Khmer Enterprise, Oxfam and Platform Impact have entered into a partnership to help Cambodian entrepreneurs through an SME Programme called PRISME (Programme Impact Small and Medium-sized Enterprises).
A memorandum of understanding is being signed today by Vanmunin Chhieng, Chief Executive Officer of Khmer Enterprise, which operates under the Ministry of Economy and Finance, Sophoan Phean, the National Director of UK-founded charity Oxfam and David Van, Director of Public-Private Partnership of Platform Impact, which creates, develops and empowers impact-driven enterprises.
PRISME is a new programme conceptualized by Platform Impact, aimed at developing and empowering impact-driven enterprises, or organisations that blend business with a focus on meeting societal needs to prove that making a profit and having positive impacts on society are not mutually exclusive.
“Khmer Enterprise and Oxfam will co-fund and support the implementation of PRISME over the course of three years from 2022-2024, whereas Platform Impact partnering with Cambodia Investments Corporation will design and implement strategic, technical and logistic plans to offer high quality support to entrepreneurs to capture inclusive business model into their existing commercial operations in Cambodia,” Phean said.
PRISME offers a two-fold service to Impact-Driven Enterprises, according to Chhieng.
“Hands-on venture building support to develop growth strategy and build business linkages relevant for their business to grow, and fundraising support to raise the patient capital they need to scale their operations and positive impacts in Cambodia,” Chhieng said. “PRISME also aims to develop policy, regulatory and legal frameworks enabling the emergence of a solid ecosystem accelerating the growth of Impact-Driven Small and Medium-Sized Enterprises in Cambodia,” he said.
PRISME is going to start supporting the first batch of Impact-Driven Enterprises in January.
“Cambodian SMEs are facing a challenging environment the way forward and must carve themselves a niche to thrive further in expanding their markets and products or services-based activities.
As much as tying up the Garment industry to Ethical Labor Standard 3 decades ago, has continued to serve the industry well, local enterprises must strive to incorporate inclusive business model in their commercial activities. PRISME aims to be enhance local SMEs’ competitiveness in value chain linkages, better access to markets and to finance, commercial efficiency as well as encapsulating the ESG component. This would put Cambodia on the map of ESG eco-system in the foreseeable future. The world is adopting mandatory ESG-centric investments and Cambodia needs to catch the train while its speed hasn’t yet augmented.” David Van said.
Cambodia is working to encourage SMEs to adopt Environmental Social Governance policies as consumers make increasing demands on firms to meet ESG goals. Key concerns include making supply chains more ethical, ensuring that clean energy is used in production lines, reducing the environmental impact of manufacturing, ensuring goods are ethically produced and making a positive impact on local communities.
PRISME is more innovative to address the dilemma faced by most of the training programmes implemented in past years that resulted in a nice photo opportunity without adequate follow-up for enterprises.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
