Recently, in order to address the challenges faced by local micro, small, and medium-sized enterprises (MSMEs), the Cambodian Ministry of Industry, Science, Technology, and Innovation (MISTI) held a forum event. The event was chaired by Hem Vanndy, Minister of Industry, Science, Technology and Innovation, and attended by 260 delegates, including representatives from the private sector, development partners (including United Nations agencies), and officials from multiple government agencies.

Cambodia's small and medium-sized enterprises face 22 challenges

Han Wandi stated that small and medium-sized enterprises play a crucial role in driving Cambodia's economic growth and creating employment opportunities. The Cambodian government is committed to creating a favorable business environment for small and medium-sized enterprises to promote their better development. He said, "The private sector is the backbone of the economy, and we must work together to identify and solve the problems that hinder its growth

At the 19th Government Private Sector Forum last year, the Ministry of Industry, Science, Technology and Innovation proposed solutions to address the challenges faced by the private sector. At present, many problems have been resolved, but there are still some challenges that require government intervention.

The meeting discussed 22 challenges and issues, including compliance requirements for product registration and taxation, market competition, financing, labor skill levels, and rising production costs (due to high transportation and energy prices).

Han Wandi emphasized that local enterprises need to prepare for Cambodia's graduation from the least developed country (LDC) status. As we continue to move forward, the competitive environment will become more complex, and small and medium-sized enterprises need to explore their unique strengths and strengthen their business and competitiveness, "he said.

MISTI will continue to collaborate with private sector stakeholders to ensure that their voices are heard by the government in the process of economic intervention and policy-making.

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