EU provides the assistance of 2 million dollars to young Cambodian entrepreneurs to boost business after the Covid-19 crisis.

Cambodia: Young entrepreneurs in the coastal region have received financial support of 2 million dollars from the European Union fund(EU). The EU Fund has provided to young entrepreneurs through Action Education to provide training, job creation, and improving the lives of coastal citizens who have been affected by Covid -19 pandemic.

Image from VOD

The amount of US 2 million dollars has been provided to young entrepreneurs in coastal provinces there are Sihanoukville, Koh Kong, Kampot, and Kep to network entrepreneurs, and share business lessons and build up the youth’s ability to improve Cambodia's economic growth. According to Mr. Vorn Samphas, Country Director for Aide et Action (Action Education) Cambodia, this grant package is part of the Alliance for Sustainable Development and Voice for Equity (CO SAVED) project to promote economic growth in coastal fishing communities.

He added that This project will support entrepreneurs, including small and medium-sized businesses, up to 208 in the coastal areas to make it better competitive. He continued to say that We focus on the poorest communities to those who are most affected by climate change, Covid-19, and other factors.

According to Mr. Samphas, the implementation of this project is shown and joined by the most key players in the public sector, the private sector, and civil society to develop small and medium enterprises, which are the most important to the national economy. However, he added, We have about 80 projects that entrepreneurs and small businesses with medium-sized businesses will have come to learn about and receive between $ 3,000 to $ 30,000 for business ventures.

The Covid-19 crisis and the war between Russia and Ukraine have continued to affect Cambodia's exports. Imports of various agricultural products and saliva into the Chinese market have also been restricted. Me. Sat Kok An, a breeder, and supplier of earwax nests in Sihanoukville, has said that at the present, the export of earwax nests to China is difficult due to Chinese customs having restrictions on imports. Moreover, the Chinese authorities are afraid of imported food products because they are afraid of getting infected.

Mr. Kok An has said that, if in the future, if our government signs a memorandum of understanding (MoU) for agricultural exports, that will be better for our farmers as well as our traders in Cambodia. The earwax nets are kind of health and beauty support. This entrepreneur can supply 30 to 50 kilograms per month in Phnom Penh and Sihanoukville with prices ranging from $ 650 to $ 2,000 per kilogram.

Mr. Hong Hun Ty, President of the Cambodian Young Entrepreneurs Association will be committed to helping Sihanoukville province to be better. He added at the launch of the CO SAVED project on the afternoon of July 8, 2022. as the following, we will increase business marketing and the capacity with the network of this province, country, and international markets for business owners in this province.

At the same time, Mr. Pech Bolen, Executive Vice President of the Young Entrepreneurs Association of Cambodia (YEAC) said that YEAC will increase cooperation with relevant institutions to ensure regional competition in the digital technology business, business environment, innovation, and Innovation of small and medium enterprises (MSME) in Cambodia.

According to Mr. Penh Bolen, currently, YEAC has 450 members with about 800 businesses nationwide. He confirmed that the Cambodian Young Entrepreneur Sihanoukville Branch is the sixth branch after Siem Reap, Kampong Cham, Tbong Khmum, Battambang, Banteay Meanchey, and Kratie.