KAS Politics Talk

Details

Cambodian Economic Diversification

Overview

Cambodia was first classified as a Least Developed Country (LDC) in 1991. Currently, Cambodia is a lower-middle-income-country but aims to become an upper-middle-income-country by 2030 and a higher-income country by 2050. Taking advantage of the vast benefits from free trade agreements including the Regional Comprehensive Economic Partnership (RCEP), Cambodia-South Korea FTAs and Cambodia-China FTAs, and other sustaining strong growth in sectors such as tourism, agriculture, manufacturing, and construction, Cambodia plans to officially graduate from LDC by 2027.

This graduation will signify the country´s economic achievement and social development goals, which can attract more foreign investment and boost its international reputation. However, the kingdom will likely lose several tariff preferences from developed countries, while the country still has a weak economic structure and lacks diversification due to its heavy reliance on the export

sector. With the foreseeable loss of the LDC status in the coming years, Cambodia must prepare for the upcoming challenges in the global market and at the same time build more bilateral and multilateral FTAs, to avoid hurting its economic performance.

A graduation from the LDC will bring both opportunities and challenges to Cambodia. Therefore, KAS Cambodia wants to start a discussion about this important transition. For this purpose, experts with an economic and political background will be invited to share their ideas on how Cambodia can achieve sustainable and persistent development to an upper-middle-income-country by 2030.

Objectives:

• Provide an assessment/criterion of the LDCs graduation
• Discuss the significance of Cambodia after LDC graduation and how Cambodia can minimize the great loss of duty-free status
• Raising awareness of EU Cambodia Economic Relations and promote dialogue
• Allow the participants to engage with the speakers and gain a deeper understanding of the topic

About speakers:

Mr. Bunthorn SOK is presently a Deputy Director-General (DDG) for International Trade, Ministry of Commerce of Cambodia. Before assuming this role, he was the Deputy Director of Trade Training and Research Institute (TTRI) from 2021-2022. In these tenures, he has engaged in FTA negotiations and trade policy formulations of the Ministry. Besides his professional sphere, he has been a lecturer of Commercial and Economic Diplomacy at the Ecole Royale d’ Administration (ERA/RSA) for senior-official students since 2021 and a part-time lecturer of International Studies at the Institute of International Studies and Public Policy (IISPP-RUPP) since 2016. His educational backgrounds include international trade law and international studies. 

Dr. Chandarany Ouch is an Economist at United Nations Resident Coordinator Office (UN RCO). She has work experience in a wide range of socio-economic and development issues, including inclusive, green and resilient socio-economic policy, financing for development and SDGs, LDC graduation, economic and digital transformations, Industry 4.0, regional economic integration/ trade, employment and skill development, and women economic empowerment. Prior to joining UN RCO Cambodia, she had worked as an Economist for Myanmar, Cambodia and Lao PDR Transport and Logistics Team under the East Asia Pacific Inclusive Fellowship Program of the World Bank, a National Economist at UNDP Cambodia, a Head of Economics Research Unit at the Cambodia Development Resource Institute (CDRI), and Senior Program Manager – Economic Development Cooperation at the Australian Embassy. Chandarany holds a PhD in Economics from Monash University, Australia, and a Master in Public Policy from Lee Kuan Yew School of Public Policy, National University of Singapore.

Dr. Jan Cernicky has been head of the Business and Innovation Department of Konrad Adenauer Stiftung since 2022. Previously, he was a consultant for trade and economics in the same department. Prior to that, Dr. Cenicky was head of the foreign office in Congo and Kenya.  

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