Oxfam and Young Entrepreneurs Association of Cambodia (YEAC) co-organised on Thursday a “Sustainable Business Forum” under the theme “Together for Micro, Small and Medium-sized Enterprises Growth in Cambodia” to promote responsible, inclusive and sustainable business practices in Cambodia.
Oxfam and YEAC see a direct link from their support in inclusive and sustainable business to promote environmental responsibility, social responsibility, and economic growth. Implementing sustainable business practices is a win-win strategy for both SMEs and society.
By prioritising sustainability, small and medium enterprises can reduce cost, improve efficiency, and enhance their brand reputation. At the same time, these practices contribute to the overall well-being of the society by reducing carbon footprint, minimising waste and pollution, and conserving natural resources. Sustainable business practices can benefit society by addressing global challenges, such as climate change, inequality, and poverty.
Oxfam via Inclusive Green Economy (IGE) programme works with public and private sector actors to promote inclusive business models, with a gender focus, that create an enabling environment for small-scale producers (SSPs) to be more resilient against climate change.
The support includes business technical assistance, access to finance, access to market, and access to technology. Oxfam tries to incorporate SSPs and women in the value chain by training them on both soft and hard skills to help them have a diversify livelihood.
Oxfam National Director Ms. Sophoan Phean said embracing inclusive and responsible business practices not only holds immense importance for driving economic growth but also plays a crucial role in alleviating poverty. As part of the private sector, SMEs/MSMEs play an instrumental role in this aspect, but they require assistance to expand and adopt these practices. Therefore, we recognise the necessity of supporting them to operate in a more responsible, inclusive and sustainable manner.
“Oxfam believes public, private partnerships (PPP) in collaboration with the NGO sector can harness the needed resources, and expertise to support the growth of SMEs/MSMEs for a more equitable and prosperous future for Cambodia and the ASEAN,” she said.
Pech Bolen, President of YEAC said that recently, Young Entrepreneurs Association of Cambodia has established a Young Entrepreneurs Development Centre (YEDC) to support capacity building of young entrepreneurs, especially YEAC’s members in order to compete in ASEAN and beyond, to access to investment opportunities, as well as to join venture with local and international investors.
SMEs represent 99 percent of registered businesses in Cambodia and employ about 70 percent of workers. SMEs operate and create opportunities across sectors; they employ different labour force segments, including low-skilled workers, and provide skill development opportunities.
Thus, SMEs have a critical role to play in addressing social and environmental challenges through growth, sustainability, and inclusion.
The forum provides an insight on sustainable business practices that contribute to local economic activity, social well-being, and environmental footprint.
The forum concludes on a positive note highlighting a need for kind of “Sustainable Business Platform” to keep the momentum of sustainable business practices going in Cambodia. Most SMEs and stakeholders are interested in the platform.
Participants saw the forum as an engagement opportunity to go beyond corporate social responsibility and promote sustainability that contributes towards green growth that is in line with the commitment of the Royal Government of Cambodia.
Source: Agence Kampuchea Presse