PHNOM PENH: The world is facing a number of major challenges, including geopolitical rivalry, the ongoing Ukraine war, and the COVID-19 pandemic. These challenges are putting pressure on peace, security, and prosperity in ASEAN, the fifth-largest economy in the world.

The Ukraine war has caused tremendous destruction and suffering, but its ripple effects are being felt far beyond the borders of Ukraine. The war has disrupted supply chains and slowed global economic growth, which is having a negative impact on ASEAN countries.

ASEAN has always been based on peaceful cooperation, and the private sector has played a key role in its success. However, the current challenges are putting a strain on this cooperation, and the private sector is facing increasing uncertainty.

In a speech at the ASEAN Summit in Indonesia, the ASEAN Business and Investment Summit (ABIS) 2023, Cambodian Prime Minister Hun Manet called for greater peace, political stability, and security in the region. He stressed that these are essential prerequisites for socioeconomic and human development.

PM Hun Manet said, Cambodia attaches crucial importance to “Peace, Political Stability and Security”. From a country marked by decades of wars, Cambodia has been enjoying peace and, through peace, has graduated into a lower-middle income country status, having sustained its economic growth of 7% per annum. Cambodia, therefore, holds true that “Peace, Political Stability and Security” are the prerequisites and core establishment for socio-economic and human development, without which basic rights and freedom of the people cannot be protected, much less prosperity and development.

He continues with this 7th term, The Royal Government of Cambodia has recently launched a new national overarching strategy, called the Pentagonal Strategy. The overall strategic mission is to safeguard and nurture hard-gained peace and to accelerate national development to achieve the milestone of becoming a high-income country by 2050.

This Strategy has set out Five Strategic Pentagons, including: 1). Human capital development, 2). Economic diversification and competitiveness enhancement, 3). Development of the private sector and employment, 4). Resilient, sustainable, and inclusive development, and 5). Development of digital economy and society.

Taking this opportunity, the PM also expressed his commitment to emphasize the importance the Royal Government places on the essential role of the private sector in contributing to Cambodia’s remarkable prosperity.

Improving the business and investment climate has always been one of the top priorities of the Royal Government. For instance, to promote business and investment with sufficient incentives, protection, predictability, and opportunities, the Royal Government has adopted the Law on Investment and the Law on Public-Private Partnership, together with free-trade agreements, and bilateral and multilateral collaboration.

During the summit, the Prime Minister will hold bilateral meetings with his counterparts from China, Japan, South Korea, Russia, India, the United States of America, Australia, and New Zealand.