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Cambodia on development path, to become high-middle-income by 2050

2022-08-26
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Summary:The Minister of Public Works and Transport (MPWT) has recently highlighted key socio-economic developments that including life expectancy, Gross Domestic Product (GDP), government expenditure, poverty rate, human capital, infrastructure, minimum wage, aviation, logistics, gender, education and vehicles.

Compass Cambodia report - The Minister of Public Works and Transport (MPWT) has recently highlighted key socio-economic developments that Cambodia has achieved over the last twenty years and expressed strong optimism that the country is on its way to becoming high-middle-income by 2050.

Sun Chanthol, Minister of MPWT, presented in the soft launch of Port EDI the key indicators and figures of development in Cambodia for the period from 1998 to 2020 that including life expectancy, Gross Domestic Product (GDP), government expenditure, poverty rate, human capital, infrastructure, minimum wage, aviation, logistics, gender, education and vehicles.

Chanthol said the life expectancy of Cambodians has increased by 14 years to 70 years in 2020 from 56 years in 1998, the poverty rate has dropped to lower than 10 percent before the Covid-19 pandemic from 53 percent in 1998 and the minimum wage has risen to $192 from $40, while the GDP has been achieved around 7 percent annually on average.

“We have done a lot of work over the last twenty years,” he said, “but we have not promoted these achievements enough to the people and the public all over the world to be clearly aware of these huge developments of our country in this short period of time. So, I would like to take this opportunity to share key achievements with all of you and to the world.”

The former commerce minister went on to add that the government has constructed 1,008 kilometres of roads and over 20 large bridges crossing Mekong, Tonle Sap and Bassac rivers, while the number of cars has risen to nearly 5 million from 5,000 and motorcycles to 5.4 million from 20,000 in the 1999-2020 period.

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Two autonomous ports — one in Phnom Penh and another one in Sihanoukville — have been expanded and developed as international ports that would allow vessels to ship goods to the US and Europe without transit at other ports in the region such as the Port of Singapore, Cai Mep International Terminal, Vung Tau Port and Port of Hong Kong, he stated.

The minister said that 60 percent of the development of the publicly listed Sihanoukville Autonomous Port has come with support from Japan which has granted a $383.22 million loan to Cambodia to expand and modernise PAS through the exchange of notes signed by Prak Sokhonn, Minister of Foreign Affairs and International Cooperation and Hayashi Yoshimasa, Foreign Minister of Japan early August this year.

柬埔寨拆除美资援建军事设施为中国开门? | 德国之声来自德国介绍德国| DW | 04.10.2020

Cambodia has expanded and developed its three international airports in Phnom Penh, Siem Reap and Sihanoukville so that big planes that carry, investors, businesspeople, tourists and cargo can land down in Cambodia and carry goods to sell in overseas markets, while three more airports — one each in Phnom Penh, Siem Reap and Koh Kong — have been constructed.

The minister said that the Kingdom has conducted a study to prepare a logistics master plan that requires $50 billion to develop 300 projects which would include roads, railways, expressways, waterways, seaway transportation systems, ports, airports and logistics.

Chantol also expressed optimism that Cambodia will become a high-middle-income country by 2050. The government in its policy made it clear that it’s possible if the country’s economy is developed with the participation from development partners, private sectors, officials and Cambodian people.

“The government cannot do this job alone and so we need participation from development and dialogue partners to join hands to develop the standard of living of the people and we hope that Japan will continue to assist Cambodia achieve its goals to become a high-middle-income country… I strongly believe that Cambodia will become a high-middle-income country,” he added.

柬埔寨建筑业持续爆发,金边楼盘引全球投资客瞩目_海外房产新闻_海外置业资讯_外房海外房产网

Source: Khmer Times

Compass global site: Cambodia | Singapore | UAE | Thailand | Philippines | Myanmar | Laos

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