In a strategic move to bolster the manufacturing landscape in Cambodia, the Ministry of Industry, Science, Technology & Innovation (MISTI) has joined forces with the Australian Embassy via the Comprehensive Partnership for Economic Recovery and Development (CAPRED) program. This collaboration was highlighted through a workshop on 14 August, focusing on Manufacturing Sector Competitiveness, Backward Linkages, and Small and Medium-sized Enterprise (SME) Clusters.
Despite notable advancements within the sector, Cambodia’s manufacturing industry continues to grapple with challenges, primarily its dependency on imported materials. The partnership between MISTI and CAPRED seeks to address these issues by identifying and implementing a suite of tools, policies, and programs aimed at diversifying the sector. The key objectives include enhancing local supply chains and ensuring the seamless integration of SMEs into more extensive value systems.
H.E. Hem Vanndy, the Minister of Industry, Science, Technology & Innovation, emphasized the potential of Cambodia’s manufacturing sector as a pivotal force in driving economic expansion and generating employment opportunities. “Our aim is to convert insights and knowledge gleaned from the workshop into practical strategies that will propel our manufacturing sector’s growth,” he remarked.
Echoing this sentiment, Australian Chargé d’affaires Andreas Zurbrugg expressed Australia’s dedication to Cambodia’s economic enhancement and sectoral diversification. Reinforcing the manufacturing sector not only opens avenues for local businesses but also contributes to the overall prosperity of the Cambodian populace.
Under the umbrella of the government’s Pentagonal Strategy, MISTI is spearheading efforts to elevate the sector’s competitiveness. The ministry’s approach involves nurturing an entrepreneurial environment, establishing a national quality infrastructure to facilitate local industry’s global market integration, and initiating projects like SME clusters. These strategic moves aim to diminish import-dependency, foster employment, and pave the way for a resilient, inclusive, and sustainable economy.
Support from Australia’s CAPRED program further enriches these endeavors by offering policy guidance and aid in developing micro, small, and medium-sized enterprises. CAPRED’s comprehensive assistance also extends to establishing quality frameworks and championing equality, inclusivity, and social welfare programs, intensifying efforts to reimagine Cambodia’s manufacturing domain.
Source: Fresh News
