Asian political parties exchange views on "social market economy"

Cambodia, co-chaired with Pakistan, on Thursday, a two-day seminar on "social market economy" with the participation of 16 representatives of Asian political parties aimed at exchanging views and experience to find a suitable policy, which could be applied for their own national strategy.

Yos Son, Chairman of the Commission for International Affairs of the Cambodian People's Party (CPP), said at the opening session that the participating political parties, many of them the ruling parties, can share their experience in contribution to the establishment of an "Asian Community," according to the Press and Quick Reaction Unit of the Office of the Council of Ministers.

"We are hoping that this Community would become one-family in which all members will obtain peace, security, stability, prosperity and sustainable development," Yos Son addressed in the meeting, which was held in Siem Reap, the location of world famous Angkor Wat temples.

He also said that "the leaders of the CPP have highly valued the key role of the social market economic system, which guaranteed the balance between the free market economy and the social security system."

"The CPP has acquired a number of great experience from the implementation of its economic policy along the line of free market economic system," he said.

Cambodia's growth hit double digits between 2005 and 2007 thanks to the government's policy of free market economy, which brought along the multi-billion foreign direct investment (FDI).

Cambodia's officials have said, despite the global downturn since mid-2008, the impact on its economy was not much, given the country's key sector of agriculture and tourism are in good shape.

Some participants praised Cambodia's efforts to overcome the financial crisis. The representatives attending the seminar were from Pakistan, the Philippines, Indonesia, South Korea, Malaysia and Bangladesh and etc.

This seminar will be concluded on Friday with the keynote remarks by Sok An, deputy prime minister, member of the Standing Committee of the CPP and also Vice-President of CDI (Centrist Democrat International)- Asia Pacific since 2006.