Cambodia Investment Review
The American Chamber of Commerce in Cambodia (AmCham), in collaboration with the Cambodia Women Entrepreneur Association (CWEA), hosted an event focused on empowering women entrepreneurs. The gathering, supported by Wing Bank and attended by over 80 participants, aimed to address challenges such as limited access to finance, complex legal compliance, and low digital adoption among women-led SMEs.
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Her Excellency Chea Ratha, Secretary of State of the Ministry of Commerce, was the keynote speaker. Ratha emphasized the significant contributions of women entrepreneurs to Cambodia’s economy, noting that women represent 61% of businesses in the country. “Women entrepreneurs are driving innovation, creating jobs, and fostering inclusive growth. Your resilience, creativity, and determination are truly inspiring,” she said.
Critical Role Of Women In Cambodia’s Economic Transformation
Ms. Kim Tan, Chair of the AmCham Women’s Steering Committee, highlighted the importance of the event. “This event is a testament to AmCham’s dedication to supporting women entrepreneurs in Cambodia. Empowering women-led SMEs is not only beneficial for individual businesses but also for the overall economic development of the country,” Tan stated.
Han Peng Kwang, CEO of Wing Bank, stressed the critical role of women entrepreneurs in Cambodia’s economic transformation. “Empowering women entrepreneurs, especially in the SME and MSME segments, is not just a social imperative but a catalyst for Cambodia’s economic growth,” Kwang remarked. He noted that over 80% of Wing Bank’s agents and 50% of its customers are women. “By supporting women-led SMEs, we are driving innovation, fostering inclusive growth, and investing in Cambodia’s prosperity,” he added.
Ratha highlighted several key accomplishments of the Ministry of Commerce to support women entrepreneurs:
- E-commerce Law: Enacted in May 2020, promoting digital trade and providing a robust legal framework for online business operations. The eCommerce market in Cambodia is projected to reach $1.125 billion in 2024.
- Go4eCam Project: A collaboration with UNDP to boost domestic and international opportunities for SMEs through a digital platform, supporting over 100 SMEs, with 40% being women-led.
- Streamlined Business Registration: An online platform launched in December 2020, simplifying the business registration process. Over 10,000 businesses have registered online, many of which are women-led enterprises.
- Intellectual Property Office: Established to protect the innovations and creations of women entrepreneurs, providing support in securing trademarks, patents, and copyrights.
- Free Trade Agreement Portal: Developed to provide comprehensive information on Cambodia’s trade agreements, expanding export potential for women entrepreneurs.
The event also featured three breakout sessions on Financial Management and Access to Finance, Legal and Regulatory Compliance, and Marketing, Digital, and Technology Adoption, offering participants valuable insights and practical advice.
In closing, Ratha expressed her gratitude to the AmCham Women’s Steering Committee and all participants. “As we look to the future, let us continue to work together to create an ecosystem that nurtures and supports women entrepreneurs. Your success is vital for the sustainable development of our nation,” she concluded.
This event marks a significant step in the ongoing efforts to empower women entrepreneurs in Cambodia, showcasing the commitment of key stakeholders to foster an inclusive and thriving business environment.
