Phnom Penh: The Federation of Associations for SMEs of Cambodia (FASMEC) organised here on April 7 its annual general assembly under the presidency of Minister of Industry, Science, Technology and Innovation H.E. Hem Vanndy. In his address to the assembly, H.E. Hem Vanndy shared that Cambodia’s economy grew by around 6 percent in 2024, driven by growth of key economic sectors, with the industrial sector expanding 8.5 percent.

According to Agence Kampuchea Presse, SMEs are central to this momentum. ‘In Cambodia, SMEs make up 98 percent of all business units, employ around 70 percent of the workforce, and contribute 58 percent to the country’s gross domestic product,’ he said. ‘They are a cornerstone of the national economy and household livelihoods, harnessing local resources, labour, and raw materials, while increasingly adopting new technologies to drive socio-economic development.’

H.E. Minister also commended FASMEC for its past year’s achievements, contributing to the Royal Government and MISTI in advan
cing the growth of SMEs. “For 2025, I encourage FASMEC to build on its momentum by expanding activities through innovative initiatives and strong collaboration with local and international partners,’ he added. ‘By helping SMEs become more competitive, sustainable, and modern, FASMEC will not only serve its members’ interests but also play a vital role in strengthening Cambodia’s entrepreneurial ecosystem.”

According to the Ministry of Industry, Science, Technology and Innovation (MISTI), the general assembly that focused on FASMEC’s 2024 review and 2025 planning also featured a local product exhibition and an award ceremony for FASMEC’s outstanding members.