Cambodia Prepares to Compete in 2015 ASEAN Economic Community

AKP Phnom Penh, May 31, 2012 –

Cambodia’s Senior Minister and Minister of Commerce H.E. Cham Prasidh urged all relevant private sectors to focus on enhancing their product qualities in order to be able to compete with other regional products once the ASEAN Economic Community is established in 2015.

Speaking at the public-private sector workshop in Phnom Penh on May 29, H.E. Cham Prasidh said in order to be successful in the international market competition, the private sector should closely cooperate with relevant ministries and institutions as well as improve their product qualities before accessing the regional market.

Once the ASEAN Economic Community is established, all goods will no longer be taxed, but it will not be a big problem for Cambodia as the country has already practiced a freer market economy if compared to other ASEAN countries, he said.

Anyway, the royal government has to ensure that the private sector has confidence in strengthening their investment potentialities, added H.E. Cham Prasidh.

According to Mr. Hidetoshi Nishimura, Executive Director of the Economic Research Institute for ASEAN and East Asia (ERIA), the success in long-term economic development in ASEAN is based on the encouragement of regional needs, investment and trade flow and the openness to the outside needs through the promotion of exports and the integration into the global economy.

By Phanarong