The Asian Development Bank (ADB) has lauded Cambodia's efforts inpreparations for the ASEAN Economic Community (AEC) in an analysisexamining barriers to realizing the AEC, AKP news agency reported.
Cambodiais preparing well for the establishment of AEC by end 2015, but needsto step up reforms to improve the transparency and reliability of itsregulatory systems to encourage more investment, said ADB in a newsrelease issued on April 23.
Addressing corruption andanti-competitive practices must also be a priority in Cambodia, as inmany other countries, according to findings and recommendations in ASEANEconomic Community: A Work in Progress, produced by the ADB incollaboration with the Institute of Southeast Asia Studies (ISEAS), itadded.
“Cambodia is doing well with preparations for the AECbecause it has always been an open and outward-looking economy, but itneeds to catch up with the implementation of ASEAN e-customs, theNational Single Window, and the ASEAN Single Window border procedures,”Jayant Menon, a co-editor of the book and Lead Economist at ADB, wasquoted as saying.
The book examines the main challenges facingCambodia and other members of ASEAN in realizing the AEC, and ways inwhich these challenges can be overcome.
In order to takeadvantage of the opportunities presented by the AEC, Cambodia needs toinvest more in education and health. Apart from directly reducing socialand asset inequities, this will produce a workforce more able toactively participate in the growth process and adapt to structuralchanges that result directly from the AEC.
To lessen its relianceon garments, and to increase trade linkages with ASEAN countries,Cambodia will have to diversify its export commodity base.
Agricultural products, tourism and modern services all represent areas of opportunity that the AEC presents.
ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia,Myanmar, the Philippines, Singapore, Thailand, and Vietnam.-VNA