- Safety of our people in Israel, especially students, is the highest priority
[…] Prior to talking about the topic, which is about informal economy sector, on behalf of the Royal Government and in my own name, I would like to express my condolences to the family of the body of Khmer student Chan Udom, who lost his life in the fighting between the Israeli army and Hamas army on October 7 […] let me affirm to our compatriots and especially the students who are present in Israel as well as their families in Cambodia that the safety of our people in Israel, especially our students, is the highest priority of the Royal Government […]
(Elaboration 2 to the prepared text)
- Informal economy are one of the big driving forces of national economy
[…] HE Hem Vandy, (Minister of Industry, Science and Innovation) already defined informal and formal (economy) […] they have some different criteria. What is the same, however, is that both informal and formal economy jobs are Cambodian citizens, and we have the obligation to work hard to help everyone […] though the ability of the people in informal economy to earn a living is small, for the national economy, they are one of the big driving forces […] as defined in the prepared text, some 70% of jobs are created in the informal sector, and the same is true in Cambodia […]
(3) Thoroughly managed information identifies who is where and how to help
In our experience, people in this informal economy or small-scale traders are the most vulnerable to economic and other crises. In fact, having gone through the Covid-19 era, we saw that the poor, the small-living standard, and especially those in the informal economy were vulnerable. This has been a priority goal of the Royal Government since the sixth legislative term and the previous terms. In this seventh legislative term of the National Assembly, the Royal Government has a priority goal to take immediate measures to help the poor people […]
Past experience, due to unclear information, we had difficulty reaching out to those in the informal economy. Managing this information (thoroughly will help) identify who is where and how to render help […] for instance, in these three days, in Israel, to help students and help our people, I have instructed the relevant institutions, such as the Ministry of Foreign Affairs, Agriculture, and our competent authorities to determine the number of our people in Israel, and to find out where they are so that we can easily intervene. As of 7 am today, I received information that there are in all 454 people, of which more than 323 were evacuated to safety and 131 others are still in the area at risk […]
- introduction of IEDS creates RGC capacity to help in an appropriate, timely and effective manner
It is on this note that we need to put in place a national strategy for the development of the informal economy in 2023-2028 so that we can grasp the data on where those people are and what they need, what we can do to help, the case which is not different from those students who are in Israel as we speak – those in the safe location would need what and those in the red zone would need what or how to be evacuated […] the introduction of this informal economy development strategy (IEDS) is to increase efficiency, create capacity for the Royal Government to set policies to help people in the informal economy in an appropriate, timely and effective manner. This is a major goal of the national strategy […] that we must set it in implementing motion immediately before the end of 2023 […]
It is not necessary to wait for 100 days. We set the principle from the beginning. I would like to congratulate and thank Deputy Prime Minister and Minister of Economy and Finance, His Excellency Aun Pornmoniroth, Chairman of the Economic and Financial Policy Committee and all relevant officials, as well as HE Hem Vandy and officials of the Ministry (of Industry, Science and Innovation) for their cooperation for their efforts day and night to speed up this policy to get off the ground. The National Strategy for Informal Economic Development 2023-2028 is for a period of five years. What is this policy for? […]
- IEDS is an arrow that shoot down three birds
By helping people in the informal economy, we can use an arrow to shoot three birds – (1) strengthen and assist the people in the informal economy, most of whom are vulnerable and poor, we help reduce poverty and social inequality. When we help the low-income people to have a higher standard of living to (reduce) the gap with those who are able and successful, we increase the equity development policy. That means we reduce poverty among the people […]
The second is to strengthen the resilience of the national economy and society. Informal people are living in poverty, and are vulnerable […] (therefore) the state must find them and help strengthen their resilience by supporting (and providing) various benefits to strengthen their ability to excel […]
Thirdly, by helping those in the informal economy, we are (actually working for) economic growth because most of them are the main driver in our economy. Each sector arises from the people in that sector. Improving the livelihood and upliftment of the people in the informal economy enables us to achieve three goals at the same time – (1) reducing poverty and (expanding) the social scope, (2) strengthening economic and social resilience, and (3) promoting economic growth (which) is the goal and vision of the National Strategy for Informal Economic Development 2023-2028 […]
- As long as the plan works on the ground
Now that being said, how are we going to get it done? […] how do we go about monitoring it so that this policy can be effective? […] the important thing for me is everything that can be applied on the ground. We could have a less perfect plan, but it can be implemented on the ground (obviously). Our team does not only formulate policies based on theories and research, compiling from books or from other countries’ experiences, but we based on real-world experiences and think of specific implementation measures based on the feasibility of the budget that we have step by step to make this policy into action and practical results for the people […]
- Registration of IES for benefits encouraged in this transitional phase
I am not talking about those in the formal sector. We are talking today about the informal economic development sector, how to prepare a favorable base for people in the informal economy to come (in the preparation stage) to strengthen their capacity. What we can do to help before they enter the system fully. The priority of the strategic goal is to strengthen this informal economic development sector, or so-called transitional phase, so that you can come in […] to register. Should anything happen we woud be aware of it […] you must be wondering why you have to sign up for the system? How much does it cost to register? Are there any fines? Is it obligated? And if I go into that system and register in this informal development area, what are the benefits? […]
Our policy is to encourage people to join at their own free will […] (we have organized) the principle of encouraging people to register through the demonstration of the benefits […] we want most of you to participate in this transitional phase. The Royal Government wants data to make it easier to manage and set out policies to help you in time and on target in difficult times like in the Covid-19 period, which we have (experienced). Going forward, if there is a problem of inflation, and/or other issues, the Royal Government will be able to help […]
(Elaboration 3 to the prepared text)
I have clarified the nine principles that the RGC has set out. You are highly encouraged to attend. When you volunteer, you will receive tax exemptions, concessions and annulment of other penalties related to past compliance, as well as tax incentives, which are included in the tax framework. Apart from debt relief and tax incentives, what else will you get? […]
- Registered IES to receive training and access financing with reasonable interest
Firstly, you can receive training related to enterprise management, training of workers in the enterprise to improve product capacity and a stronger enterprise […]; secondly […] the registration will help you access financing with a reasonable interest rate from the state bank. For some priority sectors, we have SME Bank […] that the state has allocated fund to help provide some financing loans with reasonable interest rates to priority sectors […]; and expanding the scope (of social benefits) […] where most of the poor and vulnerable families will (1) receive free health care through the Health Equity Fund, which we call the Poor ID Card […] (2) receive free vocational training and monthly stipends […] of which 1.5 million children will receive training free of charge and even monthly stipends; […] (3), the government will facilitate job search through the National Employment Agency for them and their children and relatives in need […]
- The state wins, the IES wins and the whole nation will
[…] All in all, what would the state earn the registration of the informal economy people? The state would have information to plan, to help to target, to help meet the needs in a timely manner […] in another instance, the state knows of its human resources and economic strength […] that has the potential to participate in boosting the national economy […] what would the people in the informal economy receive then? They would receive the state’s favor, support and nurture […] to become stronger […] while the state wins, the people, especially those in the informal economy also wins, and the whole nation will too […]./.
