A joint Cambodian-Australian workshop, titled “Cambodia’s Diversification Pathways – Insights from International Experience”
A joint Cambodian-Australian workshop, titled “Cambodia’s Diversification Pathways – Insights from International Experience” was held today, February 20, with the goal of exploring growth strategies for diversifying the Cambodian economy.
Professor Ricardo Hausmann, director of Harvard University’s Growth Lab, led the discussions, which centred on the principle that diversifying into new and more complex products is a key driver of economic growth.
The event was presided over by Sun Chanthol, first vice-chairman of the Council for the Development of Cambodia (CDC), Vongsey Vissoth, Permanent Deputy Prime Minister in Charge of the Office of the Council of Ministers, and Derek Yip, Australian ambassador to Cambodia.
Representatives from the Office of the Council of Ministers, government ministries and development partners were also in attendance.
Hausmann’s concepts of growth diagnostics, economic complexity and the product space emphasise that economic growth is often contingent upon the complexity of the products that a country can make and export. The workshop participants led discussions on the potential application of these ideas to Cambodia’s current economic context and identified the most efficient opportunities for diversification and growth.
“The Cambodian Government is implementing targeted measures to attract high-quality foreign direct investment, expand our industrial capabilities and integrate more effectively into global value chains. We are committed to creating an enabling environment that fosters innovation, supports entrepreneurship and drives long-term economic resilience,” said Chanthol.
Vissoth described the event as a rare opportunity for policymakers, international experts and practitioners, development partners, researchers and other stakeholders to hold in-depth discussions on key questions that direct the future of Cambodia’s economic development.
“On the one hand, how can Cambodia seize its potential and opportunities to sustain economic growth; on the other hand, how do we solve the socio-economic bottlenecks and binding constraints to diversifying our growth base and strengthen our competitiveness to ensure inclusive, sustainable and resilient growth; and, most importantly, where do we go from here?” he asked.
“Australia is delighted to partner with Cambodia in developing a new growth strategy that will prepare the country for the post-LDC era. This workshop is a key part of our ongoing collaboration with Cambodian ministries and entities to achieve Cambodia's ambitious development goals,” said ambassador Yip.
“Australia is committed to supporting Cambodia to achieve resilient, inclusive and sustainable growth,” he added.
The event was organised by the Cambodia Australia Program for Resilient Economic Development (CAPRED).
According to the Australian embassy, it underscored Australia’s commitment to fostering strategic economic dialogue to support the Kingdom in achieving sustainable, inclusive and resilient economic growth and development.
CAPRED is working with both private sector and government institutions in three “domains” in pursuit of these objectives: agricultural transformation; trade, investment and enterprise development; and infrastructure services, detailed a release.
