‘A great year for business’: Fasmec’s Taing Por discusses SMEs in 2019

07 Jan 2019 2060 | Business & Trade Fairs

After a roller-coaster of a year in which the country held national elections and the European Union announced it is reviewing Cambodia’s trade status, 2019 seems poised to bring plenty of opportunities to the rapidly-growing SME sector in Cambodia. Khmer Times’ Chea Vannak sits down with Te Taing Por, president of the Federation Association for Small and Medium Enterprises of Cambodia (Fasmec), to discuss the main challenges and opportunities to small businesses in the year ahead.

KT: What were the main challenges for SMEs in 2018?

Mr Taing Por: In 2018, the progress and development of the SME sector in Cambodia faced many challenges. Last year we held a general election which cast a shadow of uncertainty over the business sector. Likewise, the European Union announced that it is considering cancelling Cambodia’s Everything-but-arms (EBA) scheme. These and other issues raised doubts among many small-business owners, who did not know how to react or what to do to grow their firms.

KT: How about 2019. What do you think will be the main challenges in the new year. What will be the opportunities?

Mr Taing Por: 2019 will bring more opportunities than challenges to local SMEs. It will be a great year, I believe. The market is growing rapidly, and support from the government to the SME sector is also on the rise. I expect that the SME Bank, an initiative of the government that will begin operations this year, will boost the sector.