Cambodia scheduled to graduate from least developed country by 2029: Policy brief

Phnom Penh, Nov 11 (IANS) Cambodia and the United Nations Development Program (UNDP) on Monday launched a policy brief on Cambodia's graduation from the least developed country (LDC) status.The Southeast Asian country is scheduled to graduate from LDC status by 2029.The policy brief assessed the potential loss of international support measures, such as Trade-Related Aspects of Intellectual Property Rights (TRIPS) waivers under World Trade Organization (WTO) rules, preferential market access, and concessional financing, among others."These losses could affect public health, key trade exports, for example, garments, milled rice, and bicycles, and reduce the overall economic growth," the policy brief said."GDP growth may slow down between 0.5 per cent to 1.5 per cent with 165,000 potential job losses, particularly among women working in the garment sector," it said. "As a result, 432,000 people are at risk of falling into poverty if the right foundations are not laid as early as possible."Cambodian Minister of Planning Bin Troachhey said to ensure that Cambodia's graduation from LDC status does not hinder socio-economic and environmental progress, his ministry will collaborate with all relevant ministries, institutions, private sector, development partners, and civil society to develop the Smooth Transition Strategy (STS) for implementation during post-graduation, Xinhua news agency reported."This strategy will be aligned with the royal government's Pentagonal Strategy -- Phase I and vision which will focus on six key priorities," he said at the launching event.Troachhey said the six key priorities include enhancing human capital, economic diversification, expanding trade markets, attracting foreign investment, advancing science, technology, and innovation, and strengthening social support mechanisms.Alissar Chaker, resident representative of UNDP Cambodia, said LDC graduation marks a significant achievement of the kingdom's development journey, bringing not only challenges but also opportunities."This transition will also open new avenues for strong and resilient growth," she said. "LDC graduation is a collective effort that extends beyond trade, and that requires the engagement of all development partners and social actors to fully harness its opportunities and re-brand the country."Chaker said the UNDP is committed to accompanying Cambodia during its transition by supporting the acceleration of human development, enhancing competitiveness and economic diversification, promoting a green economy for resilient growth, and transitioning from funding to financing.--IANSint/jk/dan

HamroGlobalMedia

Nov 11, 2024 - 11:54

Phnom Penh, Nov 11 (IANS) Cambodia and the United Nations Development Program (UNDP) on Monday launched a policy brief on Cambodia's graduation from the least developed country (LDC) status.

The Southeast Asian country is scheduled to graduate from LDC status by 2029.

The policy brief assessed the potential loss of international support measures, such as Trade-Related Aspects of Intellectual Property Rights (TRIPS) waivers under World Trade Organization (WTO) rules, preferential market access, and concessional financing, among others.

"These losses could affect public health, key trade exports, for example, garments, milled rice, and bicycles, and reduce the overall economic growth," the policy brief said.

"GDP growth may slow down between 0.5 per cent to 1.5 per cent with 165,000 potential job losses, particularly among women working in the garment sector," it said. "As a result, 432,000 people are at risk of falling into poverty if the right foundations are not laid as early as possible."

Cambodian Minister of Planning Bin Troachhey said to ensure that Cambodia's graduation from LDC status does not hinder socio-economic and environmental progress, his ministry will collaborate with all relevant ministries, institutions, private sector, development partners, and civil society to develop the Smooth Transition Strategy (STS) for implementation during post-graduation, Xinhua news agency reported.

"This strategy will be aligned with the royal government's Pentagonal Strategy -- Phase I and vision which will focus on six key priorities," he said at the launching event.

Troachhey said the six key priorities include enhancing human capital, economic diversification, expanding trade markets, attracting foreign investment, advancing science, technology, and innovation, and strengthening social support mechanisms.

Alissar Chaker, resident representative of UNDP Cambodia, said LDC graduation marks a significant achievement of the kingdom's development journey, bringing not only challenges but also opportunities.

"This transition will also open new avenues for strong and resilient growth," she said. "LDC graduation is a collective effort that extends beyond trade, and that requires the engagement of all development partners and social actors to fully harness its opportunities and re-brand the country."

Chaker said the UNDP is committed to accompanying Cambodia during its transition by supporting the acceleration of human development, enhancing competitiveness and economic diversification, promoting a green economy for resilient growth, and transitioning from funding to financing.

--IANS

int/jk/dan