Khmer Enterprise (KE) has signed a Memorandum of Understanding (MoU) with American Chamber of Commerce (AmCham) to support a more vibrant business ecosystem driving innovation in Cambodia’s economy.
The MoU will create a collaboration framework with an agreement to hold joint and co-branded events, training workshops, seminars, business matchings, business promotions, pitching events, and entrepreneurial culture promotions.
In addition, AmCham will provide capacity upgrading, mentorship and share information on American business in Cambodia to support the initiative as part of the agreement.
HE Dr Vanmunin Chhieng, CEO of Khmer Enterprise told Cambodia Investment Review the partnership was a first for the organization and while was non-binding ensured there would be a substantial outcome from the agreement.
“AmCham will be the first business chamber that KE has partnered with and will create a substantial outcome for our community by utilizing AmCham’s strong reputation and record of success,” Chhieng said.
There will also be options for KE to collaborate with individual members of AmCham’s network to provide mentorship, consultancy or business services if required.
“For example, we will have a business night soon which AmCham will be involved with so they can meet our community to discuss their services, products and other human resources that can be beneficial,” he said.
“We decided to collaborate with AmCham because it has some of the most respected members some of which we are already working with. Through this agreement, we will aim to continue and grow these collaborations.” Chhieng said.
Anthony Galiano, President of AmCham told Cambodia Investment Review that it was a fantastic opportunity for the chamber to unite in providing the resources, expertise, and network to develop and advance the business marketplace and economy in the Kingdom in support of start-ups, entrepreneurs and SMEs.
“AmCham is one of the fastest-growing chambers in Cambodia and is committed to engagement, action and results in support of the business community and marketplace we operate in for the good of our membership and the country,” Galiano said.
KE was established as an implementation unit of Entrepreneurship Development Fund (EDF) to deliver the support programs and directly work with partners and beneficiaries.
The organization aims to mobilize, invest and manage resources, from all legitimate sources, to support the development of a vibrant entrepreneurial ecosystem and to provide financial and non-financial supports to related entrepreneurial ecosystem builders.
Last year the EDF awarded 27 businesses approximately $400,000 in financial assistance. In addition, the EDF launched the “Angkor 500” program in collaboration with 500 startups, Stanford University and Enterprise Singapore to offer support and guidance to local tech entrepreneurs as they scale regionally and internationally.
The Cambodian government has continued to promote reforms that facilitate economic transformation by addressing financial sector vulnerabilities, SME development, trade facilitation, labour market functioning and investment promotion.
The development of a sustainable and workable ecosystem for entrepreneurs and SMEs is seen as a major factor for Cambodia to achieve its middle-income goal by 2030.