PM Manet urges private sector compliance across the board.

PM Manet urges private sector compliance across the board.

Prime Minister Hun Manet emphasized the importance of the private sector actively collaborating with the current mandate to ensure compliance, during the Government-Private Sector Forum on November 13 in Phnom Penh.

He stressed that without such cooperation, Cambodia’s market economy would lack credibility and be unable to guarantee fair competition. He clarified that adherence is a minimum standard for companies to maintain customer trust and promote sustainable growth.

The prime minister said that the administration “clearly” understands the compliance burden highlighted by private enterprises, noting the government’s intent to modify or eliminate unnecessary regulations. He outlined the benefits of adhering to regulations, including enhanced work performance transparency, fair competition and strengthened trust between the government and private entities. Compliance is essential for protecting businesses from legal actions in lawsuits and is crucial for long-term stability and planning, he said.

He called for the sector to be proactive in fostering adherence, suggesting it should act alongside the administration, sharing the responsibility and proposed that an active role from independently owned enterprises in compliance management would allow the government to provide more support rather than direct enforcement. PM Manet urged private enterprises to view this not as a barrier but as an opportunity, with the administration ready to offer compromises to lessen the burden.

“With the participation of all actors, [we] will create an ecosystem that pushes for the promotion of joint cooperation in a single actor system for the sustainable development of the Cambodian economy,” he said.

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Source: Phnom Penh Post