ព័ត៌មាន
The newly appointed prime minister of Cambodia, Dr. Hun Manet, has stated that Cambodia must strengthen internal capacity to be able to live independently and that we must try to live independently and not depend on other people's noses only for our own survival. The resolve to work to increase Cambodia's domestic capability is a wonderful message and source of encouragement, but there are many areas in which the Cambodian government must exert great effort.
In his remarks, Prime Minister Hun Manet has discussed Cambodia's connections with both the US and the EU, which serve as its key export markets. We cannot deny that the US and the US are Cambodia's main markets. Despite the fact that relations between the two countries frequently go up and down while Prime Minister Hun Sen is in office, Cambodia will always need the US market, and the US government is aware of how crucial the US is to the country's survival and development. The US therefore always knows how to approach the Cambodian government, as this latter party frequently does not appreciate the US's requests because they are viewed as interfering.
It would be difficult for Cambodia to exist if it had to sell all of its goods in markets outside of the US and EU, but it is not impossible. Cambodia could look into alternative markets and put mechanisms in place to lessen any possible effects.
1. Diversify export destinations: Cambodia could focus on expanding its exports to other regions, such as Southeast Asia, Africa, and the Middle East. These markets offer growing consumer bases and could provide opportunities for Cambodian products, particularly agriculture and textiles.
2. Strengthen regional partnerships: Cambodia could deepen its collaboration within ASEAN (Association of Southeast Asian Nations) and explore initiatives to increase intra-regional trade. This can provide a stable and reliable market for its products.
3. Develop local industries and domestic consumption: Cambodia could prioritize the development of domestic industries and encourage local consumption. By enhancing its manufacturing capabilities and promoting domestic spending, the country can reduce its reliance on external markets.
4. Embrace e-commerce and digital platforms: With the rise of e-commerce, Cambodia could leverage online platforms to reach a global customer base. By actively participating in the digital economy, Cambodian businesses can establish direct connections with consumers, regardless of geographical location.
5. Seek new trade agreements and partnerships: Cambodia could actively pursue trade agreements with non-US and non-EU countries. Initiating talks with emerging markets like China, India, Japan, and South Korea can open up new avenues for trade and investment.
6. Focus on value addition and product differentiation: By emphasizing value addition and product differentiation, Cambodia can create unique offerings that cater to specific markets' demands. This approach would help increase competitiveness and attract customers from various regions.
7. Promote tourism and services sector: Cambodia could further develop its tourism industry and attract visitors from new source markets. Moreover, the services sector, such as healthcare, education, and technology, can also be strengthened to contribute to the country's economic diversification.
The transition away from the US and EU markets may bring challenges and obstacles for Cambodia, so Cambodia needs to adapt and explore alternative opportunities to sustain its economy. Resilience, innovation, and strategic planning will be crucial for its success. The government of Cambodia needs to work closely with all governments in the world, especially those in the EU countries since Cambodia will have more good chances to improve its capacities by gaining technology support, economic support and the opportunities for education for the young generation of Cambodia.
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Dr. Seun Sam is a researcher in the Royal Academy of Cambodia. All views in this article are his own.
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