AKP Phnom Penh, February 27, 2025 --

The Ministry of Industry, Science, Technology, and Innovation (MISTI) registered nearly 1,300 new micro, small, and medium enterprises (MSMEs) last year, bringing the total number of MSMEs to nearly 44,000, according to a MISTI’s report. 
The formal MSMEs created a total of 476,200 jobs for the locals, the same source added.

The government has promoted the registration of SMEs in the informal sector into the formal economy, said H.E. Hem Vanndy, Minister of MISTI. “These efforts have reflected the ministry’s commitment to developing entrepreneurs and boosting a sound environment for business growth,” he said at the ministry’s annual meeting on Feb. 26. 

The ministry is committed to fostering entrepreneurship and supporting the growth of SMEs, H.E. Hem Vanndy said, adding that, efforts include formalising the informal economy to create new and decent jobs, as well as developing and revising legal frameworks and regulations.

As the SME sector is the backbone of the economy, the Royal Government of Cambodia has tasked the ministry and other stakeholders to jointly work to motivate informal ventures to integrate into the formal economy.

The state-run SME Bank assures a reliable and sustainable banking system for all SMEs through disbursement of loans to help SMEs expand their businesses.

By Chea Vannak