“The new 19-per cent import duty allows Cambodian products to compete fairly with regional countries. It is also expected to attract more foreign direct investment (FDI), helping the Kingdom advance its economic growth ambitions,” Sun Chanthol, Deputy Prime Minister and first vice chairman of the Council for the Development of Cambodia (CDC), told a press conference.
Cambodia expects to attract over 500 investment projects, potentially generating over 300,000 jobs annually, with the United States recently reducing the reciprocal tariff rate on the country’s exports from 49 per cent to 19 per cent.
Deputy Prime Minister Sun Chanthol urged all migrant workers to return home and contribute to national economic development.
He urged all migrant workers to return home and contribute to national economic development.
Working abroad offers limited benefit to Cambodia’s economy, while domestic employment plays a vital role in driving growth, reducing poverty and strengthening the Kingdom’s long-term development trajectory, he was cited as saying by domestic media outlets.
The US decision followed phone calls between Prime Minister Hun Manet and President Donald Trump on July 26 and 28, during which he requested tariff relief to improve the living standards of the Cambodian people.
Fibre2Fashion News Desk (DS)
