Prime Minister Hun Manet has underscored the vital role of micro, small, and medium enterprises (MSMEs) in Cambodia's economy, labeling ...
Prime Minister Hun Manet has underscored the vital role of micro, small, and medium enterprises (MSMEs) in Cambodia's economy, labeling them as the backbone of national development. Speaking at the inauguration of the 'Techo Sen' building, he emphasized the government's commitment to supporting these enterprises, which comprise up to 99 percent of all businesses in the country.
Premier Hun Manet reiterated the Royal Government of Cambodia's (RGC) dedication to facilitating private sector operations, particularly focusing on MSMEs. He outlined the Pentagonal Strategy, a comprehensive plan for socio-economic development spanning the next 25 years. This strategy aims to bolster the economy while honoring the foundational principles set forth by former Prime Minister Hun Sen.
In his address, Premier Manet emphasized the importance of a sustainable and resilient economy, aimed at generating ample job opportunities with competitive compensation. He highlighted the government's ambition to elevate Cambodia to an upper-middle-income country by 2030 and a high-income country by 2025, emphasizing the pivotal role of MSMEs in achieving this vision.
Acknowledging the significance of MSMEs, Premier Hun Manet emphasized the need for robust collaboration across all levels of the private sector. He stressed the government's commitment to job creation as a sustainable form of support for citizens, emphasizing the promotion of MSMEs and handicraft businesses as crucial components of economic growth.
Last year, the Royal Government of Cambodia launched six priority policy programs, two of which directly benefit MSMEs and informal economies. These initiatives include vocational and technical training projects for disadvantaged youth and a national strategy to support informal economies from 2023-2028, aiming to integrate them into the formal economic system.
In a recent memorandum of understanding (MoU) signed between the Asian Development Bank (ADB) and FTB Bank, ADB Country Director for Cambodia, Jyotsana Varma, emphasized the importance of supporting MSMEs. The agreement aims to bolster Cambodia's economic diversification by providing financial support through partnering banks to promote trade and support MSMEs.
Premier Hun Manet's focus on promoting MSMEs underscores the government's commitment to fostering economic growth and resilience. With initiatives aimed at empowering these enterprises and forging strategic partnerships with organizations like the ADB, Cambodia is poised for sustainable development and prosperity.
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