Logo of Phnom Penh Post newspaper Phnom Penh Post - Gov’t: Being competitive key to growth

Gov’t: Being competitive key to growth

Content image - Phnom Penh Post
Pan Sorasak (pictured) said the government has focused on competitiveness strategies and the growth of Industry 4.0. Photo supplied

Gov’t: Being competitive key to growth

Minister of Commerce Pan Sorasak on Wednesday said the Cambodian government has focused on its competitiveness strategies and the growth of Industry 4.0 in the Kingdom to withstand the trends of global protectionism and geopolitical polarisation.

Speaking at a workshop on “Cambodian Trade Integration Strategy (CTIS) 2019-2023”, Sorasak said the emergence of protectionist movements and geopolitical polarisation created both new threats and opportunities for small economies like Cambodia.

“Cambodia’s trade policy must be flexible according to time and context in order for it to develop and seize the best opportunities, along with efforts to open up to new markets,” he said.

According to Sorasak, the ministry is trying to increase cooperation with all countries around the world by signing agreements and treaties to bring Cambodian produce to more markets.

He added that strengthening the education sector and professional skills, as well as boosting trade facilitation, business logistics, the business environment, trade finance and infrastructure, are key strategies to improving the Kingdom’s competitiveness.

“In order to achieve the CTIS 2019-2023, Cambodia must be well prepared, self-reliant, independent, building physical infrastructure and teaching people, especially young people, to have useful knowledge that could be beneficial in the digital economy,” he said.

CTIS is the government’s main strategy document that identifies and sets policy recommendations for trade sector development in Cambodia.

The strategy was first introduced in 2001 and has been updated three times since.

Tek Rethkomrong, secretary of state at the ministry, said CTIS is vital to the Kingdom’s adaptiveness to changes in the global economic context.

The National Bank of Cambodia’s first quarter report this year showed that the Kingdom’s foreign trade has progressed with exports in the period totalling $6.8 billion, of which the US market share was 28 per cent, Europe 26.6 per cent, Japan 7.7 per cent and the UK 6.6 per cent.

Imports in the period totalled $10.5 billion, with imports from China making up 46 per cent, Thailand 15.6 per cent, Vietnam 13.2 per cent and Japan 4.5 per cent.

Lim Heng, Vice president of the Cambodian Chamber of Commerce, said that internal economic reforms are essential for Cambodia to become a developed country with notable international market share.

“To have a strategy to compete is the right thing to do, because currently our market is no longer just limited to Asean or the Asia region as it was before.”

Heng added that in this current phase of fluctuation and fierce competition, Cambodia had to build its capacity.

“In order to strengthen competitiveness, a number of factors need to be reformed such as [Cambodia’s] human resources and high cost of production, electricity and high transportation costs,” he said.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement

  • Aeon, Micromax partner again for third mall

    AEON Mall (Cambodia) Co Ltd and a locally-owned Micromax Co Ltd have entered into a partnership agreement to develop fibre optic infrastructure for $200 million Aeon Mall 3, which is expected to be opened in 2023. The agreement was signed on June 20 between Masayuki Tsuboya, managing director of

  • Walmart plans to diversify stock of Cambodia goods

    Walmart Inc, the world’s biggest retailer, on June 22 reiterated recent plans to scale up and greatly diversify its purchases of Cambodian products, according to the labour ministry. This came during a virtual working meeting between Minister of Labour and Vocational Training Ith Samheng and