Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom striving for post-Covid growth: PM

Kingdom striving for post-Covid growth: PM

Content image - Phnom Penh Post
Cambodia has signed on to three major deals including the Regional Comprehensive Economic Partnership (RCEP). FINANCE MINISTRY

Kingdom striving for post-Covid growth: PM

The government has stuck to its guns through the thick and thin of Covid-19, pushing to turn crisis into opportunity for economic growth, by spurring sweeping reforms, improving the business environment and strengthening competitiveness in international markets, in efforts underpinned by pandemic management world-renown for its effectiveness, according to Prime Minister Hun Sen.

The premier was speaking at the opening ceremony of the Cambodia Outlook Conference 2022, held in the capital on October 6 under the theme “Revitalising Cambodia: Sustaining Development After Covid-19”.

Cambodia had maintained an average annual economic growth rate above seven per cent in the two decades leading to Covid, and graduated from a low-income country to a lower middle-income economy in 2015, Hun Sen recapped.

Although the government subsequently set a vision to transform the Kingdom into a high-middle-income country by 2030 and a high-income economy by 2050, Covid-19 created many roadblocks that could veer the journey off course, he lamented.

Moreover, the Ukraine conflict, heightened oil prices, inflation, climate change and a host of other challenges confronting the world today are exerting downward pressure on living conditions, especially of poor and vulnerable populations, he added.

On the other hand, he commented on the attractiveness to businesses of the incentives and protections afforded by the new Law on Investment promulgated in October 2021, adding that the government is encouraging the implementation of focal strategic policies, along with development in the energy-efficiency space as well as the garment, automotive, electronics, agriculture, tourism and post sectors, and other key areas.

On the international trade front, he said, Cambodia has signed on to three major deals – free trade agreements (FTA) with China and South Korea, and the Regional Comprehensive Economic Partnership (RCEP), the largest FTA in world history.

“Going forward, against the backdrop of heightened complexities and uncertainty, the Royal Government will prioritise building resilience in the national economy, as defined in ‘The Strategic Framework and Programmes for Economic Recovery in the Context of Living with Covid-19 in a New Normal 2021-2023’,” Hun Sen said, referring to a comprehensive roadmap designed to safely guide the economy as the novel coronavirus becomes endemic.

Cambodia Development Resource Institute (CDRI) chairman Mey Kalyan underscored that the premier’s participation and recommendations are vital for the CDRI to devise the research and analysis principles needed to ensure the added value of its involvement in the formulation process for national sustainable development strategies and policies.

Kalyan was optimistic that the Cambodia Outlook Conference 2022 would provide valuable inputs and recommendations from national and international speakers to develop policy and strategy frameworks to drive post-Covid economic recovery and regain growth momentum.

“[The event] will also be an opportunity for Cambodia to share its input, experiences and successes in Covid-19 control,” he said.

Similarly, Cambodia Chamber of Commerce vice-president Lim Heng believes that the Cambodia Outlook Conference 2022 provided innovative ideas that the government could apply to promptly formulate adequate economic development policies.

In addition, the Government-Private Sector Forum (G-PSF) public-private consultation mechanism is also available for the business community to meet with officials and jointly develop new goals and strategies, he noted.

Given the current circumstances, the pace of development will pick up from next year, Heng predicted, telling The Post: “With better policies and strategy, the government’s aspiration to lead the country to prosperity will soon come to fruition.”


  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10