(as prepared for delivery)

• Your Excellency Dr. Soeur Socheata, Under Secretary of State of Ministry of Education, Youth and Sport
• Women entrepreneurs
• Representatives of associations and networks
• Distinguished ladies and gentlemen

It is a privilege to be here for the opening of the USAID WE Act project, which will be implemented over a five-year period by our longstanding partner, Pact Cambodia.

My travel around Cambodia has made it clear to me that the women of this country are true entrepreneurs. From the preparation and sale of small fish powder to the food stalls around the country’s world famous monuments, women-run businesses are everywhere. I can only imagine the kind of potential these women can realize given the right support and opportunity. That potential is a key reason why we are here today – particularly as we prepare to celebrate International Women’s Day this Friday.

WE Act aims to harness the unbounded entrepreneurial potential of Cambodia’s young businesswomen and help them find partnerships, provide key resources, and strategic advice. These and other tools will help them grow their businesses and engage with associations that can help magnify the voices of women entrepreneurs in civic life and channel their interests in the policy arena.

This project reflects a global strategy. USAID has funded similar entrepreneur-strengthening projects with great success in many countries and regions around the world. Our efforts have concentrated on strengthening the eco-system for female entrepreneurs, from reforming the policy framework to allow women to compete on equal footing with their male counterparts, to providing access to finance and venture capital.  It includes mentoring and coaching by businessmen and women, integration with business associations, business incubation, and a host of other elements.

We want to create this supportive ecosystem for women entrepreneurs in Cambodia through the WE Act project. Our reasons are simple. First, women play an increasingly vital role in Cambodia’s growing economy. The National Institute of Statistics reports that over 60 percent of Cambodian businesses are owned by women. More than two-thirds of those women-owned businesses are small businesses, with only one or two employees.  Women’s share of business ownership drops significantly for larger businesses. Less than one third of medium-sized businesses and only 13 percent of large businesses – which employ 100 or more people - are owned by women. Women entrepreneurs own and manage most enterprises but their businesses tend to remain small and face challenges to growth. Expanding women-owned enterprises and helping women realize their business potential is – I think we can all agree – a priority.

A second reason USAID supports women entrepreneurs in Cambodia and elsewhere is that women play a key role in bridging inequality gaps in society. They have the power to advance economic growth in a way that includes other women and draws on their creative energies. USAID believes that investing in women and helping them overcome barriers to running their own businesses will have transformational effects for not only for the individual businesswomen, but also for their families, their communities, and society as a whole. 

Economically empowered, successful businesswomen can be a positive force shaping civic and political life in Cambodia just as they have been all around the world. They can also help Cambodia successfully reach its sustainable development goals and put the country on a clear track to self-reliance.

If women entrepreneurs have a supportive entrepreneurship ecosystem, Cambodia will see begin to see a dramatic and positive change in the pattern of ownership in the next decade.  This will mean more thriving, women-owned medium and large businesses, strengthening the involvement of women in Cambodia’s economic and civic life.

That is where public policy can be extraordinarily helpful. We appreciate the Royal Government of Cambodia’s focus on entrepreneurship and applaud the Government’s efforts to encourage women entrepreneurs. Specific policy changes like the recent tax-exemption for new entrepreneurs, is a good example of supportive public policy. We are grateful for the Ministry of Education, Youth and Sports and the support it extends to our partner, Pact Cambodia, in implementing the WE Act project in line with its National Policy on Youth Development.

I encourage all Women Entrepreneurs to take an active role in engaging with WE Act activities and partners so that they fully benefit from the services offered. I would like to invite the many entrepreneur ecosystem actors to reach out to WE Act.

If we are to lift up Cambodia’s young women entrepreneurs a joint effort is needed. Business associations, private sector entities, government agencies, NGOs…we all have to work together. I look forward to WE Act helping us do just that.

Thank you and good luck!