The ASIAN Future Growth: A Few Thoughts on the Cambodian Economy in the ASEAN Community

1. The ASIAN Future Growth: A Few Thoughts on the Cambodian Economy in the ASEAN Community Plenary Session IV: Next Generation Views of the Future of Asia The 7th Asia Economic Forum July 30-31, 2011 Raffles Le Royal Hotel, Phnom Penh By ChhengKimlong

2. ASEAN in 2015 and Beyond: Benchmarks and Ends • ASEAN Community: Goals and Spirit - What AC Goals can be attained by 2015? Cultural, Political, Economic, Security, or Environmental? • ASEAN Economic Community: A Framework of Equitable Growth and Development? - How much is left to be achieved? • Millennium Development Goals: 8 Gems + 3 core values of development of Sustenance, Self-esteem, and Freedom - What Capabilities and Entitlements are to be given to people? (AmartyaSen) + One possible value: Physical and Mental Health

3. ASEAN VISION 2020 • A single market and production base HOW? Free Flow of Goods, Services, Investment, Capital, Skilled Labor; Priority Integration Sectors; Food, Agriculture and Forestry • A highly competitive economic region HOW? Competition Policy, Consumer Protection, Intellectual Property Rights, Infrastructure Development, Taxation, and E-Commerce • A region of equitable economic development HOW? SME Development; Initiative for ASEAN Integration • A region fully integrated into the global economy HOW? Coherent Approach towards External Economic Relations; Enhanced participation in global supply networks

4. Cambodia: Learning to Accept or Learning to Catch Up? Q: How much have the Cambodian private sectors, the government, and households responded to the timelines and ASEAN economic commitments? AEC Blueprint: “CLMV: Human resources development and capacity building; recognition of professional qualifications; closer consultation on macroeconomic and financial policies; trade financing measures; enhanced infrastructure and communications connectivity; development of electronic transactions through e-ASEAN; integrating industries across the region to promote regional sourcing; and enhancing private sector involvement.’’

5. Leading Indicators: Leveraging the Strengths of AC? • Growing Entrepreneurship and its Dynamics (+) • Narrowing Knowledge and Education Gaps (+) • Labor and Employment Issues (+/-) • Research and Development (-) • Corporate Leadership vs. Social Leadership (-) • Corporate Social Responsibility (-/+) • Rising incomes and consumption (+) • Climate Change and Production (-) • Declining resource reserves (-) • Branding products and services that offer uniqueness (-)

6. Entrepreneurship: Limitations and Promises • Entrepreneurship, an Engine of Growth and coordination of resources, • remains minimal at large, • tackles unemployment pressure and joblessness, • substantiates income growth and self-esteem, • transforms idle resources into active, productive inputs, and • expand wider economic opportunities. • Mentoring on business opportunity identification and how to master risk management is almost non-existent. • Capital and credits available and affordable are constrained.

7. Knowledge and Education • Knowledge gaps among youths: Slowly Narrowed • Research centers, virtual research organizations, (social, economic, cultural, institutional, political, science, technology…): Weak and Limited • Knowledge creation and knowledge management tools and practices: Expensive and Exclusive Solutions: • Encourage writing (e.g.: essay competition, novels, reading/learning/training materials, and publisher) • Promote and reward public discussions, debates, and learning forums • Promote and reward reading cultures • Finance public education and promote quality • Promote research and research funding

8. Next Generation Views: Corporate Social Responsibility Be Enhanced • Corporate philanthropies or funding by private businessesto support: • Employment and income growth • Research work and technological progress • Education and knowledge creation • Environmental protection and sustainability • Peace and security • Food security • Regional and international development

9. Next Generation Views: Development Engagement • Youth Leadership • Student Leadership • Teacher Leadership • Social/Community Leadership • Corporate Leadership • Supportive and effective public leadership …Support Networks for Social Change… All are Dynamic, But all are So Limited! Social leadership and social responsibility need to be enhanced constantly …

10. Growth Drivers: Regionalization a sure tool, Community a must • Improved communication, transportation infrastructure, and connectivity • Young entrepreneurs increasing take the lead in trade, investment, and technological improvement • Harmonization of business processes and public administration • Rising population, incomes, and skills to meet labor demands • Pooling of resources and facilities to reduce costs and to enhance competitiveness • Intra-ASEAN trade measures crowd in private investments from the region, China, India, the Pacific, the US, Africa, and EU, etc

11. Final thoughts • Asian future growth, including ASEAN’s, will be driven and sustained by: • Dynamism and resilience of labor, • Growth of entrepreneurship, • Leveraging comparative advantages, • Inclusive intra- and inter-ASEAN trade, • Enhancement of technological know-how and production efficiency, • Alternative technologies able to replace certain raw materials, • Sustainability of resources: Supply-driven, and • New types of production networks, transnational supply chains, and market expansions: Demand-driven

12. Thank you…