Cambodia announces 17-point strategy to promote economic growth
Cambodian Prime Minister Hun Sen has announced plans to reform the nation’s economy on a large scale with a 17-point strategy, aiming to stimulate growth and save the private sector some 400 million USD per year in costs.
Prime Minister Hun Sen speaks at the 18th Government-Private Sector Forum on March 29 (Source: phnompenhpost.com)
Hanoi (VNA) – Cambodian PrimeMinister Hun Sen has announced plans to reform the nation’s economy on a largescale with a 17-point strategy, aiming to stimulate growth and save the privatesector some 400 million USD per year in costs.
The strategy includes a series of savings initiatives for private businesses,including cutting costs related to transport, port services, and electricity,as well as reforming railway management.
It sets out plans to cut the number of national holidays, introduce financialincentives for tax and customs sectors, as well as promote and implementamendments to the Law on Investment and the Law on Special Economic Zones.
Speaking at a recent forum on the public-privatesector, PM Hun Sen said that these reforms would help increase the competitivenessof export goods if the European Union (EU) decides to remove its preferential trade arrangements under the EverythingBut Arms (EBA) scheme.
InFebruary 2019, the EU officially announced it will begin the process ofconsidering the withdrawal of Cambodia from the EBA scheme on the grounds thatCambodia had violated its conditions. This process will take place over thenext 12 months.
This causes great concern to businessesoperating in Cambodia, especially in the textile sector, which is said to bringabout 676 million USD per year to Cambodia.
Concerning the current serious power shortage in Cambodia, PM Hun Sen announcedplans to split various types of electricity prices for users, thereby reducingabout 0.02 USD per kWh for industries that hold high investment value.
Meanwhile, Vice Chairman of the CambodiaChamber of Commerce and Industry Lim Heng said that for a long time, the Cambodianprivate sector has asked its government to issue the aforementioned reforms tohelp reduce production costs.
He affirmed that these efforts of the Cambodian government to reform the economywill contribute to strengthening the private sector, especially in terms of increasingincomes for workers.–VNA
Cambodian Prime Minister Hun Sen on March 29 announced a number of measures to boost economic independence and support local exporters, given the possible lifting of the European Union (EU)'s preferential trade arrangement under the Everything But Arms (EBA) scheme.
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Prime Minister Hun Sen speaks at the 18th Government-Private Sector Forum on March 29 (Source: phnompenhpost.com) 
