2nd Private Sector Sub-Committee Meeting of the ADB Covid-19 Active Response and Expenditure Support (CARES) Program
- 17 March, 2021
- Posted by: EuroCham Cambodia
On 17 March 2020, EuroCham attended the 2nd private sector sub-committee meeting of the ADB Covid-19 Active Response and Expenditure Support (CARES) Program. The meeting was hosted online by the Ministry of Economy and Finance (MEF), and provided a unique opportunity to raise private sector concerns, and suggestions for support measures.
During the meeting, the MEF presented its ongoing mitigation measures targeting impacted sectors (such as Garment, Tourism and Aviation) and vulnerable groups, and briefly highlighted its 2021-2023 Economic Recovery Plan - built on three pillars: Revival and Survival, Resilience and Reform.
During the discussion on measures to support economic recovery, EuroCham shared the wishes our members expressed in our (soon to be published) 2021 Business Confidence Survey, in particular for a corporate income tax rebate to mitigate the 2020 impact of the Covid pandemic.
Following from our survey, EuroCham warmly encourages the Royal Government to:
1) Further foster a system that encourages compliance, and reduces grey market competition;
2) Promote the strengthening of SMEs, in particular by strengthening digital infrastructure;
3) Adopt practical regulations in favour of a green economy, and:
4) Continue to invest in education and vocational training to fill the “skills gap” so often reported by our members.
While these measures will strengthen the resilience of SMEs in the long-run, we strongly believe the main focus should now be on immediate relief for the private sector.
EuroCham was pleased to see that many of these recommendations are already firmly part of the 2021-2023 Economic Recovery Plan, and we look forward to future engagements on the topic.
Do you have a support measure you would like EuroCham to consider raising to the government? If so please email: Info@eurocham-cambodia.org