Logo of Phnom Penh Post newspaper Phnom Penh Post - Exports offered $1.6m boost

Exports offered $1.6m boost

Exports offered $1.6m boost

A US$1.6 million World Bank-funded export promotion program launched Tuesday, offering $30,000 grants to companies looking to tap the international market. The Export Market Access Fund (EMAF) runs for 16 months and is aimed at increasing the value and variety of local exports, say organisers.

"The EMAF is crucial for local entrepreneurs to increase their export capacity to tap global markets," said Kem Sithan, a secretary of state for the Ministry of Commerce.

He said that Cambodian exports are lagging behind regional competitors and that the government is working to encourage the sector.

Officials say the economy needs to be diversified beyond tourism, garments, construction and agriculture.

The crisis-hit garment sector is especially worrying for the government. "The garment sector is facing significant risks, and government trade promotions will allow 60 percent of workers to keep their jobs," he said.

"The ministry expects that 50 to 60 companies can benefit from the fund." Three companies have already been shortlisted for grants and 10 others are being considered, he said.

Project manager Joshua Morris said that the grants will play an important role in diversifying Cambodia's export base.

"The companies have to pay 50 percent of the cost - for example, if the firm wants us to develop a new marketing website to promote their products to Europe."

MOST VIEWED

  • EU parliament’s 13-point vote to decide on possible sanctions

    The European Parliament is due to vote on Thursday on a 13-point resolution on Cambodia – which includes a call for the treason charges against bailed opposition leader Kem Sokha to be dropped – a threat that could see the EU enforce a range of sanctions against

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • PM vows to ‘protect’ Chinese interests

    Prime Minister Hun Sen on Tuesday told Chinese companies investing in Cambodia not to worry about contract cancellation in the Kingdom. Speaking at a roundtable meeting with business executives in China as co-chair of the China-Asean Expo, the prime minister told six Chinese conglomerates with