Hun Manet unveils 5-year strategy for informal economy: killing three birds with one stone

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[INNEWS Comprehensive Report] On the morning of October 10, Cambodian Prime Minister Hun Manet presided over the official launch of the “National Informal Economy Development Strategy 2023-2028” at the Sokha Hotel in Phnom Penh.

This economic strategy is proposed to develop the informal economy so that it can grow and enter the system and become an important driving force in improving people’s lives. The informal economy refers to a system of trade or exchange of goods and services that does not require legal registration. It provides employment opportunities and income, but may also have implications for environmental management, food safety, taxation, etc.

Hun Manet said that through this strategy, their main goal is to help people get out of the informal system, but the vision is clear, by helping people in the informal economy. Hongmanet compared it to “shooting three animals with one arrow” (three eagles with one arrow). The three animals are reducing poverty and social inequality, enhancing economic and social resilience, and promoting economic growth.

He emphasized that reducing poverty and social inequality means helping the poor live a better life, narrowing the gap between the poor and the rich, and increasing equitable development policies that promote poverty reduction. Enhance economic and social resilience, i.e. the informal and poor are the most vulnerable, so governments must find them to help them, by supporting protection policies and other benefits to build resilience. Promote economic growth, that is, because people outside the system are important promoters of the national economy, if the government helps them grow, the national economy will also grow.

Hun Manet finally directed relevant ministries and agencies to work towards the successful implementation of the National Informal Economy Development Strategy 2023-2028.