According to the Cambodia GFT Sector Development Strategy 2022-2027, the Cambodian government plans to transform the garment, footwear, and travel goods (GFT) sector into one that is environmentally sustainable, high value-added, focused on high-end and unique products, and supportive of economic diversification by 2027.
According to finance ministry secretary of state Phan Phalla, the ministry would take five strategic steps to realize the objective. This includes enhancing human resource capabilities to boost productivity and provide viable career paths for workers, continuing to improve working conditions and worker welfare, increasing domestic and foreign investment with a focus on high value-added and high-end products, and promoting market diversification in sector exports.
This policy, according to Minister of Commerce Pan Sorasak, will contribute considerably to the Kingdom’s economic recovery and will support the “new normal” economic recovery strategy that will be executed from 2021 to 2023.
This policy statement, according to Minister of Labor and Vocational Training Ith Sam Heng, would serve as a guide for “creating a shared vision, objectives, goals, and strategic plans to govern and grow this sector in a ‘Cambodian context.'”
“This plan will help Cambodia to take opportunities and adapt to quick changes in regional and global architecture,” he said, adding that the goal is to turn the sector into one that is ecologically sustainable, resilient, and high-value-added.
This is the first strategy, according to Minister of Economy and Finance Aun Pornmoniroth, that “spurs the expansion of the garment industry both in the short and medium-to-long term.” “The garment industry will continue to be a potential economic cornerstone at that time by growing and strengthening local industrial bases for exports, as well as improving the regional and global value chain,” he added.
According to Kong Sang, head of the Garment Manufacturers Association of Cambodia (GMAC), enhancing trade facilitation through international trade channels and lowering logistical costs are “indispensable variables” for lowering business expenses.