Cambodia on June 27 celebrated its First National Day of Micro, Small, and Medium Enterprises (MSMEs), under the theme ‘Better MSME Ecosystem for Better Growth,’ highlighting the significant role of MSMEs in the country’s socio-economic development.
The event, presided over by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, was dedicated to celebrating the vital contributions of MSMEs to the nation’s economy and fostering an environment of innovation, sustainability, and inclusive growth, said the Ministry of Industry, Science, Technology and Innovation (MISTI) in a press release.
The First National MSME Day featured a series of activities, including MSME product expos, networking sessions, and panel discussions, said the source, pointed out that this hybrid event brought together policymakers, entrepreneurs, business leaders, development partners and stakeholders from across the country to share insights, exchange ideas, and explore opportunities for collaboration and gro
wth.
The Royal Government of Cambodia (RGC) has designaged June 27 every year as the National MSME Day, underscoring Cambodia’s commitment to achieving the United Nations’ Sustainable Development Goals (SDGs) for 2030. It also aligns with the ASEAN Strategic Action Plan for SME Development 2016-2025.
H.E. HEM Vanndy, Minister of Industry, Science, Technology and Innovation, said the RGC has prioritised MSME development through a comprehensive ecosystem, providing support in key areas such as policy formulation, access to finance, entrepreneurship promotion, technology adoption, skills development, product standards enhancement, and ease of doing business.
‘We recognise the critical role that MSMEs play in driving economic growth, creating jobs, and fostering innovation,’ said Minister Vanndy. ‘The First National MSME Day is an opportunity to showcase the achievements of our entrepreneurs and to provide them with the information, tools and resources they need to thrive in an increasingly competitive domesti
c, regional and global markets.’
MSMEs make up 90 percent of all businesses, employing 60 to 70 percent of the workforce and contributing 50 percent of the global GDP. Within ASEAN, MSMEs account for 97.2 to 99.9 percent of all businesses and contribute 44.8 percent of the GPD of member countries.
According to the 2022 census by the National Institute of Statistics of the Ministry of Planning, Cambodia has 753,670 MSMEs employing nearly 3 million people with approximately 1.8 million of them being women. This sector contributes 63 percent to the national GDP and employs over 70 percent of the workforce, not including the agriculture sector.
In his message on the occasion of the First National MSME Day, Prime Minister Samdech Moha Borvor Thipadei Hun Manet said Cambodia’s MSMEs cover a broad range of economic activities and benefit many through creating jobs, reducing migration, stabilising livelihoods, especially for the marginalised, promoting social stability, and vitalising the private sector.
The Prem
ier reaffirmed that, building on the efforts of the previous mandate, the current mandate of the Royal Government is deeply committed to implementing policies and strategic plans to further develop the sector.
The National MSME Day 2024 was organised by the MISTI in collaboration with GIZ, CAPRED, UNIDO, Khmer Enterprise, SME Bank and various business associations.
Source: Agence Kampuchea Presse
