PHNOM PENH: A new World Bank report released on Thursday (Nov 21) showed that Cambodia needed to unlock the full potential of transport corridors to enhance its regional connectivity.
The report said Cambodia can play an important role in promoting regional trade and connectivity by enhancing its transport links with neighbouring countries and embracing its vision of enhancing multimodal transport development.
"Regional connectivity and logistics development are Cambodia's top priorities; strengthening our capacities will be key," said Cambodian Minister of Public Works and Transport Peng Ponea.
"They can help position Cambodia as one of the key players in regional connectivity and boost trade along the global supply chains."
The Cambodian government developed the Comprehensive Intermodal Transport and Logistics System (CITLS) Master Plan for 2023-2033 to improve the performance and efficiency of the transport sector and support the achievement of the national development objectives defined in its Pentagonal Strategy Phase 1.
The World Bank report provides complementary recommendations that focus on immediate investments and policy actions to unlock opportunities along key existing transport corridors in Cambodia.
"The report brought together key stakeholders from the government, the private sector, and development partners to explore options to enhance Cambodia's transport sector and regional connectivity," said Tania Meyer, World Bank Country Manager for Cambodia.
"A comprehensive approach to transport network development will help improve Cambodia's competitiveness, unlock its export potential and promote trade in the region," she added.
Cambodia's export-driven growth has resulted in increased demand to move ever-larger volumes of goods and cargo more efficiently along its transport network and across its borders, the report said.
It proposes priority investments and policy actions to improve the performance of the existing road, rail and inland waterway transport.
A comprehensive and coordinated approach to transport network development with a focus on climate resilience will help improve competitiveness, increase economic efficiency, and promote trade in the region, the report said. - Xinhua
