Trade Training and Research Institute (TTRI) promotes private sector development awareness
On 11 – 14 July 2017, at the Ministry of Commerce, the Training and Research Institute (TTRI) organized a training on “Private Sector Development” participated by 60 officials from Ministry’s departments and provincial departments of Commerce.
The training’s objectives are to strengthen officials’ capacity and to raise their awareness to key areas of private sector development in Cambodia, focusing on the current situation, national, regional and international initiatives to ensure sustainable development. Guided by national experts, the training covered significant case-studies, challenges of local and foreign direct investments, and best practice in selecting trade policies that would positively impact private sector development in the kingdom and the region.
It should be noted that Cambodia shifted to a market economy through a series of policy reforms that began in 1989, and Royal Government of Cambodia (RGC) conducted in-depth reform, and efficient implementation of the National Strategic Development Plan, achieved a robust annual growth of 7% since 2000 to 2017. Such impressive growth has allowed Cambodia to move from a low-income country to a low-middle income country in 2016 and to thrive and brought large sections of the population out from under the poverty line below 13%. If no hurdles, the kingdom would become an upper middle-income country by 2030.
However, Cambodia currently has limited in-flow FDI and a very narrow production base, which relies heavily on manufacturing, tourism and farming. Therefore Private Sector Development is the key to maintain strong and sustainable economic growth.