PHNOM PENH, May 2, 2024 — Prime Minister Hun Manet has articulated a vision for Cambodia to become a leading production hub for auto parts and electronic components, aimed at boosting the nation's exports to regional and global markets. This initiative, he stated, is expected to significantly enhance Cambodia's socio-economic development.

Speaking at the inauguration of the new $36.8 million Toyota assembly plant in the Royal Group Phnom Penh Special Economic Zone, Hun Manet outlined the government's roadmap for the development of the automotive and electronics sectors. This plan includes strategic measures across five key areas: inter-institutional coordination, human resources and innovation, infrastructure development, trade facilitation, and improving the business and investment climate.

"The opening of the Toyota assembly plant marks a pivotal step by the private sector towards industrial development and economic growth," said Hun Manet. He emphasized that such initiatives are crucial for diversifying and modernizing Cambodia’s industrial sector, providing more skilled employment opportunities for Cambodians, and fostering economic inclusivity.

Hun Manet also highlighted that this strategy aligns with the Cambodia Industrial Development Policy 2015-2025, which aims to transition from a labor-intensive to a skill-based industrial structure. The government's vision under the 7th mandate is focused on enhancing high value-added industries to support sustainable growth, job creation, increased income, and improved living standards.