Cambodia to prioritise trade in boosting economic growth

09:35 | 20/02/2014 Global Economy

Trade is among top priorities of Cambodia in its economic development process, Prime Minister Hun Sen announced during a launching ceremony to launch the country’s Trade Integration Strategy in the 2014-2018 period.

The strategy aims at integrating Cambodia more deeply into global trade relationships, making this the main engine of economic development.

It will sharpen Cambodia 's ability to contribute to the ASEAN Community in 2015, PM Hun Sen said, adding that the strategy reflects the unwavering commitment of the government to achieving its lofty socio-economic development vision.

He noted that the country's export of goods and services increased more than twofold in the last seven years from 4.5 billion USD in 2007 to 9.4 billion in 2013.

The country’s key currency earners include garments, footwear, milled rice, cassava, rubber, silk products and tourism.

Cambodia's major trading partners are the United States, China, Thailand, Vietnam, Singapore, Malaysia, Japan and the Republic of Korea, along with a number of European nations.

Commerce Minister Sun Chanthol said the strategy is the third one of its kind and will help identify where the country's export sector stands at present and what is needed to go forward.

The strategy will help mobilise donors' technical assistance for development, he said, adding that it will also inspire crucial reforms in its trading practices.

Chanthol concluded by arguing that the plan will enhance trade sector competitiveness, create new and better jobs, increase incomes, and reduce poverty./.

Source Vietnam Plus

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