Cambodia’s Enterprise Registration Surpasses Milestone with Nearly 20,000 Businesses Registered

• 15 May 2023
• Local News
• 1190 Views

The number of registered enterprises with the Ministry of Labor and Vocational Training has reached an impressive figure of 17,102. This announcement came during a talk program held on May 14, 2023, where Dr. Ith Sam Heng addressed 3,713 individuals representing 384 factories across various districts in Phnom Penh.

The registered enterprises collectively provide employment opportunities for approximately 1.5 million people and generate an average annual revenue of over US$4.55 billion, benefiting more than 2 million individuals indirectly through associated industries.

Among the sectors contributing significantly to Cambodia’s economy, the textile, garment, footwear, and travel products and bags industry stands out with 1,325 factories. This sector alone recorded an impressive export value of over $12.8 billion in 2022, solidifying Cambodia’s position as a leading exporter of garments in the international market. With over 850,000 workers employed, this industry plays a crucial role in driving the country’s economic growth.

Additionally, the first quarter of 2023 witnessed a rise in the registration of professional organizations, totaling 6,064 in number. This includes 5,741 local unions, 268 trade unions, 42 unions, and 13 employers’ associations, reflecting the increasing recognition of the importance of professional associations and unions in fostering a conducive working environment.

The steady growth in enterprise registration and the significant contributions made by various industries underline Cambodia’s progress and potential for further economic development. The country’s commitment to nurturing a thriving business environment continues to attract both domestic and international investors, setting the stage for a promising future.

• Projects Development