PHNOM PENH: The first plenary session of the new Council of Ministers was held at the Peace Palace on the morning of August 24, chaired by Cambodia’s new Prime Minister, Hun Manet. The prime minister spoke at length about the implementation of the so-called Pentagon Strategy, which is meant to develop Cambodia’s socio-economic status over the next 25 years.
The Cabinet met to discuss four agenda items: the announcement of the implementation of the first phase of the Pentagon Strategy; the draft law to change the name of the Ministry of National Assembly Senate Relations and Inspection to the Ministry of Inspection; draft law on establishing the Secretariat for Border Affairs; and the general functioning of the Cabinet on the instructions of the new prime minister.
The Pentagon Strategy is an economic framework compiled by the Ministry of Economy and Finance and the Asian Development Bank earlier this year as a replacement for the Rectangle Strategy. The policies aim to achieve Cambodia’s goal of becoming a high-income economy by 2050. Its five mottos include: Growth, Employment, Equity, Efficiency, and Sustainability. The specifics of the policy include creating more quality jobs for the youth of Cambodia, reducing the poverty rate to below 10% and ensuring sustainable socio-economic development while building resilience to climate change.
Prime Minister Hun Manet finished the meeting by calling on all public and private institutions in addition to the people of Cambodia to support the economic vision towards greater prosperity. The Pentagon Strategy is the first agenda item and was broadcast live. The remaining three items are internal affairs that will be discussed in a closed meeting.
