In a bid to bolster international trade and diversify the economy, the Ministry of Commerce on Thursday launched the new version of the Cambodia Trade Integration Strategy (CTIS).
The 2019-2023 Cambodia Trade Integration Strategy (the fourth CTIS) tackles all the major issues in the trade sector, according to Minister of Commerce Pan Sorasak.
The minister said the new strategy focuses on strengthening the country’s competitiveness to support its transition into a developed economy and to benefit from new sources of growth, particular the Fourth Industrial Revolution.
“Cambodia needs to be ready and continue to undergo reforms to boost competitiveness, as well as diversify markets and production to increase exports,” he was quoted as saying in a ministry statement.
“All of these goals are outlined in the government’s rectangular strategy phase IV and the fourth CTIS,” he said.
He noted that the new strategy demands involvement from all ministries.
Cambodia validated its first Diagnostic Trade Integration Strategy (DTIS) in 2001, which was prepared with funding support from the Integrated Framework programme. In 2007, the second DTIS was launched by Prime Minister Hun Sen.
CTIS 2014-2018 marked the country’s third DTIS, which was backed by the Asian Development Bank, the United Nations Development Programme and the World Bank.