - Phnom Penh Post
Vongsey Vissoth speaks at the public forum on Macroeconomic Management and Budget Law 2019 on Tuesday. MINISTRY OF INFORMATION

Government to harness tech to increase economic growth

The government has formed a technical working group to formulate a digital economy policy which will function as a roadmap to boost the Kingdom’s economy through technological innovation, an official said on Tuesday.

Speaking at the public forum on Macroeconomic Management and Budget Law 2019, Ministry of Economy and Finance permanent secretary of state Vongsey Vissoth said the working group has already been formed at the Supreme National Economic Council.

He added that the team is set to take one or two years to finalise the draft policy.

Vissoth said the Kingdom has maintained economic growth at a rapid rate for two decades and it will need to look to new technology and digital innovation across different sectors to continue growth.

“When we have this working group in place and are able to set up the right policy, the speed of economic growth will be faster so our target of becoming an upper-middle-income country by 2030 will be achieved,” he said.

According to Vissoth, the policy will need to deal with many areas, including developing infrastructure, logistics, digital connectivity and innovation for young entrepreneurs.

He added that government incentives, such as tax breaks, will be included in the policy to encourage young entrepreneurs to establish their own tech start-ups.

Vissoth highlighted that while most of the world’s largest companies in the past 50 years have been petroleum firms, the trend has changed and technology firms now hold that distinction.

Thul Rithy, co-founder of Koompi – a company seeking to make affordable, high-quality technology devices, and one of Cambodia’s leading voices in technology and entrepreneurship – celebrated the government’s plan to establish a policy towards harnessing the digital economy.

“It is a growing trend – developed countries and developing countries need to target digital development. If not, we lose competitiveness and may end up with nothing."

“We also hope the government will develop a policy to solve our issues related to lack of funds and mentorship, as well as facilitate company registration and tax incentives,” he said.

MOST VIEWED

  • PM to vet NY holiday dates

    The Ministry of Economy and Finance submitted a letter to Prime Minister Hun Sen asking him to formally set a five-day national holiday from August 17-21 to make up for the Khmer New Year holiday in April that was postponed. Finance minister Aun Pornmoniroth sent

  • Cambodia rejects UN rights claim

    Cambodia's Permanent Mission to the UN Office in Geneva on Friday hit back at David Kaye, the UN special rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression after he raised concerns over the repression of free speech and

  • Snaring may spawn diseases

    The World Wildlife Fund (WWF) has warned that snaring of animals has become a crisis that poses a serious risk to wildlife in Southeast Asia and could spawn the transmission of zoonotic diseases to humans. Its July 9 report entitled Silence of the Snares: Southeast Asia’

  • Ex-party leader, gov’t critic named as secretary of state

    A former political party leader known for being critical of the government has been appointed secretary of state at the Ministry of Rural Development, a royal decree dated July 9 said. Sourn Serey Ratha, the former president of the Khmer Power Party (KPP), told The Post

  • Residence cards set for over 80,000 immigrants

    The Ministry of Interior plans to grant residence cards to more than 80,000 immigrants to better keep track of them. The ministry announced the plan on July 10, following the results of an immigration census. “An inter-ministerial committee and many operational working groups have been set up

  • Kingdom produces PPE gear

    Medical supplies from Cambodia have been donated to member countries of the Asian Development Bank (ADB) to assist in the fight against Covid-19, said an ADB report published on July 9. The report stated that the supplies were donated as a response to global efforts to

  • Kingdom, US vow stronger ties

    At an academic forum on Saturday to celebrate 70 years of Cambodia-US diplomatic ties, Cambodian researchers and officials expressed hope of encouraging US investments and for that country to deepen and improve its bilateral relations. Held at the Royal Academy of Cambodia, it reviewed the past 70

  • Fifteen Cambodians from Saudi get Covid-19

    The Ministry of Health on Sunday confirmed 15 more imported cases of Covid. The 15 men ‒ all Cambodian aged 21 to 33 ‒ arrived from Saudi Arabia on Friday via a connecting flight in Malaysia. They were travelling with 79 other passengers, three of them women. The ministry said 80 of the

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Kingdom eyes India FTA, China deal set for August

    Cambodia is studying the possibility of establishing a bilateral free trade agreement (FTA) with India to open a new market with the second-largest regional economy. This comes as an FTA with China is scheduled to be signed next month while similar negotiations with South Korea