Cambodia Investment Review
The Royal Government of Cambodia (RGC) and the United Nations (UN) have signed the next step United Nations Sustainable Development Cooperation Framework (UNSDCF) 2024-2028, a strategic development policy that aims to accelerate Cambodia’s socio-economic development and achieve Cambodia’s Sustainable Development Goals (SDGs).
The UNSDCF was developed through a consultative process with development partners, civil society organizations, the private sector, and youth representatives. It is aligned with the RGC’s Pentagonal Strategy – Phase 1 and has four strategic priorities: Human Development, Economic Transformation, Environment, and Social Transformation.
Cambodia Advances in Holistic Development
The UNSDCF will be implemented by a Joint Steering Committee co-chaired by the Second-Vice Chairman of the Council for the Development of Cambodia (CDC) and the UN Resident Coordinator in Cambodia. The committee will be responsible for monitoring the implementation of the framework, providing strategic direction, and coordinating with relevant ministries/institutions of the RGC and all key stakeholders.
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At the signing ceremony, Dr. Chhieng Yanara, Senior Minister and Second Vice-Chairman of the Council for the Development of Cambodia of the RGC placed a high value on the Cooperation Framework 2024-2028 and believed that its implementation would make an essential contribution to Cambodia’s socio-economic development and accelerate the achievement of RGC’s priorities as articulated in the Pentagonal Strategy – Phase 1. He also highly commended the efforts of the UN Country Team in achieving past results and their continued support and close cooperation with the RGC.
The signing of the UNSDCF marks a significant milestone in Cambodia’s development journey. The success of this strategic policy will depend on the active engagement of government institutions, sustained and inclusive partnership with development partners, civil society, and the private sector. By prioritizing the key areas of human development, economic transformation, environment, and social transformation, and fostering collaboration, Cambodia can achieve meaningful results and fulfill its shared vision of progress and development.
Business Implications Of The UNSDCF
The UNSDCF presents several opportunities for businesses in Cambodia. For example, the focus on human development means that there will be a growing demand for skilled workers in a variety of sectors. Businesses can invest in training and development programs to ensure that they have a workforce that meets their needs.
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The UNSDCF also emphasizes economic transformation, which includes promoting diversification, innovation, and entrepreneurship. Businesses can capitalize on these trends by developing new products and services, expanding into new markets, and adopting new technologies.
The UNSDCF also recognizes the importance of environmental sustainability and social transformation. Businesses can contribute to these goals by adopting sustainable practices, reducing their environmental impact, and promoting social inclusion and equity.
Overall, the UNSDCF provides a clear roadmap for Cambodia’s development over the next five years. Businesses that align their strategies with the UNSDCF priorities will be well-positioned to succeed in the Cambodian market and contribute to the country’s socio-economic development.
