Digital technology essential for economic growth in Cambodia

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Digital technology essential for economic growth in Cambodia

Post by CEOCambodiaNews » Thu Dec 20, 2018 9:23 pm

Cambodia / Digital technology essential for economic growth, says World Bank
By: Robin Spiess - Posted on: December 19, 2018 | Business

Cambodia’s economic growth in recent years has been rapid, with the Kingdom benefitting from preferential trade treatment and an abundance of low-skilled labour. But the country will need to look to new technologies and greater digital adoption across different sectors to continue enjoying that prosperity, according to a World Bank report
Only about one quarter of Cambodians consistently use the internet, according to the World Bank report

The report, “Benefitting from the Digital Economy,” was released on Wednesday and highlights the importance of Cambodia’s adoption of digital processes as a primary catalyst for future growth.

According to Ellen Goldstein, World Bank Country Director for Cambodia, Laos and Myanmar, the Kingdom cannot rely on donor financing or preferential trade treatment for much longer, as these drivers of growth are likely to soon be phased out.

“Rising wages are making it increasingly difficult for Cambodia to keep exporting unprocessed rice and low-end garments,” she wrote in her introduction to the report. “Meanwhile, around the globe, automation is displacing jobs, and digital technologies are transforming certain sectors.”

The Kingdom’s authorities seem to realise the importance of digitising the economy, as recent years have seen new policies enacted in support of digital developments. At the top of the Kingdom’s to-do list is the digitisation of governmental procedures, expansion of technology infrastructure, and development of local talent in the tech industry, which it has outlined in two separate multi-year development plans. But Cambodia still has a long way to go in terms of digital adoption and technological readiness.
Businesses & government

Cambodia’s businesses and government rank among the lowest in the region for their limited adoption of new technologies thus far. The government offers few online services, taxes must still be filed in person, and there is no centralised payment platform through which citizens or businesses can digitally pay their electric and water bills.

Cambodia’s firms are slower to adopt new tech than other countries in the region, as under a quarter had any web presence as of 2017 – far below the world average of 46%.
http://sea-globe.com/digital-technology ... ic-growth/
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