Phnom Penh (FN), Apr. 10 – Cambodian prime minister Hun Sen said that small and medium enterprises (SMEs) and handicrafts have been playing an important role in socio-economic development and as the engine of economic growth, a major source of job creation and wealth, which will help reduce poverty and economic inequality for Cambodian people.

The premier spoke during his sodality dinner with SMEs members on Monday (Apr 10) at Diamond Island.

“SMEs and handicrafts have been playing an important role in the socio-economic development, especially in developing countries like Cambodia. SMEs and handicrafts is the engine of economic growth, the main source of job creation, the birthplace of national wealth, and a key player in reducing poverty and reducing economic inequality for the Cambodian people,” the premier underlined.

On that occasion, Samdech added that the Royal Government has always considered SMEs and handicrafts as the backbone of the national economy and an indispensable partner in the socio-economic development of Cambodia.

Samdech continued that the Royal Government has established the Committee for Policy Action to promote SMEs, which is an inter-ministerial mechanism for studying, researching, evaluating and solving the challenges of SMEs in Cambodia.

The premier underscored that the Royal Government has been preparing a draft law on SMEs and a policy for the development of SMEs to systematically address the challenges and support SMEs entrepreneurs with efficiency, transparency, accountability, environment and sustainability.

According to the report of Oknha Te Tang Po, chairman of Federation of Associations for Small and Medium Enterprises (FASME), the total number of small and medium enterprises and handicrafts is approximately 700,000 bases (equivalent to more than 90 per cent), of which in the manufacturing sector holds about 40,000 bases (equivalent to about 7 per cent) and food processing is about 80 per cent.
=FRESH NEWS