The Cambodian Ministry of Economy and Finance (MEF) has issued two main measures to solve the current issues faced by small and medium enterprises (SMEs).
The first measure focuses on compliance for SMEs regarding checking the possibility to provide support including business consultants, lawyers, legal consultants, business registration, accounting, marketing and technical aspects.
It pushes for the support and provision of financing to SMEs through the SME Bank of Cambodia and the Agriculture Rural Development Bank.
The second measure will support the eco-system of SMEs such as continuing to reform the regulation framework and its implementation, promoting supported business services, supporting funding, promoting the market, driving and bolstering human resources and research and development and promoting the concept of entrepreneurship skills.
“In major countries, SMEs are considered a crucial sector for the economy, with SMEs contributing between 50 to 60 percent towards the GDP for the three biggest economies in the world – the US, China and Japan,” said Heng Sokkung, secretary of state for the Ministry of Industry, Science, Technology and Innovation.
“Locally, SMEs employ approximately 70 percent of workers and are responsible for almost 60 percent of sales, however, they have no clear policy and definition,” he added. VNA/KT