The Future of Asia 2012

Cambodia To Push Econ Reform: Deputy PM Keat Chhon

Friday, May 24, 2013

TOKYO (Nikkei)--Cambodia will reform its economy to become Asia's next high-growth nation, Deputy Prime Minister Keat Chhon said Friday at an international meeting in Tokyo.

Speaking at the 19th International Conference on The Future of Asia, Keat Chhon, who is also minister of economy and finance, said Cambodia has grown by an average of 8% annually since 1999, led by sectors such as textiles, agriculture, tourism and construction. The government plans to diversify its economy in the coming years.

"Our strategic objective is to build the foundation of Cambodia's self-sustainable manufacturing sector to be part of ... Asian production networks," he said.

The country will promote agribusiness, diversify industry, modernize manufacturing, introduce more special economic zones and promote foreign direct investment to boost the economy, Keat Chhon said.

He pointed out that Cambodia will need to become more open to the international economy if the reforms are to succeed.

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.