The private sector plans to launch the first small and medium-sized enterprise (SME) competition in Cambodia to promote the SME sector and seek financial loan support for business expansion.
PLMP Venture Capital Co Ltd, the investment arm of Singapore-based blockchain firm PLMP FinTech Pte Ltd, and the Federation of Association for Small and Medium Enterprises of Cambodia (Fasmec) have jointly organised the event, which will take place on July 3 at the Himawari Hotel in Phnom Penh.
Fasmec president Te Taingpor told The Post on Monday that the event will help SMEs in Cambodia who are facing a shortage of capital to expand their businesses. “We set up this competition to find the winners in the SME sector and also promote them.”
Through the competition, entrepreneurial candidates will demonstrate their ability to manage their businesses, he said. “This serves to endorse SME entrepreneurs that adopt and adhere to hygienic practices in the preparation of their products.”
Mao Sothea, a sales manager at Kirirom Food Product Co Ltd, a mango processing factory, told The Post that the competition will give entrepreneurs exposure and an opportunity to find the support and funding they need.
“The event will provide SME entrepreneurs the opportunity to seek out investment partners and expand their operations,” she said.
Currently, the government is making an effort to support SMEs in Cambodia through the SME Bank with a $150 million capital investment to provide low-interest loans to the SME sector in Cambodia.
At the same time, the government has also disbursed $50 million in financing through the Agriculture and Rural Development Bank (ARDB) to support SMEs in the agro-industrial sector.
The top three winners of the competition will receive a trophy plus a certificate and qualify for funding of up to $1 million in investment from PLMP Venture Capital, it said in a statement.