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

  • Time to avert disastrous Covid situation: officials

    The Covid-19 situation in Cambodia is heading towards further large-scale community transmission as the total number of confirmed cases is nearing 61,000 and the death toll passed 900 on July 10, senior health officials warned. Ministry of Health spokeswoman Or Vandine expressed concern that the country was going

  • Two luxury hotels latest quarantine options for inbound travellers

    The Inter-Ministerial Committee to Combat Covid-19 has designated two luxury hotels as alternative quarantine options for travellers who wish to enter Cambodia through Phnom Penh International Airport – Sokha Phnom Penh Hotel & Residence and the Courtyard by Marriott Phnom Penh. In a notice detailing guidelines issued

  • Visa A holders get to quarantine at Himawari Hotel

    The Ministry of Health has permitted foreign diplomats, UN and International NGO officials to undergo quarantine at Himawari Hotel in the capital in case they do not have a separate place suitable for this purpose, but the government would not be responsible for the expenses.

  • Baby saved as mother is lost to Covid

    Newborn baby Neth David has had a rough start in the world. His mother, Vong Daneth, was seven months pregnant when she contracted a severe case of Covid-19. When it became clear to her doctors that she would not survive, they performed a cesarean section

  • Jabs for kids bring hope for school reopenings

    Cambodia is tentatively planning to reopen schools – at least at the secondary level – when the vaccination of children aged 12-17 is completed, even though daily transmissions and deaths in other age groups remain high. Schools across the country have been suspended since March 20, one month

  • Hun Sen: Get 12-17 age group ready for Covid jabs

    Prime Minister Hun Sen has told parents of children aged 12-17 in Phnom Penh and the provinces of Kandal and Preah Sihanouk to get them ready for vaccinations soon. “There is a need to vaccinate children and youths aged 12 to 17. According to the statistics provided