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Cambodia to widen export base

Cambodia may focus on exporting other categories also along with garments. The country feels overreliance on garments may not allow for stable economic development. The other areas for manufacturers to look at are electronics products and machinery. And the reliance on garment exports may fall in the near future. Cambodia’s economic growth has been at seven per cent a year over the last decade, with the expanding garment sector generating about 10 per cent of gross domestic product. Last year, Cambodia’s garment exports to the European Union and the United States were valued at $5.7 billion.

Cambodia can become a manufacturing hub due to its strategic location, but it has many obstacles to overcome, including lack of skilled labor, high energy costs and poor infrastructure. All these are impediments to investment. If these can be overcome Cambodia’s goal of becoming a regional manufacturing hub can be attained.

Cambodia is a member of Asean, one of the world’s largest trade zones, and investors around the world are considering Cambodia as a gateway to the region. Asean’s combined GDP exceeds three trillion dollars and the region is one of the fastest growing in the world. Cambodia is working to attract investment into manufacturing.