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Saturday, December 17, 2011

Cambodia to guard garment exports amidst EU crisis

The Cambodian Government is worried that the Greek economic crisis could affect the country’s garment exports to the EU, and it will take measures to absorb external shock, Keat Chhon, Minister of Economy and Finance said at a trade exhibition in Phnom Penh.

The Government has expressed concern in spite of it upgrading the Kingdom’s gross domestic product outlook for 2011. The concern stems from the fact that EU is the second largest importer of Cambodian garments, and hence crisis in the EU countries could hurt our exports, the Minister said.

The Government will take measures to absorb external shock arising from the EU debt crisis. These will include those related to strengthening domestic laws, human resources and financial institutions, he added.

However, Cambodian garments being less expensive in nature, there may not be much decline in orders from European countries, according to Minister of Commerce Cham Prasidh.

He hoped that Europeans would not stop buying Cambodian clothes even in the midst of financial crisis.

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