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Cambodia Reviews 10 Years of Industrial Development Policy, Analyzing Achievements and Challenges in Economic Diversification
Cambodia held a meeting to discuss the draft of the final evaluation report on its Industrial Development Policy from 2015-2025. The policy has contributed to economic diversification, but challenges such as the concentrated industrial base and vulnerability to external factors were noted.
A crucial meeting was held in Phnom Penh, led by Deputy Prime Minister and Minister of Economy and Finance, Aun Pornmoniroth, to discuss the draft of the final evaluation report on the "Cambodia Industrial Development Policy 2015-2025." The meeting was attended by ministers and experts from relevant ministries, including the Ministry of Industry, Science, Technology and Innovation, Ministry of Mines and Energy, Ministry of Environment, Ministry of Public Works and Transport, and Ministry of Tourism. The policy, launched on August 26, 2015, aimed to promote industrial development in Cambodia with four key strategies: mobilizing and attracting investment, developing and modernizing Small and Medium Enterprises (SMEs), improving the regulatory environment, and coordinating supportive policies. The Council for the Development of Cambodia (CDC) was tasked with monitoring and evaluating the policy's implementation, submitting several progress and mid-term evaluation reports over the years. The draft final evaluation report presented at the meeting indicated that over the past decade, the policy has played a significant role in diversifying the industrial sector, enhancing productivity, investing in human capital, improving legal frameworks, promoting SME governance, and coordinating various support policies. This has transformed Cambodia from a heavily agriculture-dependent economy into one with a strong industrial sector, increasingly integrated into regional and global value chains. However, the report also highlighted that the pace of industrial development has limitations, and the industrial base remains concentrated and vulnerable to external factors, necessitating further attention in the context of rapid regional and global shifts. During the meeting, participants exchanged views on the draft report, offering suggestions and amendments to ensure a more comprehensive and coherent document. Looking ahead, the Deputy Prime Minister instructed the CDC team to collaborate closely with the National Economic Council's working group to thoroughly understand remaining challenges and identify solutions for the formulation of the next phase of Cambodia's Industrial Development Policy. Information Source: CPP Cambodia
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CPP Cambodia