PHNOM PENH – The Cambodian Ministry of Economy and Finance (MEF) has set out a five-year development strategy which it believes will transform the country’s garment footwear and bag trade into a “high-value, supportive, diversified and more competitive industry”.
Authorities recognise that the export of these products are a key economic driver for the country, and so efforts will centre on strengthening human resources, increasing productivity and creating business lines for workers.
One huge hurdle will be that of Cambodia’s impending suspension from the Everything But Arms (EBA) initiative which, when introduced from August 12, will strip the country of 20 per cent of the preferential tariff-free export rights it has for so long benefitted from.
