Cambodia is planning to attract more overseas investors and in line with this goal, Cambodian Prime Minister Hun Sen said port fees will play a major role in securing global investments.

During the 18th Royal Government-Private Sector Forum at the Peace Palace held on Friday, the Cambodian leader noted that the country's two largest ports, Phnom Penh Autonomous Port and Sihanoukville Autonomous Port, could help boost the economy if shipping companies effectively handle service fees.

"I prefer our two ports charge low service fees so that our national economy prospers," he said, as reported by Fresh News Asia. He added that lower service fees on container scanning, transportation of goods, and labor could be critical in obtaining the favor of trade partners.

The Prime Minister's recommendations are part of Cambodia's massive economic growth reform program. During his speech, Hun Sen explained that shipping is one of the economic drivers that could help the private sector save up to $400 million annually.

Aside from saving money that could help spur growth in the Cambodian economy, Hun Sen said changes in port fees and shipping services will build a more resilient nation that is able to pay tariffs and taxes that other countries will require.

Hun Sen further noted that reforms in the shipping and port sectors will help Cambodia maintain a competitive stance in the global export market. Reforms are especially helpful if the European Union (EU) decides to lift the country's access to the Everything But Arms (EBA) scheme that has been helping boost the Kingdom's economy.

Earlier this month, the EU said it has kicked off the process of lifting Cambodia's EBA access. According to The Phnom Penh Post, the EU cited discrepancies with democracy and "serious" violation of human rights standards as reasons for the withdrawal.

Analysts pointed out that domestic businesses will seriously be impacted by the EBA access lift if it pushes through. Exports could be hampered as well. For the Cambodian PM, lowering port service fees can help curb this crisis and will allow the country to stand up on its own.

As part of the plan to help Cambodia avoid economically draining setbacks due to the EBA withdrawal, Hun Sen requested amendments on the Law of Investment from the Council for the Development of Cambodia. He said that the amendments need to be in place during the first half of 2019.

Radio Free Asia reported that the Prime Minister said he is "done taking orders" from other governments, urging his administration to implement the changes he recommended for a more independent Cambodia.