PM says small businesses ‘engines of national economy’

PM says small businesses ‘engines of national economy’

Prime Minister Hun Manet emphasised on the promotion of the micro, small and medium enterprises (MSMEs) terming them the engines

of the national economy that play a stellar role in the nation building.

The Royal Government of Cambodia (RGC) has set priority to support and facilitate the business operations of the private sector especially the micro, small and medium enterprises (MSMEs) as they function as the engine of the national economy, playing up to 99 percent of the total businesses in the whole country.

The Premier said, “Our country is small and the people are less but if we unite and build a strong foundation, quantity will matter to us no more.”

Addressing the official inauguration of the ‘Techo Sen’ building and the closing ceremony of the 2023 Annual Meeting and Set Directions for 2024 of the Ministry of Industry, Science, Technology and Innovation (MISTI) on Wednesday, Mr Hun Manet said, “RGC has set out the Pentagonal Strategy which is a long-term master plan for the socio-economic development of the Kingdom which will be implemented in five stages for the next 25 years while maintaining the four priority areas of the ‘Rectangular Strategy’ issued by former Prime Minister Hun Sen, current Supreme Privy Council to the King.”

Other ministers who were present on the occasion were Hem Vanndy, Minister of MISTI, Sok Soken, Minister of Tourism (MoT) and Cham Nimul, Minister of Commerce (MoC).

The Premier said that the government policy is to promote a sustainable and resilient economy aimed at creating as many job opportunities as possible and receiving high compensation which is the major factor in achieving the target of becoming an upper middle-income country by 2030 and a high-income country by 2025.

He went on to add that MSMEs are still the centre of the government’s attention hence to achieve a strong economy, the private sector at all levels needs to be strengthened. Further, the government has no money to distribute to the citizens daily and the only way to provide sustainable support is to create jobs for the people.

“We are giving high priority to the promotion of the MSMEs and handicrafts businesses operation as well as strengthening the backward linkages industry to reduce operation costs such as transportation, digital costs, public services fee, water and electricity bill because they are the engines of the national economy which play an even more important role in the future, the basis for everlasting growth,” he said.×280&!2&btvi=1&fsb=1&dtd=203

Based on the Premier social media post, RGC launched six priority policy programmes for immediate implementation last year, including two programmes that will provide direct benefits to MSMEs and the informal economists (IE) – the micro business operations that are not registered in the government data.

The two programmes are the vocational and technical training projects for young people from poor and vulnerable families across the nation and the launch of the national strategy to help IE from 2023-2028 aimed to encourage them to participate in the country’s economy system and be able to obtain support and benefit from the social protection system, the statement added.

During the singing of a memorandum of understanding (MoU) last week between Jyotsana Varma, ADB Country Director for Cambodia and Dith Sochal, Chief Executive Officer of FTB bank which aims to take part in the ‘ABD Trade and Supply Chain Finance Program’ (TSCFP) held at ADB’s Cambodia Resident Mission in Phnom Penh.

Based on ADB exclusive sources, the Country Director said that the agreement is part of ADB’s private sector development initiative to promote the sector’s participation in Cambodia’s economic diversification and it will fill market gaps by providing finance through partnering banks to support trade and MSMEs, representing about 99 percent of all enterprises. khmertimeskh

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