A combination photo of Prime Minister Hun Manet (right) and Jens Ruebbert, president of the EU-ASEAN Business Council, during their meeting in Phnom Penh on October 24. STPM
Jens Ruebbert, chairman of the EU-ASEAN Business Council (EU-ABC), expressed optimism about Cambodia’s investment climate under the new government as Prime Minister Hun Manet has offered broad support for the private sector, according to Manet’s social media team.
Ruebbert and his EU-ABC delegation met with Manet at the Peace Palace in Phnom Penh, where they discussed a number of projects. The October 24 meeting was also attended by representatives from 25 private companies and newly-appointed EU ambassador Igor Driesmans.
Manet welcomed the delegation, as well as the private sector representatives, who wish to explore investment opportunities and increase their existing trade volume in Cambodia.
According to Manet’s social media team, Ruebbert had expressed his belief that Manet’s leadership would spur the development of Cambodia in all sectors.
The post added that the government has encouraged investment from many countries around the world, including the EU, through its incentive policies.
“The government has always paid close attention to promoting the participation of the private sector, by establishing supportive relationship mechanisms. This is aimed at ensuring the private sector is successful, because the success of private companies and enterprises provides employment opportunities to the Cambodian people,” it explained.
Government spokesman Pen Bona said on October 25 that the new government has outlined three factors that would spur the Kingdom’s development.
“First, the members of the government are young and energetic. Second, they are highly capable human resources, with excellent educations. Third, they have the will and the motivation to fulfil their duties,” he said.
“In just two months, we have seen that the prime minister had achieved many fruitful results, both at home and abroad. He introduced the first phase of the Pentagonal Strategy and it was implemented immediately, as promised. Just for example, the government has improved public health services, provided support for workers in the informal economy, strengthened social protection systems and boosted the livelihoods of factory workers,” he added.
He noted that former Prime Minister Hun Sen has expressed his admiration for Manet’s skills and ability to solve big problems, as well as his successful meetings with foreign investors and other private sector representatives to attract investment to Cambodia.
Cambodian Institute for Democracy president Pa Chanroeun said that from his observation, the new prime minister is committed to devising ways to draw investors and promote development, in order to ensure the Kingdom attains upper-middle-income status by 2030 and high-income one by 2050.
“So far, we have seen the government’s policy of promoting the informal economy. The prime minister has also met with investors – to increase trade cooperation – and politicians as well, to strengthen diplomatic affairs. This has encouraged economy activity,” he added.
However, he also raised concerns relating to the improvement of human rights and democracy, noting that they are a key element in fostering economic development, particularly through trade cooperation with Western partners. He cited the EU as an example of a potentially large market.
