My respect to:
His Excellency Joko Widodo, President of the Republic of Indonesia
His Excellency Dato’ Sri Mohd Najib Tun Abdul Razak, Prime Minister of Malaysia & Patron of the WIEF Foundation
His Excellency Sri Mulyani Indrawati, Minister of Finance of the Republic of Indonesia
His Excellency Tun Musa Hitam, Chairman of the WIEF Foundation
Excellencies, Distinguished guests,
Ladies and gentlemen,
Today I have a great honour to join and give speech on behalf of the Royal Government of Cambodia in Jakarta, Indonesia forum of the auspicious 12th World Islamic Economic Forum (WIEF) that has brilliant tradition in giving the opportunity to every personnel to participate at a high level and cutting-edge forum, obtain first-hand industry knowledge, and to discuss with international and inter-industrial colleagues on the changing dynamics in the global business today.
Last year, the Deputy Prime Minister of Cambodia, Her Excellency Dr. Men Sam An, a highest representative of Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of Kingdom of Cambodia, appreciated highly the successful WIEF Phnom Penh Roundtable 2015 which is very helpful in promoting Cambodia on business and investment in international scene.
In early June year 2016, the 25th World Economic Forum in Malaysia was successfully conducted by giving the good experiences and learning from all ASEAN countries leading to increase the mutual business and investment, and I hope strongly that the 26th World Economic Forum which will be hosted by Cambodia in year 2017 will also provide more opportunity for the young entrepreneur in taking part of developing their own country in field of business, vocational training.
His Excellency, Ladies and Gentlemen!
Cambodia has renovated its own economic from the empty hand after the complete destruction of the unmerciful regime of Kampuchea Democracy until today speedy growth of economic. It is from the great effort of Royal Government of Cambodia which Samdech Akka Moha Sena Padei Techo HUN SEN, Prime Minister of Kingdom of Cambodia.
Guaranteed peace, security, and public order has created favourable condition for socio-economic development, people’s peaceful life. Process of democratic development, respect of human rights, freedom, and rule of law are on the right track. Every state institutions fulfill their roles and duties according to law with efficiency and responsibility. Every state reform fronts have continued make fruitful achievements. Along with this, political parties are conducting active political actions towards the fourth term elections of the communal councils.
As for economic sector, in 2016, the country would be able to realize a growth around 7.1%. Inflation will stay below 1.9%, while trade will improve because of speedy export compared to import. Foreign exchange reserve has increased to roughly 5,450 million US dollars, which could sustain imports up to 4 months and a half and prevent negative impacts from external crisis. Simultaneously, use of local goods has surged thanks to local and foreign direct investments, which create jobs and income for our people. In actual term, average income per person has reached 1,215 USD in 2015. It would continue to rise to 1,301 USD in 2016.
In a few months early this year 2016, Cambodian economic activities sustain growth led by service, industry, and construction sectors. Particularly, public financial management continues to increase effectiveness owing to the fact that collection of incomes from all sources has augmented, while procedure of expense implementation has strengthened.
In labor, in the first three months of the year, Cambodia has created 27,921 jobs in the country and for those who travel to work abroad. Workers’ minimum wages in garments and apparels have gone from 128 USD to 140 USD, while mechanism to discuss about wages for 2017 is underway. Overall, movement of reform in every sector is underway in a correct direction and providing fruitful results improving people’s livelihood.
Finally, I hope that WIEF will continue strengthening the good collaboration with relevant institutions of all ASEAN country in looking for the mutual investment opportunity.
I would wish His Excellencies, Ladies and Gentlemen with good health, longevity and success.
Thank you for your kind attention!