To promote growth, the Kingdom focuses on economic diplomacy

Cambodia has pursued economic diplomacy to lure investors, companies, and visitors as the country’s socio-economic activities have been resumed.

With assistance from China's Lancang-Mekong Cooperation (LMC) Special Fund, the Ministry of Foreign Affairs and International Cooperation held a national dialogue workshop Wednesday on "economic diplomacy in the new normal."

Around 170 stakeholders participated in the hybrid workshop in person, and dozens of the nation's diplomats and consuls general abroad participated through video link.

The connection between foreign policy, diplomacy, and the growth of a country's economy is known as economic diplomacy.

It is the blending of economic considerations into foreign policy and the use of diplomatic processes to achieve economic goals through means of cooperation with local, regional, and global actors.

By pursuing and maximizing national economic interests, economic diplomacy will boost Cambodia's reputation internationally.

The economic diplomacy strategy (2021–2023), according to Ouch Borith, a minister linked to Cambodian Prime Minister Hun Sen and permanent secretary of state for the foreign ministry, is crucial to the growth of the nation's economy.

In order to strengthen the application of Cambodia's economic diplomacy strategy, address challenges, and clarify the roles and responsibilities of stakeholders and diplomats, the discussion offered a forum for the exchange of constructive opinions between ministries, institutions, and the private sector, according to Borith.

The policy, he said, "is essential to help enhance the economy's growth, minimize reliance on outside aid, and promote Cambodia's interests throughout the world."

Borith continued by saying that the goal of the policy was to increase foreign direct investment, further accelerate the expansion of bilateral and multilateral trade, and draw more tourists to the Kingdom.

It is the responsibility of the diplomats representing Cambodia overseas to promote and communicate information about investment opportunities, culture, and agricultural products. A lot of publicity has also been given to the investment law, the Regional Cooperation Economic Partnership, and the bilateral free trade agreements with China and South Korea.

Wentian expressed his confidence that the economic diplomacy approach will provide Cambodia's economic recovery in the post-pandemic period a fresh momentum.

"The Chinese side is glad to cooperate with Cambodia to maintain long-standing friendship ties and to develop a new model for genuine economic and trade cooperation, helping Cambodia to achieve its economic diplomacy objective of 2021–2023," Wang added.

"I believe that the Cambodian economy will recover quickly from the pandemic," he added. "The Covid-19 situation in Cambodia has been brought under effective control, with zero new cases and no active cases, and more than 94 percent of its population have been vaccinated."

Source: Compass Cambodia comprehensive arrangement

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