Prime Minister Hun Manet addresses private sector representatives during their 19th meeting with the government on November 13. STPM
Prime Minister Hun Manet emphasised the importance of the private sector actively collaborating with the current mandate to ensure compliance, during the Government-Private Sector Forum on November 13 in Phnom Penh.
He stressed that without such cooperation, Cambodia’s market economy would lack credibility and be unable to guarantee fair competition.
The prime minister said that the administration “clearly” understands the compliance burden highlighted by private enterprises, noting the government’s intent to modify or eliminate unnecessary regulations.
He clarified that adherence is a minimum standard for companies to maintain customer trust and promote sustainable growth. He outlined the benefits of adhering to regulations, including enhanced work performance transparency, fair competition and strengthened trust between the government and private entities.
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Compliance is essential for protecting businesses from legal actions in lawsuits and is crucial for long-term stability and planning, he said.
Stressing the negative impacts of non-compliance, he indicated that the economy could devolve into a “slum economy” without trust and fair competition safeguards.
He called for the sector to be proactive in fostering adherence, suggesting it should act alongside the administration, sharing the responsibility and proposed that an active role from independently owned enterprises in compliance management would allow the government to provide more support rather than direct enforcement.
Manet urged private enterprises to view this not as a barrier but as an opportunity, with the administration ready to offer compromises to lessen the burden.
“With the participation of all actors, [we] will create an ecosystem that pushes for the promotion of joint cooperation in a single actor system for the sustainable development of the Cambodian economy,” he said.
He highlighted the government’s commitment to enhancing the nation’s economic competitiveness and overall well-being, aiming to expand the labour market and increase income and skill levels in various industries.
The prime minister underscored the importance of avoiding a mindset where the country bears losses while the private sector reaps profits. He called for both actors to embrace reform and provide supportive cooperation, emphasising that government support should be matched by tangible results from companies.
Thong Mengdavid, a research supervisor at the Asian Vision Institute, noted the crucial role of corporations in achieving sustainable and inclusive economic growth.
He identified the sector as the national economy’s backbone, playing a crucial role in creating a competitive, free, stable and innovative economy.
He suggested that the government’s focus should be on improving administrative processes, innovation, human resource development, corruption elimination and the legal and digital industries to foster a conducive business environment, attract investment and enhance local workforce capacity.
He also highlighted the Kingdom’s advantageous geographical location, political stability, robust infrastructure, educated workforce and affordable labor as key factors for national economic policy development and growth strategy.
“All these factors are the points that public and private institutions should focus on and support each other in building national economic policies and growth schemes to build a sustainable and resilient national economy for the benefit of the people,” he said.
