Cambodia and Australia this afternoon launched an AUD 87 million Partnership for Resilient Economic Development (CAP-RED).
Cambodian Minister to the Prime Minister and Permanent Secretary of State for the Ministry of Economy and Finance Vongsey Vissoth and Australian Deputy Minister for Trade and Deputy Minister for Manufacturing Senator Tim Ayres presided over the launch ceremony which s is held in the provincial town of Siem Reap.
According to a press release from the Australian Embassy in Phnom Penh that the AKP received this evening, CAP-RED is a five-year partnership that builds on more than a decade of Australian support to Cambodian agriculture and infrastructure through the now completed Cambodia-Australia Agriculture Programme. .
Value Chain (CAVAC) and Infrastructure Investment (3i) programs. Together, these programs have benefited more than two million rural Cambodians.
The CAP-RED partnership was developed after extensive consultations with the public and private sectors on how best to help Cambodia’s economy recover from COVID-19. CAP-RED will support the Royal Government of Cambodia and other relevant counterparts to develop policies that promote inclusive, resilient and sustainable economic growth.
“This year marks the 70th anniversary of diplomatic relations between Cambodia and Australia and CAP-RED is further proof of our long and ongoing partnership with Cambodia. We look forward to sharing our knowledge and expertise with our Cambodian counterparts to create an enabling environment for investment, productivity and trade,” said Senator Ayres.
To achieve this, the program will work closely with relevant ministries and relevant stakeholders in three areas to drive growth: infrastructure services; agriculture and agro-industry; and trade, investment and business development. The focus will be on research and knowledge sharing, as well as on gender equality, disability and social inclusion.
“CAP-RED is an essential contribution to Cambodia’s economic development agenda, which supports recovery, resilience and reform. The program will encourage inclusive public and private investments to help develop a more diverse and inclusive economy,” Vissoth said.
Through this partnership, a significant number of Cambodian households, particularly in rural Cambodia, are expected to see their livelihoods improved, with a particular focus on women, girls, children, the elderly, people with disabilities and groups vulnerable. C. Nika – AKP