Hong Leong Bank (Cambodia) has joined in partnership with the SME Association of Malaysia to push for the growth of small and medium enterprises (SME) in Cambodia. This will be accomplished through the sharing of knowledge and expertise, providing advisory and business matching opportunities, while facilitating potential business and investments between the countries.
A memorandum of understanding (MoU) signing was participated in between Managing Director and CEO of HLBCAM, Terrence Teoh, and National President of SME Association of Malaysia, Ding Hong Sing.
As SMEs play a vital role in Cambodia's economic growth, Teoh reaffirmed HLBCAM's commitment to supporting SMEs to strengthen business resiliency in the pandemic recovery phase through trade and investment opportunities.
"We share the same goal as Cambodia in spurring the enterprise spirit and boosting economic development. Through this MoU, I believe our joint capabilities and deep insights of both markets can help our Cambodian and Malaysian SME customers navigate mutual business matching opportunities, alongside helping them connect with a broader range of business and financial solutions, especially in digital innovation to drive business performance and greater sustainability."
"Our aim is to share industry expertise and know-how through study visits, workshops, and seminars with relevant business partners. By combining forces, we can help SMEs realise their full potential and harness opportunities between the growing Cambodian and Malaysian SME sectors,” said Ding Hong Sing on how the MoU would foster collaboration.
H.E. Cheuy Vichet, Cambodia's Ambassador to Malaysia and a witness to the event, said the MoU aligns with Cambodia's national aspirations to drive industrial development through economic diversification, enhancing competitiveness and strengthening productivity as outlined in the Royal Government of Cambodia-approved Industrial Development Policy 2015-2025.
"The MoU will help Cambodian SMEs expand the entrepreneurial ecosystem, support Cambodia's socio-economic development aim, drive sustainable and inclusive high economic growth, and enhance industrial sectors," said His Excellency.
H.E. Eldeen Husaini, Malaysia's Ambassador to Cambodia, reaffirmed the 65-year strong bond between the countries, citing the MoU as a reflection of their commitment to strengthen ties, especially in bilateral trade.
"This MoU will pave the way for mutually beneficial collaborations and opportunities for SMEs from both countries to strengthen the SME landscape and contribute to enhanced competitiveness in the region," said His Excellency.