Prince Holding Group (“Prince Group”), one of the largest conglomerates in Cambodia, has finalized a memorandum of understanding (MOU) with the Ministry of Education Youth and Sport (MoEYS) to launch a scholarship program for Cambodian university students.
Prince Group will provide full tuition fees and stipends for 400 selected students to pursue their Bachelor of Science degrees at top Cambodian universities including Royal University of Phnom Penh, National University of Management, and Institute of Technology of Cambodia. In total, Prince Group will provide over $2 million across seven years.
As public-private partnerships are essential, Prince Group will work with the government to achieve the goals outlined in the Education Strategic Plan (2019-2023).
Prince Group will work with MoEYS to ensure students get financial support, training, mentoring and work opportunities to bolster learning in three areas: sustainable development of the real estate sector; advancing financial inclusion and the digital economy in the banking and finance industries, and the promotion of world class hospitality standards, meeting the future human capital needs of the local economy.
Through internships, students will learn from top professionals in Cambodia – Prince Group, which oversees more than 80 businesses, possesses a diverse workforce with 20% of employees hailing from places like Singapore, Malaysia and Greater China.
His Excellency Hang Chuon Naron, Cambodia’s Minister of Education Youth and Sport, commented: “We welcome the cooperation of employers that take their role as educators seriously. Cambodia’s road to recovery will require bright young minds from all parts of the country and MoEYS, along with its partners, will remove obstacles, offer targeted guidance, ensure equitable access to education and work opportunities to ensure talented students focus on learning and acquiring skills that will be important for Cambodia’s future.”
“We are pleased to launch one of Cambodia’s largest scholarship programs sponsored by a private enterprise,” said Gabriel Tan, Chief Communications Officer of Prince Holding Group. “Prince Group’s various units are excited to welcome Cambodian students into our family as we will create strong internship and management trainee programs to train, nurture and educate the leaders of tomorrow. The Chen Zhi Scholarship seeks to provide both academic and practical experience for the students, by providing both a first-rate education and exposure to an international working experience.”
The scholarship will be spearheaded by Neak Oknha Chen Zhi, Chairman of Prince Group, who was recently recognized as the Entrepreneur of the Year among leaders of conglomerates at the 2021 International Business Awards, due to his business and corporate social responsibility leadership over the course of the pandemic.
Under Chen Zhi, Prince Group follows a holistic environment, social and governance framework (ESG) that aims to make a long-term impact in Cambodia. Prince Group has opened the Prince Horology Vocational Training Center, Cambodia’s first independent watch school. The training center gives Cambodian youths the opportunity to learn a new artisanal skill – watchmaking – and gain the necessary experience to help them in job markets in Cambodia and abroad.
In August this year, Prince Group had also sponsored the Career Preparation Program run by Caring for Cambodia, a leading charity, to help high school students. Prince Group will continue to actively seek out ways to contribute to better educational outcomes for Cambodians from all walks of life.