PHNOM PENH, Cambodia – August 3, 2017 – The Young Entrepreneurs Association of Cambodia (YEAC) in collaboration with the Cambodia Women Entrepreneurs Association, Cambodia Chamber of Commerce, and Mekong Business Initiative launched a groundbreaking Business Information Center (BIC) to facilitate and expedite the start-up process for new businesses and private sector growth in the Kingdom. The BIC will provide small and medium-sized enterprises (SMEs) a one-stop resource for up-to-date information on business laws and regulations, opportunities, and business support services. It aims to play a leading role in clearing obstacles to business incorporation and formalization.
The BIC received technical support from the Asian Development Bank and Australian Government-supported Mekong Business Initiative (MBI). The MBI worked alongside YEAC to document and evaluate business registration and licensing processes, giving special attention to gaps between formal and actual processes. The results of this work coupled with feedback and suggestions from around 300 other SMEs were used to inform the establishment of the BIC.
The center will act as an open platform for SME support services, including guides and toolkits, a database of financial support services, and tailored industry market insights. The BIC will also provide business matching, training information, job listings and an SME event calendar.
“Lack of access to reliable and up-to-date information leads to an uneven compliance with rules and regulations and a loss of motivation. Cambodia’s entrepreneurial energy is at an all-time high. Through the BIC, we want to ensure that entrepreneurs can reach their full potential.” said Oknha Sok Piseth, President of YEAC.
“The BIC is a necessary step towards fomenting a vibrant entrepreneurial ecosystem in Cambodia. This unified information resource will be a game changer for entrepreneurs, who would otherwise face days of burdensome research spanning multiple ministries and departments, and it will promote transparency in the implementation of licensing procedures and regulations,” said Dominic Mellor, senior ADB economist and head of the MBI.
About the Mekong Business Initiative (MBI) – MBI is an advisory facility that promotes private sector development in Cambodia, the Lao People’s Democratic Republic (Lao PDR), Myanmar, and Vietnam. MBI fosters development of the innovation ecosystem by supporting business advocacy, alternative finance and innovation. It is supported by the Asian Development Bank and the Government of Australia. On Facebook: Mekong Business Initiative.
About the Young Entrepreneurs Association of Cambodia (YEAC) – YEAC was established as a volunteer-driven non-profit organization, driven by a common belief that young entrepreneurs and business leaders play key roles in generating employment and advancing Cambodia’s economy. YEAC’s mission is to support the development and strengthening of Cambodia’s young entrepreneurs to sustain and grow their businesses.