- Excellencies, Luk Chumteav, Neak Oknha, Lok Oknha, Ladies and Gentlemen!
First and foremost, I would like to extend a warm welcome to Excellencies, Lok Chumteav, and all businessmen and investors of Asia-Europe countries who are participating in the 1 st Asia-Europe Economic and Business Forum today. On behalf of the people and the Royal Government of Cambodia, I am indeed honored and proud to organize this forum for the first time in conjunction with the 13th Asia-Europe Meeting for which Cambodia is a host.
Truly, this forum is significant for investors to identify and explore new business and trade opportunities, and to strengthen cooperation and partnerships between public and private sectors, especially to exchange views under the important theme of “Transitioning to a New Normal: Leveraging Global Value Chains, Multilateralism and the 4th Industrial Revolution” aimed at promoting business-investment activities and socio-economic development in a new normal.
- Excellencies, Luk Chumteav, Neak Oknha, Lok Oknha, Ladies and Gentlemen!
We all know very well that Asia-Europe cooperation has contributed significantly to the strengthening of the people-to-people and economic ties for the common development. At the same time, this cooperation still holds more potentials that we need to capture to promote socio-economic development of Asia-Europe. In fact, Asia-Europe countries accounts for about 65 percent of the global economy, and around 55 percent of global trade. Going forward, as Covid-19 crisis is expected to subside in the near future, promoting the normalcy of trade flow, business and investment corresponding to the new global trends is an essential and urgent task to revive and enhance the socio-economic development of Asia-Europe.
Nevertheless, the world is still facing other complex issues, including: (1). the decline of global value chains and global production chains, (2). the emergence of a multipolar system and geopolitical tensions, (3). the decline of global productivity, (4). the increase of social inequality and poverty, (5). the stronger and faster momentum of factory relocation caused by the effects of trade war and tech war, and (6). the greater impact of climate change etc. In this context, I would like to take this opportunity to share my views on issues that we need to pay attention so as to restore socio-economic development as follows:
1st. Under the multilateral framework, we have observed that some countries are differed on their views in promoting trade cooperation as well as regional and global socio-economic development. In this sense, we need to strengthen the unity and place utmost important to the benefits of the people, by adhering to multilateral mechanism to address issues in all areas and accelerate socio-economic connectivity in order to advance our agenda for sustainable and inclusive development.
2nd. International trade is a key locomotive for promoting economic growth and job creation. With the new trend of changes in trade and global supply chains, I am of the view that both regions need to pay more attention to supporting multilateral trading system, especially further enhancing the liberalization and trade facilitation through the removal of trade and investment barriers so as to capture the potentials of Asia-Europe trade cooperation.
3rd. In the context of 4th Industrial Revolution, adaptation to the new normal will further advance the adoption of digital technologies for living, industrial development, and economic industrialization. Therefore, we must work together to leverage the 4th Industrial Revolution to the maximum, especially for countries with limited level of economic development, by attaching priority to the development of digital government and digital economy so as to create a new growth pillar with resiliency.
4th. Furthermore, promoting the development of SMEs is also another important priority. For that it requires enhancing collaboration between the public and private sectors, under both bilateral and multilateral cooperation with the aim to attract investment, develop human resource, and promote the transfer of knowledge and technology in line with the new normal, by focusing on the capturing of the potentials of the 4th Industrial Revolution as well as advancing digital transformation and e-commerce development through providing support in terms of both policy and financing.
5th. Promoting green development is also a foundation to support the long-term socio-economic development, which will enhance economic efficiency and strengthen climate resiliency. In this regard, we must strengthen and expand regional and global cooperation to promote green development, in particular encouraging the private sector to increase green investments, improving investment efficiency in all relevant sectors and promoting green industry development and green technology adoption.
- Excellencies, Luk Chumteav, Neak Oknha, Lok Oknha, Ladies and Gentlemen!
Taking this rare opportunity, I would like to briefly inform the forum about the Covid-19 situation in Cambodia. With good control of Covid-19 situation, as of November 18, 2021, the Royal Government has achieved the vaccination rate of more than 88% of the total population of 16 million. In addition, the Royal Government of Cambodia has been formulating and implementing concrete policy measures to attract additional foreign investments by building infrastructure and improving the transportation system – both soft and hard, improving trade facilitation, developing human resource, setting up IT and digital system as well as developing financial sector. In particular, the Royal Government of Cambodia has expanded wider exporting markets by establishing various free trade agreements, namely: (1). Regional Comprehensive Economic Partnership Agreement (RCEP), (2). Cambodia-China Free Trade Agreement, and (3). Cambodia-Korea Free Trade Agreement, which will come into effect soon. Overall, these positive developments have transforming Cambodia into a more important and potential center for production, businesses, and investments in the region, with larger and more competitive exporting markets for investors from all over the world, especially European region.
Finally, I wish the forum fruitful outcomes and great success for the benefit of our nations.
I would like to officially announce the opening of the 1st Asia-Europe Economic and Business forum now!
Thank you!
