Improving local production, expanding markets key to economic growth, MoC says
Improving local production, expanding markets key to economic growth, MoC says
The Ministry of Commerce (MoC) Thursday encouraged small and medium-sized enterprises as well as domestic manufacturers to produce products that meet market demand and are competitive to replace certain imported goods.
Talking to a media channel, Penn Sovicheat, MoC’s Secretary of State and spokesman said that Cambodia is a food-producing country, known for producing rice, cashew nuts, mangoes, Pailin longans, and aquaculture products, as well as processed goods from various other agricultural products for export.
He said that all these are key sources of economic growth that Cambodia has to continue to maintain sustainability in terms of supply, production, and quality, ensuring they meet market demands, including technical requirements related to capacity and quality.
The ministry also works to promote and encourage processing, which helps capture market opportunities and attract buyers and also for exporting, he said.
He went on to add, “Processing will help create a brand for products ‘Made in Cambodia’ label, the ministry is actively promoting this brand in European markets, the US, China, and some Asian markets.”
“The Ministry of Commerce would like to encourage small and medium-sized enterprises, as well as domestically produced businesses, to manufacture goods that we can produce at a cost-effective price, meeting market demand while remaining competitive for local consumption,” said Sovicheat.
Addressing the opening ceremony of the Cambodia Trade Expo in 2024, Prime Minister Hun Manet said that strengthening old markets and expanding new markets must continue to ensure that Cambodian products have suitable markets both domestically and internationally.
He underlined the importance of deepening integration into the global economy and seeking new markets that offer benefits by negotiating bilateral, regional, and multilateral free trade agreements.
According to the report of the Ministry of Industry, Science, Technology, and Innovation (MISTI), the ministry registered 1,292 new small and medium enterprises (SMEs) in 2024, bringing the formally registered SMEs to 43,970 as of last year.
