In mid-September, under the eyes of the Preah Sihanouk provincial governor and the head of the port authority, the Federation of Associations for Small and Medium Enterprises of Cambodia (FASMEC) signed a memorandum of understanding with the Sihanoukville Autonomous Port. From here on out, local businesses shipping goods out by sea will get smoother paperwork and better rates at the docks, making it a lot faster to get local handicrafts and farm produce overseas.
The head of the association noted they have spent the last few years trying to find new pathways for local SMEs. Aside from working with government bodies to cut down the red tape on business registration and export procedures, they have been figuring out ways to slash costs so local products can stand up better against foreign imports. Beyond the port deal, the association is also gearing up to sign an agreement with the Rural Development Bank at the end of the month to secure low-interest loans for micro and small businesses looking to expand their workshops.
According to official local figures, SMEs make up the vast majority of businesses nationwide and drive the lion's share of jobs and economic output. Walk down any street here and you will see small workshops and mom-and-pop shops everywhere. From local artisans to small-factory bosses, people are up before dawn and working late—and what they care about most is simple: getting a loan when they need it, and getting their goods shipped out without a hitch.
