PHNOM PENH, Dec.
6, 2011 – An IMF official told Cambodia’s Deputy Prime Minister H.E. Dr.
Sok An on Tuesday that the country’s growth is projected at 7.5 percent for
this year and 7 to 8 percent for next year, thanks to growth in tourism,
garments and construction.
Mr. Olaf
Unteroberdoerster, of the IMF Asia Pacific Department, was pleased with
Cambodia’s development and told Dr. Sok An: “Cambodia performs very well”.
His Excellency
Dr. Sok An, who is also Minister in Charge of the Office of the Council of
Ministers, told Mr. Unteroberdoerster that political stability and peace are
the fundamental factors that contributed to economic growth. Cambodia’s
tourism, garments, construction and agriculture have progressed since the full
national reconciliation and win-win policy in 1998 championed by Prime Minister
Samdech Akka Moha Sena Padei Techo Hun Sen.
Cambodia has
received nearly 20 investment projects for hydro-power plants, which will play
a key role in attracting more foreign direct investment because the price of
electricity will be cheaper in the future, said the Deputy Prime Minister.
“You can see
that Cambodia’s macro-economy is stable thanks to political stability, and we
are optimistic that we will continue to enjoy growth and development”, Sok An
told the IMF.
Dr. Sok An also
said that Cambodia has potential for investment in both offshore and onshore
oil and gas. In 2002 Chevron discovered oil and gas in Cambodian sea.
Dr. Sok, who is
also Chairman of the Cambodian National Petroleum Authority, has said
previously that Cambodia expects to have its first oil in December next year,
which will be produced by Chevron from Block A.
