The high-income threshold currently sits at US$14,375, roughly six times Cambodia’s present per capita income of $2,520. That is a steep climb, but others in the region have managed comparable transitions, and Cambodia’s record offers reasons for confidence. And the more concentrated the investment base, the harder it is to credibly pursue the kind of open-market commitments the CPTPP requires. Headline growth is respectable, but the gap between current productivity trends and what the 2050 target requires is wide. Its investment base is spread across Japan, South Korea, the EU, the United States and China.