PHNOM PENH, Oct. 22 (Xinhua) -- Cambodia officially launched its 2026-2030 National Strategy on Micro, Small, and Medium Enterprises (MSMEs) on Thursday, positioning the sector as a primary engine for long-term economic growth and social progress.
Speaking at the launch event in Phnom Penh, Prime Minister Hun Manet said that the five-year plan aims to transform MSMEs into a powerful catalyst for national development.
He noted that strengthening domestic capacity and competitiveness is vital as Cambodia aims to diversify its economy, boost productivity, and graduate from Least Developed Country (LDC) status by late 2029.
"MSMEs are the backbone of the Cambodian economy, driving job creation, boosting incomes, fostering entrepreneurship, and strengthening national economic resilience," Hun Manet said.
He urged MSMEs to embrace digital technology and innovation to boost their businesses, while urging bankers to provide them with loans at competitive interest rates.
According to Cambodia's latest economic census, the country has approximately 753,670 business establishments, including more than 60,500 small and medium enterprises.
The sector employs nearly 3 million people, contributes roughly 63 percent of the nation's gross domestic product (GDP), and accounts for over 70 percent of non-agricultural employment.
Minister of Industry, Science, Technology & Innovation Hem Vanndy outlined the strategy's four key pillars, which begin with improving the business environment and legal-regulatory framework alongside enhancing production and service capabilities through technology and innovation.
The strategy also focuses heavily on boosting competitiveness in both national and international markets while simultaneously developing supporting hardware and software infrastructure.
"This strategy serves as a definitive roadmap for building a resilient, sustainable foundation for local enterprises," he said.
Vanndy added that by boosting production capacity to meet domestic demand and driving import substitution, the framework aims to accelerate the integration of Cambodian MSMEs into regional and global value chains. ■