The first National Micro, Small and Medium Enterprises Day was celebrated today in Cambodia. The event, under the theme “A better MSME ecosystem for better growth”, highlighted the important role of MSMEs in the socio-economic development of the country.
The first National MSME Day included a series of activities including MSME product exhibitions, networking sessions and panel discussions. The Ministry of Industry, Science, Technology and Innovation highlighted that this hybrid event brought together policy makers, entrepreneurs, business leaders, development partners and stakeholders from across the country to share knowledge, exchange ideas and explore possibilities for collaboration and development.
The Royal Government of Cambodia (RGC) has designated June 27 as National MSME Day, demonstrating Cambodia’s commitment to achieving the United Nations Sustainable Development Goals (SDGs) for 2030. This move aligns with the ASEAN Strategic Action Plan for SME Development 2016-2025.
HE HEM Vanndy, Minister of Industry, Science, Technology and Innovation, said the RGC has made MSME development a priority through the implementation of a comprehensive ecosystem. This ecosystem provides support in key areas such as strategy formulation, access to finance, promotion of entrepreneurship, technology adoption, skills development, improvement of product standards and the simplification of business life.
“We recognize the critical role that MSMEs play in economic growth, job creation and promoting innovation,” said Minister Vanndy.
“The inaugural National MSME Day is an opportunity to showcase the achievements of our entrepreneurs and provide them with the information, tools and resources they need to thrive in increasingly competitive national, regional and international markets. “, he added.
MSMEs represent 90% of all businesses, employ 60-70% of the workforce and contribute 50% to global GDP. In ASEAN, MSMEs account for 97.2-99.9% of all businesses and contribute 44.8% of member countries’ GDP.
According to the 2022 census conducted by the National Institute of Statistics of the Ministry of Planning, Cambodia has 753,670 MSMEs employing nearly 3 million people, including around 1.8 million women. This sector contributes 63% to the national GDP and employs more than 70% of the workforce, not including the agricultural sector.
On this occasion, the Prime Minister highlighted that Cambodia’s MSMEs cover a wide range of economic activities and benefit many people by creating jobs, reducing migration, stabilizing livelihoods, especially for people marginalized, promoting social stability and boosting the private sector.
The Prime Minister reiterated that building on the efforts of the previous term, the current term of the Royal Government is deeply committed to the implementation of policies and strategic plans aimed at further developing the sector.
National MSME Day 2024 was organized by MISTI in collaboration with GIZ, CAPRED, UNIDO, Khmer Enterprise, SME Bank and other business associations.
