The Federation of Associations for Small and Medium Enterprises of Cambodia (FASMEC) – a non-profit organisation – on Monday proposed the Council for the Development of Cambodia (CDC) to promote local enterprises by allowing the delegation to take part in the overseas trip, luring foreign investors to explore investment opportunities in processing Khmer agricultural products.
Sun Chanthol, Deputy Prime Minister and First Vice-Chairman of CDC received a courtesy call from a delegation led by Te Taingpor, President of FASMEC and President of Samdach Techo Foundation for SME Development in Cambodia held in Phnom Penh on June 3.
During the meeting, both sides discussed ways to strengthen cooperation by working closely with the FASMEC delegation and members, providing support and guidance to enhance the participation of the private sector, especially with small and medium enterprises (SMEs) in the Kingdom.
Chanthol informed the delegation about the CDC’s responsibility and duty in attracting and facilitating investors, “The Royal Government of Cambodia (RGC) considered the private sector to be an important engine that contributes to the development of the national economy,” he said.
Taingpor requested the Deputy Prime Minister to consider the possibility of creating any form of cooperation between CDC and FASMEC aimed at promoting connectivity and providing more opportunities for Khmer investors, particularly for SMEs in the country.
Despite the effort to attract foreign investments, the FASMEC President also asked the CDC to pay more attention to the private sector, providing support and opportunities to local enterprises.
Speaking to Khmer Times, Taingpor said, “The national economy is breathing on the growth of the private sector especially SMEs as it stands for 99.5 percent of all business operations in the Kingdom.”
He emphasised that Cambodia’s agricultural products have huge potential and FACMEC is looking for investors who are keen on processing the raw materials such as rice and cashews which could provide value-added to both the processors and farmers, rather than importing raw materials.
“Most people underestimated the power of SMEs and their contribution to socio-economic development due to the size of the businesses but if they all combined and received support from the government and investors, they will produce more revenue than we [Khmer] ever experienced,” FASMEC President added.
Among those who took part in the meeting include Chea Vuthy, Secretary General of the Cambodian Investment Board (CIB) of CDC, Chan Sothea, Vice President of Cambodian Chamber of Commerce (CCC) and CEO of Century Group Co Ltd along with Sin Chanthy, President of Cambodia Logistics Association (CLA) and Dr Chhin Ken, secretary general of FASMEC.
Dr Chhin Ken told Khmer Times, “The CDC and FASMEC will sign a memorandum of understanding (MoU) to strengthen cooperation. Further, the Deputy Prime Minister allowed the delegation to join the CDC working group on the overseas trip to attract international investors or buyers.”
The proposed FASMEC participation along with the delegation is aimed at spreading Khmer products to foreign countries. Ken said, FASMEC expects that the initiative would contribute significantly to the development of SMEs nationwide.
FASMEC is a non-profit organisation engaged in boosting the development of local enterprises and lobbying for a favourable business environment for SMEs.
