Cambodia is preparing a five-year (2020-2025) development strategy for the garment, footwear and travel bags sectors from to promote their competiveness, according to the ministry of economy and finance (MEF). The sectors are now facing some challenges that require more development and competitiveness by the end of 2025, finance minister Aun Pornmoniroth said.
“This strategy is an important roadmap because it will set out a vision to transform Cambodia’s garment, footwear and bag industry into a high-value, supportive, diversified and more competitive industry,” he was quoted as saying by Cambodian media reports.
To achieve this goal and vision, the strategy will continue to strengthen human resources, increase productivity and create business lines for workers.
It will as well as continue to improve working conditions and the welfare of workers, promote direct domestic and international investment in value-added products, attract investment in industries that support the sector and promote export market diversification, according to the brief draft.
Cambodia’s garment sector, the main engine to boost economic growth, has been hit hard by the pandemic, leaving thousands of workers unemployed while also facing the loss from the EU’s partial withdrawal of EBA , effective from August 12.
Pornmoniroth said that the government’s strategy on garments is aiming to set common development directions, increase independence, strengthen the appraisal and stability of the garment, footwear and bags sector to further promote the sector’s sustainability and environment.