Cambodia PM sees 2007 growth at 9.5 pct
SINGAPORE, Nov 18 (Reuters) - The Cambodian economy is set to grow 9.5 percent in 2007, prime minister Hun Sen said at a business summit in Singapore.
"The preliminary estimation for growth in 2007 will be 9.5 percent while inflation has been kept at a low level," Hun Sen said in a speech.
This is in line with a forecast by the International Monetary Fund, which sees Cambodia's economy growing 7.75 percent next year on the back of healthy agriculture, tourism, construction and garment sectors.
Growth has slowed from 10.8 percent in 2006, 13.5 percent in 2005 and 10.3 percent in 2004, Hun Sen said at the Association of South East Asian Nations (ASEAN) business summit.
ASEAN plans to sign a charter next week in the first step towards free trade and economic integration in Southeast Asia by 2015.
Hun Sen said Cambodia wants growth to be led by the private sector and said the government will ensure a favourable business climate.
Steps taken by the government will include the automation of customs and the creation of special economic zones to facilitate trade and investment.
"Cambodia has endowment and strong potential in agriculture and agro-industry, labour-intensive industry, processing, tourism, mining and some sub-sectors of the manufacturing and the service sectors," he said.
"At the same time, the promising future from the commercialisation of oil, gas and other mineral resources has opened up new economic opportunity and hope for Cambodia."
(Reporting by Geert De Clercq, writing by Kevin Lim, editing by Neil Chatterjee)
"The preliminary estimation for growth in 2007 will be 9.5 percent while inflation has been kept at a low level," Hun Sen said in a speech.
This is in line with a forecast by the International Monetary Fund, which sees Cambodia's economy growing 7.75 percent next year on the back of healthy agriculture, tourism, construction and garment sectors.
Growth has slowed from 10.8 percent in 2006, 13.5 percent in 2005 and 10.3 percent in 2004, Hun Sen said at the Association of South East Asian Nations (ASEAN) business summit.
ASEAN plans to sign a charter next week in the first step towards free trade and economic integration in Southeast Asia by 2015.
Hun Sen said Cambodia wants growth to be led by the private sector and said the government will ensure a favourable business climate.
Steps taken by the government will include the automation of customs and the creation of special economic zones to facilitate trade and investment.
"Cambodia has endowment and strong potential in agriculture and agro-industry, labour-intensive industry, processing, tourism, mining and some sub-sectors of the manufacturing and the service sectors," he said.
"At the same time, the promising future from the commercialisation of oil, gas and other mineral resources has opened up new economic opportunity and hope for Cambodia."
(Reporting by Geert De Clercq, writing by Kevin Lim, editing by Neil Chatterjee)
