Cambodia is facing a natural resource boom, prompting donors and non-government organisations (NGOs) to warn that without measures to improve financial transparency, promote better governance and curb corruption, the potential windfall could be squandered.
"It is not necessarily a blessing for a country to be endowed with petroleum resources", Arne Walther, a Norwegian diplomat said. Norway is cited by many as a success story in terms of how to handle the issues raised by an influx of petro dollars.
"It is how governments arrange for their resources to be extracted and how revenues earned are used that determine the success or failure of being a petroleum endowed state", Walther said. "I believe Cambodia faces a challenging task in planning and developing its petroleum sector and developing policy and instruments for channelling the future oil and gas revenues in a best possible way for the benefit of Cambodians. It is actually a momentous task."
"We realise the opportunities that petroleum revenues may afford us to improve the livelihoods of the Cambodian people," Deputy Prime Minister Sok An told the gathering. "The translation of the capital value of oil reserves into the stored capital value of our people through improved health and social conditions and education is very important for the long term prosperity of Cambodia."
"It is not necessarily a blessing for a country to be endowed with petroleum resources", Arne Walther, a Norwegian diplomat said. Norway is cited by many as a success story in terms of how to handle the issues raised by an influx of petro dollars.
"It is how governments arrange for their resources to be extracted and how revenues earned are used that determine the success or failure of being a petroleum endowed state", Walther said. "I believe Cambodia faces a challenging task in planning and developing its petroleum sector and developing policy and instruments for channelling the future oil and gas revenues in a best possible way for the benefit of Cambodians. It is actually a momentous task."
"We realise the opportunities that petroleum revenues may afford us to improve the livelihoods of the Cambodian people," Deputy Prime Minister Sok An told the gathering. "The translation of the capital value of oil reserves into the stored capital value of our people through improved health and social conditions and education is very important for the long term prosperity of Cambodia."