DPM says private sector key to Cambodia's long-term growth

Synopsis: Building a vibrant entrepreneurial ecosystem is essential to empowering entrepreneurs and enabling them to contribute more effectively to economic growth. Permanent Deputy Prime Minister Vongsey Vissoth stated that the private sector remains a key driving force for long-term national economic development, as it plays a central role in generating wealth, creating jobs, and adding value to the economy. Vissoth made these remarks on Saturday evening during the finals of the first season of the 'InnoLab Kampong Thom' project, where top entrepreneurs were awarded after completing 10 months of training and rigorous competition. Describing entrepreneurs as the "engine" of the private sector, acting as its commanders who drive growth and progress, Vissoth said the program demonstrates a strong commitment to promoting entrepreneurship by equipping entrepreneurs, traders, producers, and family-based businesses in Kampong Thom with the skills, knowledge, creativity, innovation, and technology needed to grow and scale into larger enterprises. The event was also attended by Kampong Thom Provincial Governor Nuon Pharath, Provincial Deputy Governor Han Kosal, and CEO of the Skills Development Fund (SDF) Ky Sokkim, along with representatives from ministries, relevant institutions, and numerous business owners. Vissoth said the program demonstrates a strong commitment to promoting entrepreneurship by equipping entrepreneurs, traders, producers, and family-based businesses in Kampong Thom with the skills, knowledge, creativity, innovation, and technology needed to grow and scale into larger enterprises. "I still believe that the private sector remains the driving force of long-term national economic development, as it plays a vital role in creating wealth, jobs, and added value, with entrepreneurs serving as the leaders or 'generals' of the sector," said Vissoth, who also heads the Royal Government Working Group in Kampong Thom province. "Therefore, we must strengthen and further develop entrepreneurship to generate jobs, occupations, and income for the approximately 9.5 million active Cambodian workforce, alongside the 0.5 million employed in the public sector, including civil servants and the armed forces." Vissoth went on to add that building a vibrant entrepreneurial ecosystem both nationwide and in Kampong Thom province is essential to empowering entrepreneurs and enabling them to contribute more effectively to economic growth. He stressed that only when people, particularly entrepreneurs who serve as the engines of the economy, are strong and capable of doing business can the country achieve strength and prosperity. "This effort is also part of strengthening Cambodia's ownership and moving toward a more self-reliant future," he said. "It will help develop a capable population that is knowledgeable, innovative, and able to conduct business, produce goods, create wealth, and add value while respecting legal, social, and environmental standards." Lauding the project for integrating more soft skills, including innovative business ideas combined with appropriate light and medium technologies that are easily adopted by entrepreneurs, Vissoth emphasised the importance of strengthening business models and entrepreneurship incubators to foster creativity and innovation, and to build a more complete and resilient business ecosystem. He added that such efforts would help stimulate local business and investment activities, contributing to the realisation of Prime Minister Hun Manet's vision of making Kampong Thom Province a hub where investment, trade, tourism, and development projects advance together.