Private sector participation in economic development Cambodian: Cambodian and regional perspectives

Cambodian government has built institutional capacity to promote private investment in the past decade. Private sector is seen as a main catalyst to engender sustainable growth. Hence, Policy frameworks must embrace public-private participation to mobilise private sector with diverse investments to stimulate inclusive growth and regional integration. Cambodia is known as a pioneer of innovative public-private sector frameworks in regards to infrastructure development projects that can be used as best practice approaches, however, these frameworks need to be scale-up to encourage greater regional cooperation. Cambodia will advantage from the participation in the ASEAN initiatives that can minimise the cost for small and medium enterprises (SMEs) and increase competitiveness within the region. It is crucial for Cambodia to promote public-private participation through embedding Technical and Vocational Education (TVET) in educational system from primary to higher education to yield qualified workforce and re-skilling as required in the labour market. An environmentally responsive business models should be incentivised by the government and informed by research from academic and research institutions to ensure sustainable growth.