According to the Cambodia GFT Sector Development Technique 2022-2027, the Cambodian authorities options to renovate the garment, footwear, and travel products (GFT) sector into a person that is environmentally sustainable, high benefit-added, targeted on significant-finish and exceptional solutions, and supportive of economic diversification by 2027.
In accordance to finance ministry secretary of condition Phan Phalla, the ministry would acquire five strategic steps to understand the aim. This features improving human source capabilities to enhance productivity and present feasible career paths for personnel, continuing to increase working ailments and worker welfare, growing domestic and international financial investment with a focus on substantial worth-additional and substantial-end merchandise, and endorsing sector diversification in sector exports.
This coverage, according to Minister of Commerce Pan Sorasak, will add substantially to the Kingdom’s economic restoration and will guidance the “new normal” financial recovery technique that will be executed from 2021 to 2023.
This plan statement, in accordance to Minister of Labor and Vocational Instruction Ith Sam Heng, would serve as a guideline for “creating a shared vision, targets, aims, and strategic options to govern and develop this sector in a ‘Cambodian context.’”
“This strategy will support Cambodia to get possibilities and adapt to swift variations in regional and international architecture,” he said, adding that the objective is to change the sector into a person that is ecologically sustainable, resilient, and higher-value-extra.
This is the very first method, in accordance to Minister of Financial state and Finance Aun Pornmoniroth, that “spurs the enlargement of the garment business both in the brief and medium-to-extended time period.” “The garment industry will keep on to be a probable financial cornerstone at that time by increasing and strengthening regional industrial bases for exports, as well as improving upon the regional and world-wide value chain,” he added.
In accordance to Kong Sang, head of the Garment Producers Affiliation of Cambodia (GMAC), improving trade facilitation through international trade channels and lowering logistical prices are “indispensable variables” for decreasing company expenses.