Logo of Phnom Penh Post newspaper Phnom Penh Post - PM touts Kingdom’s potential at WEF

PM touts Kingdom’s potential at WEF

Content image - Phnom Penh Post
Prime Minister Hun Sen addresses at World Economic Forum in Vietnam yesterday. WEF

PM touts Kingdom’s potential at WEF

Despite the Kingdom’s current status as a labour-intensive economy, Prime Minister Hun Sen said Cambodia had a high potential to excel in the fourth industrial revolution within the Asean region.

Speaking on Wednesday at the 27th World Economic Forum (WEF) on Asean in Vietnamese capital Hanoi, the prime minister said Cambodia has been promoting the development of entrepreneurship within small- and medium-sized enterprises (SMEs).

“Cambodia is a country with a high potential to seize the opportunities arising from the fourth industrial revolution."

“Getting ready for the digital economy and responding to the fourth industrial revolution has become a goal of the royal government in this mandate. We will focus on strengthening and expanding the foundation of the digital economy with human resources and new skills,” he said.

Just last week, a seminar was held in the Kingdom on the topic of industry 4.0, as industry experts at the event said the Kingdom would need to adapt quickly to technological advancements taking place on the factory floor.

Ngeth Chou, a senior consultant at Emerging Markets Consulting, agreed that the Kingdom has the potential to take part in the next major wave of industrial innovation.

However, he said the government must be ready to manage the consequences that would impact the labour market, and foster the growth of skills.

“It is a matter of using technology instead of labour in order to reduce the cost of production. We have to look at what our human resources capacity is. In order to attract investors, the government has to formulate policies that balance the capacity for new skills and mitigate joblessness.”

He noted that while there are windows of opportunities, the Kingdom has a long way to go.

A study by the Ministry of Agriculture, Forestry and Fisheries in June last year found that some 40 per cent of the population works in the agriculture sector.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42