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Cambodia hosts Economic Forum on Asean next year

Cambodia will host the World Economic Forum on Asean, June 1 to 2, 2017. Cambodia is one of the fastest growing economies in Asia. The country’s gross domestic product has been growing steadily by more than seven per cent since 2013 and is expected to keep up that growth pace right through next year.

The country has embraced the factory Asia model of economic growth, deploying low-cost labor to manufacture products for export. As the price of labor has increased in China, and other Asian countries, Cambodia has been able to attract many of these investors. Cambodia’s large supply of inexpensive, low-skilled labor has attracted substantial foreign direct investment into the production of garments and footwear for export.

Industry will grow next year by 9.5 per cent, supported by diversification in garments and footwear toward products with higher value add. Services, the second biggest contributor to growth, grew by an estimated 7.1 per cent while the finance, transport and communications sectors all grew by about eight per cent and tourist arrivals rose by 6.1 per cent, in 2015.

Cambodia’s bid to host the World Economic Forum on Asean next year comes in the midst of recessions in many markets and the attendant slump in global trade.