Startups

$2m Funding for Coastal Entrepreneurs Officially Launches

Entrepreneurs living in Cambodia’s coastal provinces can now tap into a $2 million fund created to help innovation grow across the region.
A man sells clothes on a remoque in Preah Sihanouk province. Kiripost/Penh Chamroeun
A man sells clothes on a remoque in Preah Sihanouk province. Kiripost/Penh Chamroeun

PREAH SIHANOUK PROVINCE, A $2 million pot of investment to help boost startups and entrepreneurs has been launched by Young Entrepreneurs Association of Cambodia (YEAC) to create jobs and spur economic growth throughout Cambodia’s coastal provinces.

On Friday, the Consortium for Sustainable Alternative and Voice for Equitable Development Project (CO-SAVED) officially went live at a ceremony in Preah Sihanouk province on Friday.

A ceremony in Preah Sihanouk province launching the CO-SAVED project. Kiripost/Penh Chamroeun
A ceremony in Preah Sihanouk province launching the CO-SAVED project. Kiripost/Penh Chamroeun

It falls under an $8 million project by French NGO Action Cambodia, previously known as Aide et Action Cambodia, and is mostly funded by the European Union (EU) to help small businesses affected by climate change and Covid-19.

The YEAC program is for entrepreneurs in Kep, Kampot, Preah Sihanouk and Koh Kong provinces.

Speaking at the ceremony, Pech Bolen, YEAC’s Executive Vice President, said the association has continued its mission in partnership with relevant institutions to ensure regional competitiveness in digital business, inclusive business, creativity, and innovation in micro, small and medium enterprises.

Since its establishment, the association has grown annually in terms of its members and activities. It has also developed various programs to support and expand the business sector, with a particular focus on young entrepreneurs who form the indispensable backbone of the national economy, Bolen said.

As of today, the association has 450 members who operate more than 800 companies in Cambodia, he added.

Vorn Samphors, Country Director of Action Education, said the CO-SAVED project supports 208 entrepreneurs and small businesses in coastal areas to create value-added products that make them more competitive in the market.

YEAC has made significant contributions to the private sector in building economic capacity by delivering face-to-face and business skills training to small and medium enterprises. It also plays a significant role in sharing information regarding investment opportunities in coastal areas.

“Business plays a crucial role in creating job opportunities for young people, accelerating the country’s economy, improving the livelihood of people, and contributing to the improvement of the education sector, especially enabling children to access quality education,” Samphors said.

YEAC also launched its chapter in Preah Sihanouk province with Hong Bunty as the branch president. He committed to leading the association to help businesses increase access to market information, capacity building, as well as expand the provincial business network in Cambodia and internationally.