Translated from: People's Daily
Our reporter Liu Hui
People's Daily (17th edition, October 26, 2023)
A report released by the General Administration of Customs of Cambodia recently shows that in the first nine months of this year, Cambodia's total import and export volume exceeded 35.1 billion US dollars, of which approximately 16.9 billion US dollars were exported. The Ministry of Economy and Finance of Cambodia predicts that the Cambodian economy will grow by 5.6% this year, and exports from service and non clothing manufacturing industries will become the main driving force for economic growth; In 2024, it will grow by 6.6%, with industries, services, and agriculture expected to grow by 8.5%, 6.9%, and 1.1%, respectively.
The World Bank believes that the foundation of Cambodia's economic recovery has been continuously consolidated since 2022. With the continuous implementation of relevant measures and plans to promote economic development, Cambodia's economic growth momentum is evident, especially in the tourism, hotel and other service industries. World Bank Representative Sarim believes that in order to maintain sustained economic growth, Cambodia needs to enhance trade competitiveness through measures such as strengthening connectivity, reducing trade barriers, and simplifying customs procedures, and promote the diversification of tourism products and destinations.
The Ministry of Economy and Finance of Cambodia stated that the non clothing manufacturing industry will achieve growth expectations, and industries such as solar energy, tires, food and beverage, and automotive assembly will grow rapidly. The tourism industry continues to inject vitality into the Cambodian economy. In the first half of this year, the country received approximately 2.57 million international tourists, a year-on-year increase of 409%. The Cambodian Ministry of Tourism predicts that it will receive 5 million international tourists this year, an increase of 120% compared to 2022. The rapid growth of the tourism industry will drive the growth of related service industries such as hotels and catering.
In August of this year, the Cambodian government announced the implementation of the first phase of the "Five Corners Strategy". As a long-term development strategy for Cambodia, the "Five Corners Strategy" includes human resource development, enhancing economic diversification and competitiveness, developing the private sector and employment, achieving flexible, sustainable, and inclusive development, and promoting the development of the digital economy and digital society. It will be implemented in five stages. To implement the first phase plan, Cambodia will take multiple measures this year, including expanding healthcare services and striving to achieve universal coverage; Provide vocational and technical training for young people from impoverished and disadvantaged families; Institutionalize social assistance plans for impoverished families, etc.
The Cambodian government has stated that it will formulate stable macroeconomic and fiscal policies, continue to build effective development partnerships, create a resilient economy, enhance its ability to withstand crises, and promote sustainable economic and social development.