On the morning of December 24, Deputy Prime Minister and First Vice-Chairman of the Council for the Development of Cambodia Sun Chanthol said Cambodia urgently needs to accelerate economic restructuring and upgrading to achieve its long-term goal of becoming a high-income country by 2050. He said the development model long reliant on garments and textiles can no longer sustain future growth. Cambodia must accelerate industrialisation, diversify export products, its production base and markets, and build a modern industrial system oriented towards technology and high added value.
Sun Chanthol stressed that industry is a key pillar of national competitiveness and sustainable development. Through industrial upgrading and economic restructuring, the government is gradually reducing reliance on traditional labour-intensive industries and fostering technology-intensive, high-value-added sectors to strengthen manufacturing and expand international markets. He said Cambodia would struggle to achieve long-term, high-quality development if its economy continued to depend on a single industry.
On priority sectors, Sun Chanthol said the automotive industry is considered an important avenue for taking the economy to a higher development stage. The sector has grown well in recent years, with several vehicle assembly projects established, but local parts manufacturing remains weak. He called on domestic and foreign investors to increase investment in automotive parts and related components and establish local production bases in Cambodia to meet domestic demand and use the country as an export platform, raising local supply-chain participation and overall competitiveness.
Compiled reporting by this station