 Thank you Mr. Chairman. I hope maybe all of you know Cambodia or have heard of Cambodia. It's a country near between Thailand and Vietnam and it's very known for the ancient temples mainly Angkor Wat which was built nearly a thousand years ago. So I'll be quick and just to set the expectation right this isn't a very in-depth analysis paper. It's just a scoping paper and we have a second paper analyzing the spillover effect which will be presented by Professor Carol Newman in the afternoon. So quickly on the evolution of the industry in Cambodia. It started early on in the 60s and early 70s but it was badly disrupted by civil war and the genocidal time between 1975 and 1979. And then after that Cambodia experienced another decade of socialism backed by Vietnam and Soviet Union. That time a little manufacturing was resumed but most of the factories all actually were owned by the state and industrial products were only for local consumption. Then as Cambodia started to reform in the late 80s and early 90s with peace resumed and then it went on to join the S&N in 1999 and WTO in 2003. So Cambodia has in the past two decades 20 years enjoyed some prosperity economic growth average about 8% in the past 20 years. It was set back by the global financial crisis in 2008. Otherwise now it's back to growing around 78%. So now GDP per capita is about a thousand dollars. In terms of structural transformation as expected it's still high on agriculture although industry has been picking up but in terms of employment still around 70% of the people are engaged primarily in agriculture and industry still still employs only about 15%. So we are going to industry now and this is the share of main industries. It predominantly manufacturing then construction. Now within manufacturing you can see that the main part is textile, wearing apparel and footwear. This started quite recently following the grant of GSP and by the US and EU markets in the late 90s. Actually it's predominantly FDI. The companies come from China, Taiwan, Hong Kong, Singapore, Malaysia, Indonesia wherever they are they tend to be Chinese people. Basically it's dominated by Chinese people and in Cambodia the factories are just like site, production sites. There are no really decision makers there. If buyers want to meet producers they have to go to Taiwan or China or Hong Kong. So as a result we have seen most of the export by commodities predominantly garments. Government export alone now is nearly four billion dollars. This just to show ownership of garment factories. Only 9% by Cambodian factories now and these are mainly subcontracts otherwise these are the countries I mentioned. Now going further into the industrial establishments which were counted by the economic census in 2011, 37,000 of them. The majority are textile and food beverages and tobacco. But most are quite small and most are also new. There are less than 5, less than 10 years old and majority of these industrial establishments are concentrated in the capital and nearby province. Now going back in the past 20 years we have seen some industries have been experiencing good growth and are likely to go on but some are considered sunsets. Don't have the time to mention this. These are the major issues. So these are mainly FDI projects. They received very generous tax assumptions. There are four years little revenue for government. They enjoy tax holiday for seven years, eight years and by that time they close down and open again. So they enjoy another eight years tax holiday and they don't have to pay tax on raw materials or intermediate goods. So essentially Cambodia was just desperate to get employment mostly for the poor from rural areas and the wage has been quite low. Now average about $80, $90 per month. But for SMEs they face very high tax regimes. They are for most informal and so they don't have good record keeping, they don't have auditing and banks and equity funds. Now the new stock markets find it very difficult to work with them and there's a little backward and forward linkages within the country. Most government factories as I said just site production sites of Chinese and ethnic Chinese overseas. They import raw materials, intermediate goods and we employ our chief laborer to cut trim and then export to enjoy the tax holiday also initially the market access provided by EU and the US. So Cambodia now needs to diversify industrial base and they now developing industrial development policy. Sorry five minutes and it's just one minute to save more time. So in conclusion I think the political stability and location of the country is between Thailand and Vietnam and you know that is a quite dynamic region close to China and ethnic Chinese groups who are like dominating the government industry in the region. And the openness policy allowed cheap labor and global market access to be well exploited and that has contributed to high economic growth in the past 20 years. But we now are concerned that for the next stage of high growth we have to depend more on efficiency from both domestically free and fair competition and international competitiveness. We can't just rely on cheap labor anymore because the cheap labor has not been enjoying poverty reducing wage. Thirdly this regional integration and globalization has provided Cambodia with opportunities for constructive engagement and learning to compete. That is the positive side that we are part of the regional organization and other global bodies and we learn from other countries to improve our competitiveness. But in retrospect I think Cambodia experienced a very wild turbulent history in the past three four decades and it's difficult to expect more. We have cautious optimism for the future. Thank you for your attention.