Two sectors key to Cambodia achieving upper middle-income status by 2030 Four mining sites across nation to open for exploration Government says, industrial factories filled along National Road 4 Government to adopt the community-based tourism development in national policy Ministry orders Gold Tower 42 to suspend construction Two sectors key to Cambodia achieving upper middle-income status by 2030 Cambodia has set itself the target of progressing from a low-income to a middle-income country by 2030 with an aim of achieving similar status to Thailand or Malaysia today. At the 2nd Asia Pacific Summit on 19 November Samdech Techo Hun Sen said that “now, Cambodia is making further efforts to become an upper-middle-income nation by 2030 and to become a high-income nation by 2050”. Norman V. Loayza, lead economist of the World Bank’s development research group, said that to achieve this target, Cambodia needs to invest in two key sectors; human capital, and infrastructure. According to World Bank, low middle-income economies are those with a gross national income (GNI)
per capita of between US$1,026 – US$3,995, and high-income economies are those with GNI
between US$3,996 – US$12,375. Four mining sites across nation to open for exploration According to a letter published by the Ministry of Mines and Energy on 22 November, four mining sites which stretch on a of a total of 216.77 square kilometers will be opened, and the ministry has called local and international firm to apply for a mining license These mining areas are located in Stung Treng province, Battambang province,
Kratie province, and Kampong Thom province. Via this letter any firm can apply for the license and complete all requirements before submitting to the Ministry of Mines and Energy by no later than 31 January 2020. Government says, industrial factories filled along National Road 4- The Royal Government of Cambodia has been placing industrial facilities along the National Road 4 to serve the economic need of the two main
pillars of Cambodia’s economy, Phnom Penh and Sihanoukville. Speaking at the road groundbreaking ceremony in Sihanoukville on 16 November, Samdech Techo Hun Sen reaffirmed the vision of turning Sihanoukville Sihanoukville into a gateway to economic growth, and the government has been pushing to establish industrial zones,
especially along National Road 4. Now, Sihanoukville has 9 industrial zones for which 5 have been operating while the rest of the 4 are set to operate shortly. In addition, the National Road 4 will soon be restored after the government has received a US$ 110 million
in concessional loan from the World Bank. Government to adopt the community-based tourism
development in national policy Community-based tourism is being adopted as integral
part of the Ecotourism Policy (2019-2030), which will support the private sector, particularly tourism companies,
in developing community-based tourism sites. H.E. Thong Khon, Minister of Tourism said on Tuesday,
19 November at the 1st National Ecotourism Forum, that the implementation will allow the stakeholders to help
develop community-based tourism, facilitate potential communities and continue to help existing communities. In recent times, natural or manmade resorts have been
enjoying a lot of support from local tourists such as Phumi Phkar Trokoun located
in Saang district, Kampot province, which is well-known for its eco-tourism, and the eco-tourism
site at Areng in Koh Kong province. According to a report from the Ministry of Tourism, Cambodia earned revenue of US$4.35 billion in 2018 from tourism, up 19.8% compared to 2017. Ministry orders Gold Tower 42 to suspend construction The Ministry of Land Management, Urban Planning and Construction on 20 November issued a temporary moratorium on the construction of the Gold Tower 42 and ordered the company to fulfil the required safety
conditions before construction could resume. The letter ordered the owner of Gold Tower 42, to suspend construction from the date of the issued letter, and instructed him to meet the criteria: such as
to remove the cargo lift along the public road and to work with a specialist company in the field of
site security to evaluate and validate the site. Gold Tower 42 cannot continue construction,
unless approved by the MLMUPC, the ministry said. The 42-storey Gold Tower, worth US$240 million,
has been under construction since 2008 and was suspended in 2010 during the global financial crisis. Construction activities resumed in early 2018
and was expected to be completed by the end of 2020.