Cambodia's Economy to Grow by 7 pct in 2013_Branding Packaging for Fashion Industry-Sinicline

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Cambodia's Economy to Grow by 7 pct in 2013
Release time:2013-05-07 Source:admin Reads:
Cambodia's economy is projected to grow by 7 percent this year, Deputy Prime Minister and Finance Minister Keat Chhon said Friday. He said the growth still is contributed by garment exports, tourism, agriculture, real estate and construction. Backed by sufficient raw materials and cheap labor cost, Cambodia has been seen as the most potential and suitable manufacturing place of garments and other accessories such as woven labels, embroidery labels, etc, accounting for a large part of export volumes. The minister added that the country's political stability, macroeconomic and financial stability and transparent legal framework will encourage more foreign investors like USA, Japan, UK and Korea to come to Cambodia in years to come. After getting approval of Cambodian government, an increasing number of foreign investors have built light or heavy factories in Cambodia, creating more jobs for those who are unemployed for several years to some extent. Nowadays Most of woven labels in the global market are mainly made in Cambodia. "With this expected growth, Cambodia will get out of the classification of a low-income to a lower-middle-income country at the end of this year," he said at the opening of the 3rd Cambodia Industry-Handicraft Fair at the Diamond Island Exhibition Center. Lower-middle-income countries are those with GDP per capita between 1,006 US dollars and 3,975 US dollars, as defined by the World Bank. Last year, Cambodia's GDP per capita was nearly 1,000 US dollars, and it was expected to rise to 1,080 US dollars this year, Keat Chhon said. But Cambodia’s economy cannot solely depend on garment exports. Even if exports attribute to products like clothes or woven labels, however, lack of core technology, this mode goes against economic restructure and long-term development. What Cambodia should focus now is on self-developed brand and master core technology for the purpose of big market share.

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