PHNOM PENH: In a significant move to foster a more vibrant digital business ecosystem in Cambodia, the Ministry of Economy and Finance (MEF) has partnered with key SME associations to boost the adoption of digitalisation practices among businesses across the country.
A Memorandum of Understanding (MoU) was officially signed on Mar. 26, at the Ministry of Economy and Finance by H.E. Kong Marry, Secretary of State, Ministry of Economy and Finance and Secretary General, General Secretariat of the Digital Economy and Business Committee, and representatives of three local SME associations, including the Federation of Associations for Small and Medium Enterprises of Cambodia, the Young Entrepreneurs Association of Cambodia, and Cambodian Women Entrepreneurs Association (CWEA).
The ceremony was attended by key figures from both the government and the business sector.
The MoU was designed with the aim of promoting cooperation between the government and the private sector to expand the scope of dissemination of new technological knowledge and skills to businessmen, business owners and enterprises in Cambodia, aiming to build a more vibrant digital business ecosystem in Cambodia.
The signing of the MoU on “Promoting Digitalisation of Businesses in Cambodia” marks a crucial step in the Kingdom’s ongoing efforts to embrace the digital era, said H.E. Kong Marry.
“Through this collaboration, the Secretariat General of the CEC, in collaboration with the three associations, will bring together many initiatives and programmes aimed at supporting the digitalisation of businesses,” he said.
He also highlighted the rapid development of digital technology and business in Cambodia and encouraged enterprises of all levels and sectors, as well as entrepreneurs, to use digital technology to ensure business sustainability, increase productivity, economic efficiency, and Cambodia’s competitiveness in the region and globally.
Signing of this MoU will contribute to the collaboration, especially in supporting enterprises, business owners, and new businesses to grow and be more competitive, said FASMEC President, Oknha Te Taing Por.
“The signing of this memorandum of understanding will provide close cooperation in contributing to the promotion of the digital economy, especially in the small and medium enterprise sector in Cambodia,” Oknha Te Taing Por said.
A latest report from the Ministry of Industry, Science, Technology & Innovation showed that there were some 750,000 businesses in Cambodia as of 2024, 97 percent of them were MSMEs, 2 percent were SMEs, and about 0.2 percent were large businesses.
The ministry has encouraged micro, small, and medium-sized enterprises (MSMEs) to formally register with relevant authorities to access the government’s support programme.
To support MSMEs financially, the government decided to establish SME Bank as a commercial bank with its strategic intent and direction being primarily coherent with the policies set by the government, assuring a sustainable banking system for all SMEs.