PUBLISHED: 27 August 2019
Industrial Development Policy 2015-2025 (approved by the Cabinet Ministers on March 6, 2015)
The policy would diversify the economy, decreasing its dependence on traditional sectors, like garments, tourism and agriculture, and directing foreign direct investment towards agro-businesses, handicrafts and light manufacturing. The policy framework will consist of four pillars: attracting FDI to boost industrial development in the domestic private sector; modernizing small- and medium-sized enterprises (SMEs) and linking them to multinationals; a regulatory framework that aims to enhance competitiveness; and policy creation on human resource development coupled with infrastructure and services improvements. The Council for the Development of Cambodia is expected to oversee the implementation of the policy. The new policy, launched by Prime Minister Hun Sen at the Peace Palace in Phnom Penh, will look to beef up the gross domestic product share of the industrial sector to 30 per cent by 2025, from the 24.1 per cent recorded in 2013. All relevant ministries and institutions have to create a unit in charge of “Industrial Development Policy 2015-2025” to prepare action plan for the implementation of the policy at their individual ministries and institutions.
* The ministry created 24 working groups who are responsible to implement the policy action plan of Industrial Development Policy 2015-2025.
These working groups have duties to:Implement the action plan in the matrix of the Industrial Development Policy 2015-2025 that is related to the Ministry of Industry and Handicrafts
Encourage and monitor action plan of each department
Prepare the budget plan to implement each action plan
Aggregate and report on the implementation of the action plan every three months.