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Cambodia Advocates for Strong and Integrated ASEAN Energy Network

Phnom Penh, April 2, 2024 – Prime Minister Hun Manet of Cambodia has voiced his strong support for the development of the ASEAN energy network, emphasizing its potential to bolster regional energy security and foster economic growth through the exchange of clean energy resources across borders.

Addressing attendees at the Opening Ceremony of the ASEAN-Cambodia Business Summit 2024 held at Sofitel Phnom Penh Phuket Kitra, Prime Minister Hun Manet highlighted the importance of leveraging infrastructure, connectivity, and free trade agreements to harness ASEAN's full potential. He underscored the need for transforming ASEAN into a dynamic trade and investment hub, propelled by a skilled workforce and a vibrant market.

Prime Minister Hun Manet emphasized that the establishment of the ASEAN energy network would not only fortify industries and communities but also position ASEAN as a frontrunner in sustainable development efforts. "Such a forward-looking vision will enhance energy security and unlock economic opportunities through the seamless exchange of clean energy resources," he remarked.

Moreover, Prime Minister Hun Manet provided insights into Cambodia's economic resurgence following the COVID-19 crisis, noting a growth rate of 5.6% in 2023. He projected a further growth of 6.6% in 2024 and anticipated a return to pre-pandemic levels with a growth rate of approximately 7% by 2028, indicating a promising economic trajectory for Cambodia.

"Cambodia stands as a dynamic and enticing partner within the ASEAN community," Prime Minister Hun Manet asserted. "Our strategic location fosters seamless connectivity across the region, nurturing a collaborative ecosystem focused on mutual benefit and collective well-being."

Expressing Cambodia's unwavering commitment to fostering a robust and integrated ASEAN Economic Community, Prime Minister Hun Manet outlined Cambodia's "Plus-One Strategy." This strategy aims to attract investment, particularly in the medium-tech industry, by establishing factories in Cambodia to supply spare parts or semi-finished products to major factories in neighboring ASEAN nations.

To incentivize investment projects in key priority areas, Cambodia has enacted a new investment law, offering attractive incentives and strategic advantages to investors. The government is actively pursuing ambitious reforms to streamline procedures and enhance overall investment attractiveness. Additionally, it has fostered an environment of open dialogue through initiatives like the Royal Government Private Sector Forum, facilitating collaboration with national and international investors to address challenges and ensure the success of business endeavors in Cambodia.

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