Economic Diplomacy to Help Boost Cambodian Economy amid COVID-19 Crisis

Cambodia is promoting the economic diplomacy which will contribute significantly to boosting the economic growth amid the COVID-19 crisis.

In a presentation at the 2nd Meeting on the implementation of the Economic Diplomacy Strategy 2021-2023 held here this morning via Videoconference, H.E. Prak David, Under Secretary of State at the Ministry of Foreign Affairs and International Cooperation (MFA-IC) said that Cambodia is adopting an open economy, but the COVID-19 crisis has adversely affected the global supply chain and international tourism, which has slowed down the Cambodian economy in 2020.

“To continue the economic growth, Cambodia needs to continue to integrate its economy into the regional and global economy through its sharp tool, i.e. economic diplomacy strategy,” he underlined.

In his opening speech, Secretary of State for MFA-IC H.E. Nhim Khemara laid stress on the key role played by the private sector in effectively carrying out the economic diplomacy as well as the role of MFA-IC in coordinating the work with relevant national institutions and private sector so that all stakeholders better understand each other and cooperate more closely and effectively.

Launched on Jan. 18, 2021 under the presidency of H.E. Prak Sokhonn, Deputy Prime Minister, Minister of MFA-IC, the Economic Diplomacy Strategy 2021-2023 is aimed to contribute to achieving the Royal Government’s vision in turning Cambodia into an upper middle-income economy by 2030 and a developed nation by 2050 through the promotion of international trade, attraction of direct foreign investment, enhancement of tourism sector, and boosting of cultural and sports exchange.

Cambodian diplomats accredited to foreign countries and representatives of the Cambodia Chamber of Commerce and private sector attended the 2nd virtual meeting. The first one took place on June 9, 2021 in the presence of H.E. Ouch Borith, Delegate Minister Attached to the Prime Minister and Permanent Secretary of State for MFA-IC.

Source: Agency Kampuchea Press