Kingdom must diversify its economy, ADB says

Kingdom must diversify its economy, ADB says

Stephen Groff, a vice president at the Asian Development Bank, speaks to the Post earlier this week in Phnom Penh. Stephen Groff, a vice president at the Asian Development Bank, speaks to the Post earlier this week in Phnom Penh. (Pha Lina/Phnom Penh Post) (Pha Lina / Phnom Penh Post)

Thursday, 23 February 2012 Thursday, 23 February 2012
May Kunmakara May Kunmakara
The Phnom Penh Post The Phnom Penh Post

Asian Development Bank vice president Stephen Groff, who started with the bank in October, sat down with Post reporter May Kunmakara yesterday to discuss the Cambodian economy, its investment environment, as well as the bank's future in the country. Asian Development Bank vice president Stephen Groff, who started with the bank in October, sat down with Post reporter May Kunmakara yesterday to discuss the Cambodian economy, its investment environment, as well as the bank's future in the country.

Cambodia has enjoyed rapid growth over the past decade. Cambodia has enjoyed rapid growth over the past decade. How is ADB targeting its grants and loans to ensure more equitable development? How is ADB targeting its grants and loans to ensure more equitable development?

I think when you have an economy that depends on the agricultural sector, there is a need to ensure that we strengthen the linkages between rural and urban areas. I think when you have an economy that depends on the agricultural sector, there is a need to ensure that we strengthen the linkages between rural and urban areas. Our work also focuses on promoting education so that we can provide better employment opportunities for people living in both rural and urban areas. Our work also focuses on promoting education so that we can provide better employment opportunities for people living in both rural and urban areas. This is important for the economic growth that we see happening in Cambodia – to be more and more equitable. This is important for the economic growth that we see happening in Cambodia - to be more and more equitable.

Cambodia's growth has relied on a handful of industries such as tourism, agriculture and garments. Cambodia's growth has relied on a handful of industries such as tourism, agriculture and garments. Where should investment be targeted to broaden the economic base? Where should investment be targeted to broaden the economic base?

Well, I agree. We need to see much more broadening and deepening of the economy. Well, I agree. We need to see much more broadening and deepening of the economy. Much of the economy is largely focused on the agricultural sector and in manufacturing. Much of the economy is largely focused on the agricultural sector and in manufacturing.

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