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Cambodia targets 7 pct economic growth in 2015: PM

Xinhua, March 5, 2015 Adjust font size:

Cambodian Prime Minister Hun Sen said Thursday that the country's economy is predicted to grow by 7 percent this year--the same growth rate as last year.

"Growth is estimated to be around 7 percent in 2015, spearheaded by 9.7 percent growth in the industry sector and followed by 6.6 percent growth in the service sector and 4.3 percent growth in the agriculture sector," he said during the Cambodia Outlook Conference 2015.

Growth in the industry sector is due to two main aspects that include the slight rebound of the clothing and footwear sector and the continued growth in the energy and construction sectors, he said.

The prime minister said inflation is projected to remain low at 3.5 percent this year due to dropping prices of oil and agricultural products.

Hun Sen said Cambodia has great potential for growth and opportunities for diversification in many other sectors, implying that there is still a big room for investment.

"At present, Cambodia's economic growth depends on traditional sectors such as garment, tourism, construction, and agriculture," he said. "This indicates that it is necessary and urgent to diversify into new sectors especially industry, agro-industry and handicraft, which require massive investments." Endi