Cambodia's Economic Aspirations Unveiled by Minister Pen Bona

Cambodian Minister Delegate and Chairman of the Royal Government Spokesperson, Pen Bona, has laid out the ambitious economic goals of Cambod...

Cambodian Minister Delegate and Chairman of the Royal Government Spokesperson, Pen Bona, has laid out the ambitious economic goals of Cambodia. With a focus on achieving upper-middle-income status by 2030 and ultimately becoming a high-income country by 2050, the Royal Government of Cambodia (RGC) is spearheading comprehensive policies to drive economic growth and stability.

In a recent engagement with media and stakeholders, Bona underscored the multifaceted approach required to realize these objectives. Highlighting the importance of social, environmental, and political factors, he emphasized the need for economic resilience and equitable distribution of benefits to foster sustainable development.

Bona emphasized the pivotal role of human resource development in Cambodia's economic transformation. Central to the RGC's Pentagon Strategy is the cultivation of a skilled workforce with strong ethical values and robust health. The Ministry of Vocational and Technical Training (TVET) has embarked on an ambitious initiative offering free training to 1.5 million Cambodians across diverse vocational courses.

Acknowledging agriculture's significance alongside manufacturing and tourism, Bona highlighted the RGC's financial support for the agricultural sector. With a substantial allocation of $100 million to assist farmers, the initiative aims to enhance incomes, balance production costs, and ensure food security.

Joining Bona, Minister Delegate Jean François Tan commended the Government's achievements in stimulating economic growth. Notably, he lauded the surge in foreign direct investment (FDI) and export activities, citing significant increases in investment projects and job creation.

Tan revealed impressive statistics, indicating 32 newly approved projects worth nearly $187 million by the Council for the Development of Cambodia (CDC). These projects are poised to generate employment for approximately 29,000 individuals, contributing to Cambodia's economic momentum.

Highlighting Cambodia's appeal to investors, Tan emphasized the youthful demographic profile and favorable investment climate. The country's integration into global trade networks and efforts to boost tourism, including the promotion of direct flights, further enhance its attractiveness to international stakeholders.

With a concerted focus on expanding tourism, Cambodia anticipates a surge in foreign tourist arrivals. Efforts to facilitate access to key destinations like Phnom Penh and Siem Reap are expected to bolster the tourism sector's contribution to the economy.

In conclusion, Cambodia's economic trajectory underpins a vision of inclusive growth and prosperity. With strategic initiatives aimed at enhancing human capital, fostering investment, and promoting tourism, the nation is poised to realize its aspirations for sustainable development and global competitiveness.