Ministry of Industry Unveils Cambodia's Economic Surge in 2023

In a groundbreaking revelation, the Ministry of Industry, Science, Technology & Innovation (MISTI) disclosed Cambodia's economic pro...

In a groundbreaking revelation, the Ministry of Industry, Science, Technology & Innovation (MISTI) disclosed Cambodia's economic prowess for the year 2023, showcasing a remarkable surge in various sectors.

At the heart of this revelation lies the expansion of large-scale factories, which saw a net increase compared to the previous year, employing over one million workers and boasting a staggering investment capital of $18.56 billion.

During MISTI’s Annual Congress, Minister Hem Vanndy unveiled a strategic roadmap for 2024, highlighting key areas vital for Cambodia’s development.

The congress spotlighted national quality infrastructure, clean water accessibility, public service reform, and the promotion of science, technology, and innovation.

Vanndy projected a 6.6% growth for Cambodia's economy in 2024, with the industrial sector anticipated to surge by 8.5%, driven by various economic sectors.

MISTI's efforts in promoting small and medium enterprises (SMEs) were evident with the establishment of thousands of new SMEs and the renewal of existing licenses.

Significant strides were made in clean water production, with over 461 million cubic meters supplied nationwide, benefiting over 6,500 villages.

Several water infrastructure projects were completed, funded by grants and concessional loans, further enhancing clean water accessibility.

MISTI introduced 36 new standards, enhancing product quality, ensuring consumer safety, and promoting trade both nationally and internationally.

The ministry leveraged information technology to improve efficiency and enhance public services, emphasizing the importance of science, technology, and innovation.

Secretary of State Nhim Khemara highlighted various reform initiatives within the ministry, focusing on decentralization, public administration, and financial reform.

The closing ceremony of the Congress, to be presided over by Prime Minister Hun Manet, will witness the participation of key figures from the government, development partners, and the private sector.

In conclusion, MISTI's revelations underscore Cambodia's steadfast commitment to economic growth, innovation, and reform, positioning the nation as a key player in the global economy.