[PHNOM PENH POST]
Despite the government’s upgrade of Cambodia’s gross domestic product
outlook for 2011 on Wednesday, officials yesterday reiterated concern on
the country’s export exposure to crisis in the European Union.
Worries
stemming from the Greek economic crisis could hurt Cambodian garment
exports to the EU, the second biggest importer of Cambodian garments,
Minister of Economy and Finance Keat Chhon said at a trade exhibition in
Phnom Penh yesterday.
“We are already concerned but we will make our own efforts to strengthen our internal [affairs],” Keat Chhon said.
Cambodia
can brace itself for external shock by boosting the domestic coverage
of the law, as well as by strengthening financial institution and human
resources, he said.
A greater focus on rice production and
exportation was another remedy to a possible decline in exports to
Europe, Keat Chhon said.
“I’m talking about rice because everybody needs rice. Our market is strong both in the US and in Europe,” he said.
Preferential
trade treatment has made the EU the biggest importer of Cambodian
agricultural products. Thon Virak, chairman and director general of
state-owned agricultural company Green Trade, said yesterday that the EU
imports about 60 per cent of Cambodia’s rice exports.
Increased investments in roads, bridges and canals were also needed, Keat Chhon said.
The
inexpensive nature of Cambodian garments may guard against a decrease
in orders to Europe, Minister of Commerce Cham Prasidh said yesterday.
“For
garment products, I believe that no matter what level of financial
troubles reach Europe, it won’t stop them from buying clothes,” he said.
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