The MoU intends to establish a collaboration to jointly share knowledge and expertise, as well as provide advisory and business matching opportunities aimed at supporting the growth of SMEs in Cambodia. The MoU also aims to facilitate business and investment potentials between Cambodian and Malaysian SMEs.
Terrence Teoh, Managing Director and Chief Executive Officer of HLBCAM signed the MoU with Ding Hong Sing, National President of SME Association of Malaysia during a ceremony at the Hyatt Regency in Phnom Penh. It was witnessed by H.E. Eldeen Husaini, Malaysia Ambassador to Cambodia and H.E. Cheuy Vichet, Cambodia Ambassador to Malaysia.
As a bank that recognises the vital role of SMEs in Cambodia’s economic growth, Teoh reaffirmed HLBCAM’s commitment to supporting SMEs to strengthen their business resiliency during the next phase of the pandemic recovery and help them to rebuild stronger and more sustainably through various trade and investment opportunities. SMEs in Cambodia account for 98 percent of businesses, contributing 73 percent to employment and 58 percent to the gross domestic product (GDP).
While pointing out the significance of the MoU, Teoh said, “With SMEs as a key contributor to Cambodia’s economic growth, we share the same goal as Cambodia to help spur the enterprise spirit and boost economic development. Through this MoU, I believe our joint capabilities and deep insights into both markets can help our Cambodian and Malaysian SME customers navigate mutual business matching opportunities. We are also able to help them connect with a broader range of business and financial solutions, especially in digital innovation to drive business performance and greater sustainability.”
Representing the SMEs community in Malaysia, Ding Hong Sing said that the MoU would open up beneficial opportunities for SMEs from both countries to foster collaboration. “Our common aim is to share industry expertise and know-how through study visits, workshops, and seminars with relevant business partners. By combining forces, we are able to help SMEs realise the full potential and opportunities to be harnessed from the growing Cambodian and Malaysian SME sectors.”
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Author: Adur Pradeep
Source: Khmer Times
May 02, 2022
