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

  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM warns of ‘new Cold War’

    Prime Minister Hun Sen said the possibility of a so-called new Cold War has become a significant concern and that all countries have to reject outright, any attempt to allow history to tragically repeat itself. He made the remarks in a speech during 75th Session

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped