PHNOM PENH: Cambodia is committed to strengthening micro, small and medium enterprises (MSMEs) as a key pillar of economic growth, job creation, and national competitiveness, Minister of Industry, Science, Technology & Innovation Hem Vanndy said on Saturday (June 27).
Vanndy said MSMEs have played and would continue to play an increasingly important role in Cambodia's next phase of development as the country advances toward its long-term development ambitions.
"As Cambodia prepares to graduate from Least Developed Country (LDC) status in 2029 and advances toward Cambodia Vision 2050, strengthening MSMEs is no longer a choice, but a necessity," he said at the third National MSMEs Day event.
Cambodia has approximately 753,670 business establishments, including more than 60,500 small and medium enterprises, according to the country's latest economic census.
The sector employs nearly three million people, contributes an estimated 63 per cent of gross domestic product, and accounts for more than 70 per cent of non-agricultural employment, underscoring its central role in the national economy, the census said.
Helping enterprises reach markets requires more than expanding production capacity, Vanndy said, adding that businesses must also improve quality, productivity, standards compliance, innovation and customer confidence.
"To access broader domestic, regional, and global markets, enterprises must meet standards, assure quality, improve productivity and build trust throughout the supply chain," he said.
The minister said that the government has introduced a wide range of support mechanisms to strengthen the MSME ecosystem, including access to finance, entrepreneurship development, skills training, digital transformation and business development services.
By the end of 2025, SME Bank of Cambodia had provided nearly US$500 million dollars in policy loans to more than 3,400 enterprises, as the Credit Guarantee Corporation of Cambodia had supported more than 3,100 businesses through loan guarantees, according to a press release from the Ministry of Industry, Science, Technology & Innovation. - Xinhua
