Cambodian Government Addresses Challenges Faced by MSMEs in National Forum
MISTI meeting highlights solutions for local businesses as Cambodia prepares for LDC graduation
The Ministry of Industry, Science, Technology & Innovation (MISTI) held a significant meeting on August 28, 2024, to tackle the challenges faced by local micro, small, and medium enterprises (MSMEs) in Cambodia. The meeting, chaired by Minister HEM Vanndy, brought together around 260 participants, including government officials, business associations, private sector stakeholders, and international development partners.
Minister Vanndy reaffirmed the government's commitment to creating a supportive environment for MSMEs, which are crucial to Cambodia's economic growth and job creation. He emphasized the need for collaboration between the government and private sector to address ongoing challenges. "The private sector is the backbone of our economy, and it is imperative that we work collaboratively to identify and resolve the challenges that hinder its growth," Vanndy stated.
During the meeting, Oknha Te Tang Por, Vice President of the Cambodian Chamber of Commerce, provided an update on the progress made since the 19th government-private sector forum last year. While acknowledging that many issues have been resolved, he highlighted 22 remaining challenges that require further government intervention. These include compliance with product registration and taxation, access to financing and skilled labor, and rising production costs. The meeting also focused on preparing local businesses for Cambodia's upcoming graduation from its Least Developed Country (LDC) status, urging MSMEs to enhance their competitiveness and adapt to the changing economic landscape.
Minister Vanndy reaffirmed the government's commitment to creating a supportive environment for MSMEs, which are crucial to Cambodia's economic growth and job creation. He emphasized the need for collaboration between the government and private sector to address ongoing challenges. "The private sector is the backbone of our economy, and it is imperative that we work collaboratively to identify and resolve the challenges that hinder its growth," Vanndy stated.
During the meeting, Oknha Te Tang Por, Vice President of the Cambodian Chamber of Commerce, provided an update on the progress made since the 19th government-private sector forum last year. While acknowledging that many issues have been resolved, he highlighted 22 remaining challenges that require further government intervention. These include compliance with product registration and taxation, access to financing and skilled labor, and rising production costs. The meeting also focused on preparing local businesses for Cambodia's upcoming graduation from its Least Developed Country (LDC) status, urging MSMEs to enhance their competitiveness and adapt to the changing economic landscape.
