Nobel economist Joseph E. Stiglitz offered some advice to Cambodia about opportunities and risks for economic development during his visit to this country, a press release said here on Thursday.
In his meetings with government leaders, Stiglitz said that in dealing with pressing issues, Cambodia needs to sustain development by diversifying its products and export markets, according to the press release issued at a press conference attended by Stiglitz.
Similar to other developing countries, Cambodia could improve agricultural productivity by increasing extension services, improving market access through international certifications such as Sanitary and Phytosanitary (SPS) standards, and expanding rural credit, Stiglitz said.
The growing population will likely increase pressure on land, and so proper land management will become increasingly important, he added.
Meanwhile, Stiglitz highlighted that certain legislation of the World Trade Organization (WTO) and other trading partners does not always align with the interests of developing countries, the press release said.
"In adopting laws on intellectual property rights, it is important to design them in a way to protect Cambodia's interest," Stiglitz said at his meeting with Cambodian Prime Minister Hun Sen on Wednesday.
Stiglitz, currently professor at the Columbia University and chairman of the Columbia University's Committee on Global Thought, visits Cambodia from Wednesday to Friday.
In 2001, he was awarded the Nobel Prize in Economics for his seminal work on the economic implications of information asymmetries.