Cambodia Investment Review
Deputy Prime Minister and Minister of Economy and Finance, Dr. Aun Pornmoniroth, delivered an opening speech on behalf of Prime Minister Hun Manet. Dr. Pornmoniroth extending a warm welcome to the attendees and expressed gratitude towards ADB for its long-standing support and partnership, which has been instrumental in Cambodia’s socio-economic and political development over the past decades.
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“I am very pleased to have received a high privilege from Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, to attend this inauguration ceremony. The ADB has been a crucial partner in our nation’s journey towards growth and stability,” Dr. Pornmoniroth stated.
Over the years, ADB has financed 207 development projects/programs in Cambodia, totaling approximately $4.8 billion, supporting critical sectors such as agriculture, water supply, urban development, transportation, information technology, finance, education, health, and energy.
Contributions Of ADB Through Various Stages Of Cambodia’s Development
Reflecting on the partnership, Dr. Pornmoniroth congratulated the management and staff of the ADB Cambodia Resident Mission for their new office and acknowledged the significant contributions of ADB through various stages of Cambodia’s development. He commended the efforts of both ADB and the Royal Government of Cambodia’s officials in nurturing this cooperation with dedication and accountability.
“Allow me to thank ADB for their immense support and long-standing partnership with Cambodia. This partnership has been crucial through various stages of Cambodia’s evolution and its socio-economic as well as political development, especially over the past few decades,” he remarked.
The history of ADB and Cambodia’s collaboration is marked by significant milestones, including the first ADB loan in 1970 and the resumption of cooperation in the early 1990s. ADB’s financing has supported critical sectors, playing a pivotal role in Cambodia’s progress.
Dr. Pornmoniroth highlighted ADB’s role in disaster response, including flood rehabilitation and tackling food price inflation. ADB also provided substantial support during the COVID-19 pandemic through the “CARES Program” and Cambodia’s immunization campaign.
“ADB has also contributed to the rapid response to disasters and rising challenges in Cambodia. This includes immediate response to flood damage in Cambodia in 2000 and 2011, supporting Cambodia in tackling rising food prices and inflation in 2008, and providing concessional lending for emergency food aid projects,” he elaborated.
Key Priorities: People, Roads, Water, Electricity, And Digital Technology
Under the leadership of Prime Minister Hun Manet, the Royal Government of Cambodia continues to address emerging opportunities and challenges with the “Pentagonal Strategy – Phase 1.” This strategy focuses on five key priorities: people, roads, water, electricity, and digital technology, aiming to transform Cambodia into a high-income country by 2050.
“The Royal Government of the 7th legislature of the National Assembly has adopted the ‘Pentagonal Strategy – Phase 1’ for growth, employment, equity, efficiency, and sustainability by identifying five key priorities: people, roads, water, electricity, and technology, especially digital technology,” Dr. Pornmoniroth explained.
The Cambodian economy is projected to grow by 6% in 2024, driven by the resurgence of the global economy and the implementation of strategic policies. Dr. Pornmoniroth emphasized the importance of investing in micro, small, and medium enterprises to sustain this growth.
“Based on all these active and proactive efforts, the Cambodian economy in 2023 is assessed to have achieved a growth rate of about 5%, and in 2024 is expected to grow at a rate of 6%,” he highlighted.
Toward Becoming An Upper-Middle-Income Country By 2030
In his remarks, Dr. Pornmoniroth thanked ADB for approving the “Country Partnership Strategy 2024-2028,” which includes $1.26 billion in funding and $283 million in co-financing to support 22 projects/programs in Cambodia. This strategy aims to accelerate Cambodia’s development toward becoming an upper-middle-income country by 2030.
“Taking this rare opportunity, I would also like to extend my thanks to ADB for the recent approval of the ‘Country Partnership Strategy 2024-2028,’ which will help to accelerate the development of Cambodia toward achieving the 2030 milestone of transforming Cambodia into an upper-middle-income country and the 2050 vision of transforming Cambodia into a high-income country,” Dr. Pornmoniroth stated.
Concluding his speech, Dr. Pornmoniroth expressed sincere gratitude to ADB President Masatsugu Asakawa and the ADB team for their continued cooperation. He emphasized the importance of this partnership in promoting development and reducing poverty in Cambodia.
“I sincerely hope that ADB will continue to work more closely and provide more support to the Royal Government of Cambodia to continue promoting the development in Cambodia across all priority areas to improve the livelihood and reduce poverty of the Cambodian people,” he concluded.
With the official inauguration of the new ADB Cambodia Resident Mission, Dr. Pornmoniroth conveyed his best wishes for the success of all national and international distinguished guests in their endeavors.
