FREE Forex Trading Course
Deposit $250 in an FXCM Micro account and receive the DailyFX Power Course FREE OF CHARGE. FXCM Micro is a discount brokerage service offering super low spreads, 1k lot sizes, and flexible 400:1 leverage. Click below to learn more.
Currency trading involves risk of loss.
Leverage magnifies both gains and losses.
World Bank chief Robert Zoellick has said that Cambodia needs to widen its manufacturing sector if it is to build on the success of its garment industry.
He said that it needs to change focus to other industries if it is to continue to attract investors. Zoellick was on a two-day visit to the South East Asian country.
Cambodia has had great success with its garment and textiles industry with over 200 factories employing about 330,000 people. The sector makes up 80 percent of Cambodia’s export earnings.
The Cambodian economy is expected to grow by about nine percent his year, down from 13.5 percent a couple of years ago. While this is still significant growth, Zoellick feels it relies too heavily on the garments sector and tourism and that there is good potential for growth in other sectors.
Cambodia has had a shaky relationship with the World Bank over the last couple of years and Zoellick met with Prime Minister Hun Sen and other officials at the weekend in a bid to iron out these problems.
Although the economy there has been growing at a respectable rate, Cambodia remains one of the world’s poorest countries and has been criticized over corruption, a criticism which the Cambodian government admits to.
The modern history of Cambodia is a troubled one. After becoming embroiled in the United States’ conflict in Vietnam, the dictatorial Khmer Rouge took power in Phnom Penh in 1975, led by Pol Pot.
An estimated three million Cambodians died under the regime, and may more fled, before democracy was introduced in 1991.
15:40
Posted on Aug-06-2007
