Logo of Phnom Penh Post newspaper Phnom Penh Post - GIZ fund of $4.5M to reinforce Kingdom’s SMEs

GIZ fund of $4.5M to reinforce Kingdom’s SMEs

Content image - Phnom Penh Post
Ministry of Industry and Handicrafts undersecretary of state Son Seng Huot and a GIZ representative signed off on the aid on Thursday at the “National Website for Small and Medium Enterprises” workshop in Phnom Penh. Thou Vireak

GIZ fund of $4.5M to reinforce Kingdom’s SMEs

German international development organisation Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) will provide $4.5 million in aid to promote a small- and medium-sized enterprise (SME) development project in four Asean countries, including Cambodia.

In Cambodia, Ministry of Industry and Handicrafts undersecretary of state Son Seng Huot and a GIZ representative signed off on the aid on Thursday at the “National Website for Small and Medium Enterprises” workshop in Phnom Penh.

However, neither party disclosed the financial share for the Kingdom.

GIZ said the assistance falls under the Asean-German Cooperation’s Strengthening Regional Structures for Small and Medium Enterprise Promotion in Asean project.

Lor Sathya, the deputy director-general of the ministry’s General Department of Small and Medium Enterprises and Handicrafts, said the three-year project will be implemented in Cambodia, Laos, Myanmar and Vietnam.

The funds will help SMEs access critical public services related to business processes, as well as technological education, new technologies, various services and business communication networks, Sathya said.

“The project will help strengthen the ability of Cambodian SMEs to gain access to the international market and facilitate the context of policies and regulations in the regional business environment.

“Establishing appropriate information relay systems, consultation networks and structure to the development of Cambodian SMEs will help strengthen their ability to compete with foreign SMEs,” he said.

GIZ country director for Cambodia Gunter Riethmacher said the project aimed to improve information systems and promote services for SMEs within the framework of the Asean Strategic Action Plan for SME Development 2016-2025.

He said it will also improve the Asean SME Service Centre, reinforce the National SME Information Centre and promote national SME services for internationalisation.

“The GIZ agreements on Asean Small and Medium Enterprise Projects 2019-2021 is also to develop the National SME Information Centre for Cambodia and its action plan,” he said.

A survey from the ministry said 71 SMEs need assistance in improving in certain areas – including hygiene standards, market research, service development and packaging, technology, human resources and labour, access to finance, business registration and taxation.

MOST VIEWED

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American

  • Nearly 2,000 detained for Phnom Penh curfew breach

    Nearly 2,000 people were detained in the capital for violating the curfew imposed by the government and Phnom Penh Municipal Administration. Municipal police spokesman San Sokseyha told The Post on May 16 that people were detained in two phases. In phase one, the government locked down Phnom