Cambodia Prime Minister Samdech Moha Bovorthipadi Hun Manet (Photo: khmertimeskh.com) Phnom Penh (VNA) – The Royal Government of Cambodia on October 10 launched the National Strategy for Informal Economic Development 2023-2028, aiming to promote the protection and capacity building, efficiency and resilience of the informal economy.
Speaking at the event, Prime Minister Samdech Thipadei Hun Manet said the strategy will achieve three goals at the same time, including alleviating poverty and social inequality, strengthening social and economic resilience, and boosting economic growth.
The national strategy focuses on improving the lives of the people, which aligns with the main goal of the Royal Government of Cambodia, said the PM.
The aim is to encourage people in the informal economy to register to be in the formal one so that the Royal Government is able to manage data clearly and to put in place interventions quickly and effectively on time and on target, he explained.
Hun Manet also pointed out five recommendations, including adjusting and establishing mechanisms to facilitate access to the system; minimising procedural burden; helping and supporting those participating in the system; strengthening capacity development; promoting and expanding communication work and raising awareness.
In addition, he also introduced a group of nine preferential solutions related to taxes and mechanisms for small and medium-sized enterprises to register their businesses.
According to H.E. Hem Vanndy, Minister of Industry, Science, Technology and Innovation, the national strategy is aimed to enhance the protection and capacity building, productivity and resilience of the informal economy, as well as to promote and accelerate participation in the formal economy in order to ensure the resilience, predictability and progress of business, trade, and investment in Cambodia.
An informal economy (informal sector or shadow economy) is part of any economy that is neither taxed nor monitored by any form of government. The “National Strategy for Informal Economic Development 2023-2028” is set out with the vision of developing the informal economy to have access to the formal system and become an important driving force in improving the lives of the people, making maximum contributions to sustainable development, environmental protection,and post-crisis recovery./.
