Cambodia Unveils New Digital Initiative for the Informal Economy
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Phnom Penh, Dec 16 (NationPress) The Cambodian government has officially introduced a digital platform aimed at supporting the informal economy as of Monday.
During the launch event in Phnom Penh, Prime Minister Hun Manet remarked that the portal represents a significant step in executing the National Strategy for Informal Economy Development 2023-2028.
He underscored the platform's importance in providing both recognition and assistance for the informal economy.
This initiative highlights the government's dedication to bolstering the informal economy, with the objective of creating opportunities and improving living conditions and overall quality of life, Manet stated, as reported by the Xinhua news agency.
The platform will also enhance the government's capacity for targeted interventions, particularly in times of crisis, and allow informal economy participants to access benefits like skills training, social protection, and formal financial services, he added.
Hem Vanndy, the Minister of Industry, stated that the platform will address the long-standing challenge of insufficient data regarding the informal economy.
The platform provides a variety of options that are completely free and voluntary, primarily aimed at micro-enterprises, employees of micro-enterprises, seasonal workers, and self-employed individuals engaged in the informal economy, he further noted.
According to a recent survey, Cambodia's labor force consists of approximately 7.9 million individuals, with 1.7 million in the formal sector and a striking 6.2 million in the informal sector, who frequently lack access to essential services, making them susceptible to economic shocks.
Last week, a report from the Council for the Development of Cambodia (CDC) indicated that the country has approved 389 fixed-asset investment projects valued at 6.44 billion US dollars during the first 11 months of 2024, resulting in the creation of around 305,000 jobs.
The newly approved projects primarily focus on sectors such as garments, travel goods, footwear, hotel development, hydroelectric power stations, freshwater ports, solar power plants, agriculture, amusement parks, tire manufacturing, special economic zones, infrastructure, and telecommunications, among others, according to Xinhua.
In November alone, the kingdom recorded a total of 43 investment projects worth approximately 940 million dollars, which is projected to generate about 39,000 jobs, the CDC reported.
Hun Manet noted that the kingdom's peace and stability, strategic location within the Association of Southeast Asian Nations (ASEAN), and business-friendly policies have created an ideal environment for investments.
"Our network of trade agreements provides extensive market access," he stated at an economic and technology summit in Phnom Penh on November 26.
He pointed out that through the Regional Comprehensive Economic Partnership, Cambodia offers investors access to a market of 2.3 billion people.
"Our bilateral free trade agreements with China and South Korea, along with our latest Comprehensive Economic Partnership Agreement with the United Arab Emirates, open doors to some of the world's most dynamic economies," he added.
"We are not merely providing a location for investment; we are offering a gateway to the future of this region," he concluded.
