Cambodia-India Entrepreneurship Development Center (CIEDC) was launched Monday as part of India's support to the Initiative for ASEAN Integration (IAI).

Indian government has already launched Entrepreneurship Development Centers (EDCs) in Laos and Vietnam, and EDC in Myanmar will be set up soon.

The EDC is expected to spearhead the entrepreneurship development movement in Cambodia and become a center of excellence to facilitate and create viable and competitive new enterprises. The EDC will help existing enterprises to face new challenges of competition.

This center will train and develop the next generation of Cambodian entrepreneurs, and increase the number of SMEs (small and medium enterprises). It will create more jobs and opportunities, according to Pich Sophoan, secretary of state of the Ministry of Labor and Vocational Training.

"We hope this center will help build self confidence and necessary skills that will accelerate the growth of our economy as envisioned in the Rectangular Strategy," he added.

The new center was made possible by funding support for the IAI by government of India.

Cambodia houses 27,000 SMEs. The government policy helps develop these SMEs, which were overwhelmingly dominated the country's domestic economy.

Source: Xinhua