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Cambodian gov't passes industrial development policy for next decade

Xinhua, March 6, 2015 Adjust font size:

The Cambodia's Council of Ministers, or Cabinet, on Friday approved an Industrial Development Policy (IDP) 2015-2025 with an aim of diversifying the economy, which currently depends on garments, tourism, construction and agriculture.

The approval was made during a weekly Cabinet meeting, which was chaired by Prime Minister Hun Sen, according to a news statement released after the meeting.

"The IDP will contribute to maintaining sustainably high economic growth through diversifying the economy, strengthening competitiveness, and enhancing productivity," the statement said.

Speaking at an economic conference on Thursday, Hun Sen said the IDP framework consists of four pillars: attracting foreign and domestic direct investments for industrial development, modernizing small and medium enterprises to link them to multinationals, improving the regulation framework to enhance competitiveness by improving investment climate and trade facilitation, and coordinating supporting policies such as human resource development and infrastructure development.

The prime minister said currently, the country's economic growth depends on traditional sectors such as garments, tourism, construction and agriculture.

"The IDP 2015-2025 not only provides us with the new growth strategy that is the vision and roadmap for industrial development, but also promotes foreign direct investment that is deemed to be an integral part and a key to achieving goals of the new growth strategy," he said.

Hun Sen said the government estimates growth of around 7 percent in 2015, spearheaded by 9.7 percent growth in the industry sector, 6.6 percent in the service sector and 4.3 percent in the agriculture sector.

Growth in the industry sector was due to the slight rebound of the garment sector and the continued growth in the energy and construction sectors. Endi