MSMEs account for up to 90% of businesses, 60% to 70% of employment, and half of global GDP. This year’s celebration, themed “Building a Stronger Future Together,” aims to bring together MSMEs, enablers, community builders, government organizations, and public entities to share insights, foster collaboration, and learn from each other’s experiences.
The United Nations General Assembly designated MSME Day in 2017 to raise awareness about the significant contributions of MSMEs to the achievement of the Sustainable Development Goals (SDGs). The UN Trade and Development workshop, organized with the International Council for Small Business and other partners, will discuss the role, potential, and challenges of MSMEs in contributing to the SDGs and the circular economy.
By celebrating MSME Day, we recognize the resilience and adaptability of small businesses, especially in the face of global challenges and uncertainties. It is an opportunity to support and empower MSMEs, which are the backbone of many economies, and to foster an enabling environment for their growth and success.
The Top 10 Micro, Small, and Medium Enterprises Trends for 2024 published by International Council for Small Business (ICSB):
1. MSMEs Forming Collaborative Alliances
2. Peace for Economic Development and Prosperity
3. Artificial Intelligence and GEN AI
4. Agribusiness and Agtech for MSMEs
5. Delivery Economy and Agility of MSMEs
6. Circular Economy Business Models
7. The Evolution of WomenPreneurs
8. Humane Entrepreneurship:Coaching and Mentoring of Employees
9. Tourism and Sports for MSMEs Development and Growth
10. Access to Sustainable Finance for MSMEs
(Source: https://icsb.org/toptrends2024/)
MSMEs in The Royal Kingdom of Cambodia:
1. Strategic Policies by The Royal Government of Cambodia (RGC) and Incentives for Growth of Small and Medium Enterprises: The Royal Government of Cambodia (RGC) has prioritized supporting and facilitating private sector businesses, especially MSMEs, which make up 99% of all businesses nationwide.
2. Future of MSMEs in The Royal Kingdom of Cambodia: As Cambodia progresses as a developing nation, small and medium enterprises (SMEs) take a prominent role in the growth and success of the country.
3. Empowering SME Growth through Enhanced Financial Accessibility in Cambodia: Recent initiatives led by institutions like SME Bank of Cambodia, coupled with supportive government policies in 2023 and 2024, are beginning to address these challenges, providing new opportunities for SMEs to thrive.
4. SME Cluster Parks in Cambodia: SME cluster parks can help Cambodian SMEs thrive and boost economic growth. By bringing companies together they facilitate collaboration and innovation.
5. WomenPreneurs Drive MSME and Economic Development in The Royal Kingdom of Cambodia: Cambodia’s economic landscape is experiencing a dynamic shift, with enterprises flourishing not only in city centers but also within the heart of rural communities. These businesses play a sizable role in collective employment, providing jobs to nearly 3 million individuals, of which a substantial majority are women, totaling 1.84 million. This widespread involvement of women-led ventures marks a decisive turn toward more equitable and inclusive economic growth.
6. The Royal Kingdom of Cambodia Supports Sustainable Growth: ESG (environmental, social, and governance) practices boost any business’s value in the eyes of investors looking for new options. Cambodia’s focus on supporting SMEs (small and medium-sized enterprises) in its push for economic sustainable growth aligns with this goal.
7. SMEs in The Royal Kingdom of Cambodia are Going Digital: The digitalization of SMEs in Cambodia offers numerous benefits, from enhanced business efficiency and financial support to improved digital skills and market expansion. The proposed initiatives including digital platforms, financial grants, supporting hubs and awareness programs provide a comprehensive framework for SMEs to embrace digital transformation.
8. Pentagonal Strategy – Phase I: During August 2023, Prime Minister Samdech Moha Borvor Thipadei Hun Manet officially launched the Pentagonal Strategy – Phase I and the key measures for the Royal Government of Cambodia (RGC) to be implemented in the next five years to transform Cambodia into a high income nation by 2050. Pentagon 3 Side 2 as part of Pentagonal Strategy – Phase I, focuses entirely on “promotion of micro, small, and medium enterprises, startups, entrepreneurship and development of informal economy”.
