Cambodia Investment Review

Leader Talks: Hun Manet on His Strategic Blueprint for Cambodia’s Economic Transformation at the 19th Government-Private Sector Forum

Leader Talks: Hun Manet on His Strategic Blueprint for Cambodia’s Economic Transformation at the 19th Government-Private Sector Forum

Cambodia Investment Review

Prime Minister Dr. Hun Manet took center stage at the 19th Royal Government-Private Sector Forum, in Phnom Penhv unveiling a strategic blueprint for Cambodia’s economic transformation. In a session marked by candid discussions and decisive policy announcements, PM Hun Manet articulated a comprehensive vision for Cambodia’s future, blending economic reforms with socio-political insights.

“As we gather here today, it’s not just about charting a course for economic prosperity but about reinforcing the foundations of our great nation,” Dr. Manet commenced, addressing an audience of government officials, diplomats, and business leaders. “Our forum today signifies more than a meeting – it’s a confluence of ideas shaping Cambodia’s tomorrow,” he added.

Transition Cambodia into A High-Middle-Income Country By 2030

The Prime Minister’s speech delved deep into the challenges Cambodia faced, including the impact of global crises like the Ukraine-Russia conflict and the pandemic. He highlighted the government’s resilience and adaptability during these times. “We emerged stronger, hosting major international events and maintaining a steady economic course,” PM Hun Manet emphasized, his words reflecting a blend of pride and pragmatism.

Focusing on the “Pentagonal Strategy Phase 1,” Pm Hun Manet described it as the cornerstone of Cambodia’s developmental aspirations. “Our goal is clear – to transition Cambodia into a high-middle-income country by 2030. We’re not just aiming for economic growth but equitable, sustainable development,” he stated.

Read more: Cambodian Government Outlines 5 Key Pillars for Vision 2050

PM Hun Manet’s announcement of key reforms showcased his commitment to revitalizing the business and investment climate. “We understand the necessity of a conducive environment for business,” he said, outlining measures to streamline processes and enhance transparency. On easing compliance burdens, he remarked, “Our businesses need a climate that facilitates growth, not hinders it with unnecessary red tape.”

19th Royal Government-Private Sector Forum, in Phnom Penh.

A major highlight was the “Visit Siem Reap 2024” initiative, aimed at rejuvenating the tourism sector, particularly in Siem Reap. “Tourism is not just about numbers. It’s about cultural exchange and showcasing the rich heritage of Cambodia,” PM Hun Manet noted, announcing tax exemptions and improved tourist services as part of the initiative.

A Journey Towards Sustainable Growth and Development

The agriculture sector, integral to Cambodia’s economy, received special attention. “Our farmers are the backbone of our nation. Supporting them isn’t just an economic decision; it’s a commitment to our roots,” he expressed, detailing programs to enhance agricultural productivity and market linkages.

Banking and finance sectors are set for supportive measures from the National Bank of Cambodia. PM Hun Manet recognized the sector’s role in national development, saying, “A robust banking system is crucial for a healthy economy. We are ensuring that our financial institutions can continue to support our businesses effectively.”

Read more: Cambodia Extends Capital Gain Tax Delay and Introduces New Tax Incentives at 19th G-PSF: A Review by DFDL Cambodia

The construction and real estate sectors were also addressed, with Dr. Manet introducing reforms to support these crucial industries. “We are laying the groundwork for a future where everyone can have a home and a stake in our country’s prosperity,” he said.

Concluding his address, PM Hun Manet called for collaborative efforts. “Each one of us plays a part in this journey. Let’s work together to turn these plans into actions, for a prosperous, vibrant Cambodia,” he urged.

The flagship speech, a blend of policy discussions and strategic direction, sets the tone for Cambodia’s economic agenda under PM Hun Hun Manet’s leadership. His speech was not only a testament to his vision but also a roadmap for the nation’s journey towards sustainable growth and development.

Read the full speech translated by CamEd Business School here:

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