Key Takeaways
- The Pentagonal Strategy targets five sectors: people, road, water, electricity and technology.
- Goal: reach upper middle‑income status by 2030 and become a high‑income nation by 2050.
- Expected annual economic growth of around 7% while creating jobs and cutting poverty below 10%.
Phnom Penh: Cambodia’s newly-elected Prime Minister Hun Manet on Thursday launched the “Pentagonal Strategy-Phase I 2023-2028” during the first cabinet meeting.
Speaking at the event, Hun Manet said the strategy was designed to boost growth, create jobs, ensure equity, increase efficiency and maintain sustainability in a journey towards realizing the Cambodia Vision 2050.
“The next 25 years will be a new cycle for Cambodia, and the country aspires to take its national pride to new heights as it did during the Angkor era, by building a nation that is strong, vital, glorious, and prosperous towards a high-income country by 2050,” he said.
“The royal government of Cambodia identifies five key priorities for the Pentagonal Strategy-Phase I, namely people, road, water, electricity and technology,” he added.
The prime minister said the strategy’s mission was to safeguard and nurture hard‑won peace and to accelerate national development.
It aims to achieve the milestone of becoming an upper middle‑income country by 2030 and a high‑income country by 2050.
He added that the strategy would strengthen the resilience of the five sectors, namely public sector, economic sector, financial sector, human and social capital sector, and environment sector and climate change response.
Hun Manet said it would ensure crisis-resilient economic growth of around 7 percent per year on average, create more jobs for Cambodian people, especially for the youth, reduce poverty rate to below 10 percent, strengthen governance capacity and improve the quality of public institutions, and ensure sustainable socioeconomic development.
“The government strongly believes in its ability to overcome any challenges, obstacles and crises, in leading Cambodian society on the path towards greater development, progress, and prosperity with the building of a solid and resilient foundation to move forward with confidence toward realizing the Cambodia Vision 2050,” he said.
Hun Manet, 45, was sworn in as the prime minister on Tuesday after his Cambodian People’s Party (CPP) won a landslide victory in the July 23 general election, gaining 120 of the total 125 parliament seats
