PM’s economic diplomacy brings dividends
PM’s economic diplomacy brings dividends
In the one year of his rule, Prime Minister Hun Manet laid out policies for strengthening old friendships, launched new friendships and consolidated Cambodia’s position on the international stage, especially by streamlining its economic diplomacy.
The salient features of the first year of the Royal Government of the 7th Mandate were highlighted by Jean-François Tain, Minister Delegate attached to the Prime Minister in charge of Foreign Affairs and International Cooperation, during a press meet organized by the Spokesperson Unit of the government on Monday.
The minister noted that Mr Hun Manet and his high-level delegation travelled across five continents including Asia, the United States, Africa, Europe and Oceania, visiting 16 countries. All these visits were busy scheduled and packed with foreign affairs activities.
“Diplomacy is difficult, but we can still summarize the work and results of Cambodia’s foreign policy. Cambodia’s diplomacy has two main goals – to strengthen old friendships, cultivate new ones and strengthen economic relations,” said Tain, adding, “These measures have strengthened Cambodia’s position on the international stage, bringing benefits to the country, especially in the economic front.”
According to the minister, the Royal Government of Cambodia (RGC) under the leadership of Prime Minister Hun Manet put the Cambodian economy on the growth trajectory. From January to June 2024, Cambodia received 190 new investment projects with more than $3,200 million in investment capital, he said.
In July 2024 alone, Cambodia received 41 new investment projects worth over $396 million. According to the World Bank, Cambodia’s economy will grow by 6.1 percent in 2024, the highest in ASEAN.
“Diplomacy strengthens friendships, but an essential goal of the RGC is to defend Cambodia’s official position on the international stage, which is to maintain peace, protect sovereignty and territorial integrity and further promote the country’s economic development,” Tain underlined.
“The Royal Government has the big ambition to make Cambodia an upper middle-income country by 2030 and a high-income one by 2050,” he emphasised.
Cambodia’s political diplomacy has four main goals such as enhancing international trade, attracting foreign investment and promoting tourism and cultural and sports exchanges. It also aimed at promoting Cambodian food on the regional and international stage, Jean François added.
It should be noted that the new Council of Ministers of the 7th legislature of the National Assembly held its first plenary session on August 24, 2023, under the Prime Minister.
Socio-economic researcher Chey Tech told Khmer Times that during the one year of the Seventh Mandate of the RGC, important goals were achieved including the introduction of the first phase of the policy, reforms in the public finance sector, public administration sector, education sector, as well as justice sector in Cambodia.
The Royal Government also made crucial efforts to attract foreign investors, which resulted in a significant increase in the growth of foreign direct investments in Cambodia, especially in the textile and garment industry, he said.
However, Tech suggested that the government review and seek more support for small and medium-sized enterprises (SMEs) as well as the retail sector because these sectors directly contribute to improving the livelihood of people and also support other sectors such as real estate.
