Cambodia Investment Review
The flagship Cambodia Outlook Conference 2023, organized by the Cambodia Development Resource Institute (CDRI), marked a significant stride towards aligning Cambodia’s private sector investment strategies with its 2030 vision for sustainable development. Prime Minister of Cambodia Hun Manet and Deputy Prime Minister and Minister of Economy and Finance, H.E. Aun Pornmoniroth, shared pivotal insights at the conference, held at Sokha Hotel & Residence, emphasizing the crucial role of the private sector in achieving resilient, sustainable, and inclusive prosperity.
In his opening address, Prime Minister Hun Manet underscored the transformation Cambodia has undergone over the past two decades. With an average economic growth of about 7% per annum, Cambodia’s journey from a primarily agriculture-based economy to one driven by industries and services is notable. The Prime Minister stressed the need for continued economic diversification and resilience, especially in the wake of the Covid-19 pandemic, which tested the country’s socio-economic fabric.
Cambodia Enters A New Era of Economic Transformation
The Prime Minister’s vision for the future hinges on the Pentagonal Strategy-Phase I, focusing on Growth, Employment, Equity, Efficiency, and Sustainability. This strategy emphasizes key priorities such as People, Road, Water, Electricity, and Technology, reflecting a holistic approach to national development.
H.E. Aun Pornmoniroth’s closing remarks complemented this vision, highlighting the significant role of the private sector in driving Cambodia’s ambition to become an upper-middle-income country by 2030. The Deputy Prime Minister emphasized the need for innovative and flexible thinking in policy formulation and implementation, with a strong emphasis on nurturing a conducive environment for private investment.
According to H.E. Aun Pornmoniroth, current global challenges, including geopolitical tensions and climate change, demand a strategic pivot in Cambodia’s economic approach. He identified several areas of opportunity for private investment, such as the shift of production chains to ASEAN, the benefits of free trade agreements, and the burgeoning digital sector.
Digitalization and Human Capital Will Be Key Drivers for 2030
A recurring theme in both leaders’ speeches was the importance of digital transformation and human capital development. Prime Minister Hun Manet highlighted the need for Cambodia to adapt to digital advancements, particularly in artificial intelligence, to enhance productivity and learning. Similarly, H.E. Aun Pornmoniroth emphasized the digital sector’s potential in propelling socio-economic growth.
Investing in human capital, particularly through quality education and healthcare, was identified as a cornerstone for sustainable development. This focus aligns with the global shift towards more knowledge-based economies, where skilled human resources play a crucial role.
Both leaders acknowledged the challenges ahead. Prime Minister Hun Manet pointed out the need for Cambodia to navigate global economic changes proactively, maintaining a balance between growth and sustainability. H.E. Aun Pornmoniroth echoed these sentiments, calling for resilience in public institutions, economic systems, social and financial structures, and environmental management.
The CDRI Annual Outlook Conference 2023 set the stage for a collaborative path towards Cambodia’s 2030 vision. The emphasis on private sector investment as a key driver for sustainable development, coupled with the government’s strategic frameworks and policies, presents a promising future for Cambodia. As the Kingdom moves towards to its goal of becoming an upper-middle-income country, the synergy between the public and private sectors will be crucial in overcoming obstacles and harnessing opportunities on the path to resilient, sustainable, and inclusive prosperity.
