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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 |

Cambodia Advocates for Strong and Integrated ASEAN Energy Network

  • Posted Apr 2, 2024 12:24 by EAC News
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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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