New gov’t to focus on MSME diversification: official

New gov’t to focus on MSME diversification: official

The new government is expected to inject more funds into micro-small and medium size enterprise (MSMEs) – more for specific sectors though.

Hem Vanndy, a secretary of state for the Ministry of Economy and Finance (MEF), said MSMEs are the backbone of a country’s economy but access to finance in the sector remains limited due to challenges.

He said this during the “Non-Sovereign Forum” on August 9, which was participated by private sectors and development partners, Asian Development Bank (ADB), International Finance Corporation (IFC) and Paris-based PROPARCO.

“If you look at where Cambodia is moving towards in the next five to 10 years with the new Prime Minister, diversification is very important. But how do we diversify?” he said.

Diversification, which is at the center of the ministry’s effort, has resulted in the exploration of new industries and more importantly, in the transformation of MSMEs, which is a core agenda for Hun Manet.

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By May Kunmakara | Phnom Penh Post | Publication date 09 August 2023