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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

PM Highlights Economic Resilience Amidst Factory Closures

  • Posted Mar 15, 2024 12:53 by Hun Sirivadh
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Phnom Penh: Prime Minister Hun Manet of Cambodia addressed the Council of Ministers today at the Peace Palace, shedding light on the recent closures of factories in the country. While acknowledging the closures, the Prime Minister urged a comprehensive assessment of the economic landscape, emphasizing the importance of considering the number of newly opened enterprises and the employment opportunities they bring.

"In the free market, competition is inevitable, leading to the closure of some companies while others thrive," remarked PM Hun Manet during the session.

Highlighting the need for a nuanced understanding of Cambodia's economic dynamics, the Prime Minister cautioned against relying solely on singular news sources for evaluating the nation's economic health. He underscored the importance of accessing data from various ministries to gain a holistic perspective.

"I confirm that if we want accurate information on investment, trade, or tourism, we must refer to official data provided by relevant ministries," stated PM Hun Manet, emphasizing the need for thorough analysis rather than distant observations.

According to a recent report from the Ministry of Labor, Cambodia has seen the establishment of 3,313 enterprises in the past six months, including 163 garment factories that have generated employment opportunities for over 77,000 individuals.

Moreover, PM Hun Manet reassured the public of Cambodia's appeal as an investment destination, citing the influx of foreign investments totaling approximately $4.15 billion USD from countries such as China, Singapore, the United States, and South Korea in the past six months.

In terms of exports, Cambodia has demonstrated resilience, with exports reaching $11.8 billion USD in the last six months, representing a significant increase compared to the previous year.

PM Hun Manet's address aimed to provide clarity amidst concerns over factory closures, emphasizing the broader economic trends that highlight Cambodia's continued attractiveness as an investment destination and its capacity for sustained growth.


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