Over 3,500 companies registered with the Ministry of Commerce during the first three months of the year, a hike of nearly 160 percent compared to 2017.
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Om Dararith, the director at the ministry’s business registration department, said a total of 3,545 companies registered during the first quarter of the year, adding that the notable increase was the result of political stability and economic growth in the country, which has increased investors’ confidence.
“Registering with the Ministry of Commerce is a legal obligation. If businesses don’t register, they are operating illegally,” he said.
Te Taing Por, president of the Federation of Associations for SMEs of Cambodia (Fasmec), said this is very positive news for the local economy.
“More registered businesses means the country can collect more taxes. It contributes to economic growth in the country, attracts foreign investment and reduces import reliance.
“We encourage all businesses to register. The SME sector is the backbone of our economy, and it is important that all operate legally.”