Prime Minister Hun Sen is appealing to the business community to keep their trade and investments within the Kingdom as the government is working on in-depth economic reforms in order to create a friendlier business environment.
In a Facebook post yesterday, Mr Hun Sen said the government will introduce the reforms on March 29. He added that the reforms will bring about an independent economic system for the Kingdom.
“The government will announce economic reforms with a long-term vision so that the country will be able to breathe by itself – no more pressure from the international community,” Mr Hun Sen said, adding that he was optimistic that there will be no negative effects and that the reforms will create potential opportunities for local and international investors.
“The government recently began its first step to reform in terms of trade facilitation and fiscal incentives, including reducing input costs and customs procedures,” he said. “I would like to appeal to all local and international investors to come and invest more in Cambodia.”
Mr Hun Sen noted that the reforms will also aim to eliminate corruption, promote competitiveness, and enhance and promote investment, among others.
Kruy Narin, deputy director of the Economy and Finance Ministry’s macroeconomic and fiscal policy department, yesterday said the government is also working on reducing the costs of electricity and logistics in the Kingdom.
“The government is also developing new sources of financing for infrastructure development through reforms in the financial sector, both in banking and non-banking industries, including the capital market, the bond market and the money market,” Mr Narin said.