Page 31 - ELITE PLUS MAGAZINE VOL9

Thailand goes on normally. I do not feel that Thailand’s economy is unique or alone in terms of suffering from the economic downturn. Other countries also face the same trend, like in Europe and China.“I feel this is short term. Just consider Cambodia – we took 30 years to develop this far. I think you need a little more patience because economic development is affected by many factors.”The ambassador was born in Phnom Penh, and witnessed the civil war of 1970-1975 that tore her country apart. These days, however, Cambodia is one of the most dynamic countries in terms of economic growth, with GDP rises averaging 7.7% over the past two decades. Of course, the country is vulnerable to outside economic threats. During the global financial crisis of 2008-2009, economic growthbottomed out at 0.1%, but recovered quickly to 6% in 2010, growing at around 7% in the last four years, and is expected to reach 7% this year. The ambassador is confident this trajectory will continue.The economy is likely to be given a further boost when Cambodia joins other regional nations to form the ASEAN Economic Community, a single market that will become active next year. The Cambodian government, the ambassador says, has undertaken the necessary reforms to harmonize rules and regulations with other regional countries and prepare the workforce to adapt to the single market and freer movement of goods and labour.The Education Ministry is reforming the education system to provide more technical training to respond to the requirements of the single market. In March, the Cambodian governmentlaunched its industrial development policy for 2015-2025, setting out a roadmap for boosting investment and broadening the kingdom’s manu- facturing base. The policy aims to diversify the economy and decrease its dependence on traditional sectors like garments, tourism and agriculture, and direct more foreign direct investment towards agro-businesses, handicrafts and light manufacturing.Since arriving in Bangkok, Ambassador Sophea has taken part in conducting two business seminars to invite Thai companies to invest in Cambodia. Despite their shared border, Thailand ranks only eighth in foreign investment in Cambodia, while being third for imports. This trade deficit is understandable. Conflicts dented the investment atmosphere from 2008 to 2011, but the situation has since improved. Bangkok Bank reopened a branch in PhnomElite+ 29