SMEs in Cambodia See Slight Increase in Registrations
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Last year witnessed a modest rise in the number of registered small and medium-sized enterprises (SMEs) in Cambodia, with figures reaching 44,628, marking a 1.43 percent increase, as per a report from the Ministry of Industry, Science, Technology, and Innovation (MISTI).
This growth in SME registrations led to the creation of 463,966 job opportunities for the Cambodian populace, indicating a 2.86 percent hike compared to the previous year. The report highlighted the addition of 1,406 new SMEs in 2023 alone, contributing to 20,653 new job opportunities.
Hem Vanndy, the MISTI Minister, credited this positive trend to the diligent efforts of the ministry, underscoring its commitment to nurturing entrepreneurship and fostering a conducive business environment. Vanndy’s comments were made during the ministry’s annual meeting.
The annual report further detailed the composition of these SMEs, with food and beverage processing businesses making up the largest share at 64.9 percent or 28,966 of the total. This was followed by enterprises in steel processing, and weaving and garment sectors, which constituted 12 percent and 7.9 percent of the total registrations, respectively.
Prime Minister Hun Manet highlighted the pivotal role of the SME sector in the national economy, describing it as crucial for economic vitality. He emphasized the government’s continued focus on supporting SMEs through various initiatives, including the establishment of the SME Bank of Cambodia Plc., which has already facilitated over $200 million in loans to assist more than 2,500 SMEs in their expansion efforts.
The government’s strategic measures include the formation of SME clusters aimed at enhancing the marketability of local products and boosting exports. These clusters are intended to provide a comprehensive ecosystem for businesses, offering essential services such as accounting, human resources, marketing, and IT support, alongside financial advisory and loan services.
This concerted effort by the Cambodian government to support SMEs underscores its recognition of their critical role in sustaining economic growth and providing employment opportunities, thereby strengthening the nation’s economic foundation.
Source: Khmer Times
