PHNOM PENH: While attending the Third Belt and Road Forum in Beijing this week, Cambodian Prime Minister Hun Manet delivered a keynote address at the High-Level Forum on Digital Economy on “Digital Economy as a New Source of Growth.”

In the speech, the PM congratulated China and all Belt and Road Initiative (BRI) participants in the prosperity gained through the program over the last ten years. “The world has not witnessed such a great global initiative in decades,” he said.

He noted that digital technology has been rapidly developing, resulting in greater economic and social connectivity. “The digital economy offers a unique opportunity to achieve [diverse economies] by creating new industries and markets, stimulating innovations and entrepreneurship, utilizing digital technology to connect to the global value chains, reducing dependency on traditional sectors and driving economic dynamism and competitiveness,” he said.

According to the World Economic Forum, the global digital economy was valued at $14.5 trillion in 2021 and is expected to reach $20.8 trillion by 2025, proving a tempting market for countries with young and tech-savvy working populations.

He summarized certain needs to harness the full potential of the digital economy including policy and regulation development, enabling infrastructure, supporting innovation, and promoting digital literacy. To achieve this he encouraged more cooperation between governments, the private sector and academia, in addition to digital skills training, awareness-raising campaigns and consultative forums with the private sector.

He also encouraged increased funding for building and developing digital infrastructure, including connectivity, data and security centers. That same day, the Council for the Development of Cambodia announced the endorsement of an investment project for a data center to be established in Phnom Penh’s Tonle Bassac district.

The Cambodian PM also stressed the need for sustainable development within the digital sector. “As we embrace new technologies we must ensure that they are used responsibly and in a manner that aligns with our environmental and social goals,” he said. “This includes promoting green technologies, reducing digital waste and addressing the digital divide to ensure equal access for all.”

He noted Cambodia’s favourable conditions to foster digital economic growth, including its young population and “burgeoning tech-savvy workforce.” He highlighted two Cambodian government policies focusing on developing the digital economy along with digitizing the government, in addition to the first phase of his administration’s Pentagon Strategy. The ultimate goal of the policies is to transition from a conventional economic model to a modern digital economy.

He finished with a call-to-action for BRI member-states. “Let us seize the opportunities before us, embrace the digital revolution and pave the way for a new era of growth and prosperity through digital economy,” he said.