SWITZERLAND: The Minister of Commerce has promoted digital businesses, as the Royal Government of Cambodia considers the digital economy as a new source of growth that can help boost productivity for other sectors. This announcement was made by the Minister of Commerce when he participated in the discussion on trade in digital services at the 2022 Annual World Economic Forum on 25 May 2022 in Davos, Switzerland.
Minister Pan Sorasak has expressed interest in the rapid growth of the digital economy around the world, especially during the Covid-19 pandemic. He said that in order to combat the Covid-19 crisis and seize opportunities, the Royal Government of Cambodia has considered the digital economy as a new source of growth which can help boost productivity for other sectors as well.
He said that the digital revolution involves maximizing the growth of information and communication technology and digital technology in order to build production capacity in the service sector and economic efficiency, as well as promote national economic growth and build a society where people can access benefits from the use of digital services with high reliability and security while maintaining national identity and culture. He also mentioned some of the challenges Cambodia faces in the digital economy, such as the legal framework, mechanisms for implementing and coordinating fintech, and the development of a roadmap for fintech policies.
He continued that the Royal Government of Cambodia has established the Digital Economy and Business Committee to implement the Cambodia Digital Economy and Society Policy Framework 2021-2035 in order to promote innovation and open trade in services in the digital sector.
The Royal Government has implemented this framework and program to restore and promote Cambodia's economic growth while living with Covid-19 in the new normal for 2021-2023. This framework includes the exchange of data and information between the government and the private sector, using the latest digital technology to support financial transactions and create e-markets for goods and services.
