PHNOM PENH, June 26 (Xinhua) -- Cambodia on Thursday marked its second National Micro, Small and Medium Enterprises (MSME) Day here, expressing the enterprises' readiness for the kingdom's graduation from the Least Developed Country status in 2029.
The celebration brought together hundreds of entrepreneurs, policymakers, business leaders, and development partners, and it featured an MSME product exhibition, panel discussions, and a special forum.
"MSMEs have actively contributed and will have a more critical and key role in Cambodia's journey towards LDC graduation by the end of 2029," said a congratulatory message of Prime Minister Hun Manet delivered during the event by Hem Vanndy, minister of industry, science, technology & innovation.
The message highlighted that MSMEs are increasingly integrated into formal financial systems, with over 1.5 million self-employed individuals now using QR code-based accounts and over 820,000 MSME owners having gained access to credit, accounting for more than a third of total loans in the banking sector.
Cambodia has continued to attract foreign direct investment, with high growth in the industrial sector forecasted at about 7.8 percent in 2025, said a press release at the event.
This trend has opened up new opportunities for MSMEs to contribute to economic diversification, integrate into supply chains that increasingly demand local inputs, and enhance value addition.
Speaking at the event, Deputy Prime Minister Aun Pornmoniroth, also minister of economy and finance, said a vast number of economic units in Cambodia are MSMEs.
"They serve as a vital backbone of the society and economy and play a significant role in job creation, income generation, poverty reduction, and the promotion of sustainable, inclusive and resilient development," he said.
According to the 2022 Economic Census, Cambodia has over 753,000 MSMEs, employing nearly 3 million people, about 60 percent of whom are women.
The sector contributes 63 percent of the national gross domestic product and remains central to Cambodia's ambitions to create a more diversified, innovation-driven economy. ■
