Wing Bank and MoEYS Propel Youth Entrepreneurship ProgramsOctober 30, 2023
Wing Bank fosters an entrepreneurial mindset among youth, supporting two MoEYS programs for a few years in a row.
Wing Bank (Cambodia) Plc, one of the fastest-growing banks in Cambodia, has been a strong supporter of the Ministry of Education, Youth, and Sport (MoEYS) youth entrepreneurship programs: the Business Plan Contest and Youth 21. These programs aim to equip young individuals with essential skills to establish their own businesses in the digital age.
“The Business Plan Contest has greatly contributed to fostering the commitment of young Cambodians in taking steps towards the economic development of their families and society. It encourages them to establish small businesses based on well-defined business plans,” said H.E. Vong Phirun, Undersecretary of State at the Ministry of Education, Youth, and Sport. “Presently, the Kingdom of Cambodia enjoys comprehensive peace and development, both economically and socially. Peace is a paramount factor in the nation’s progress, as it provides opportunities for young people to embark on entrepreneurial endeavors.”
Wing Bank has served as the dedicated sponsor of MoEYS’ “Youth 21” since 2021 and “Business Plan Contest (BPC)” since 2022, aligning with the Digital Economic Policy Framework 2021-2035. These programs engage youth, out-of-school students in high school and university, in business plan competitions, fostering skill development and entrepreneurship. They address the evolving professional landscape and the demand for jobs in the Fourth Industrial Revolution.
“Entrepreneurs are vital drivers of social and economic development. Their contributions in job creation, economic growth, innovation, social impact, and community empowerment pave the path for sustainable and inclusive development, enhancing the quality of life for individuals and societies,” said Mel Phanseyha, Director of the Department of Youth, Directorate General of Youth of MOEYS, speaking about “the Youth 21” Program. “Our programs equip the participants with essential skills, including leadership, entrepreneurship, digital literacy, career development, and others.”
Furthermore, participants will gain valuable knowledge from seasoned entrepreneurs and industry experts who will provide invaluable insights, strategies, and practical advice encompassing various facets of entrepreneurship.
As the main sponsor of Youth 21 for three years and the Business Plan Contest for two years, Wing Bank has supported the program with both in-kind and in-cash contributions. The bank actively participates by sharing knowledge and serving on the contest’s evaluation committee.
“This program is not only a competition, but also training the Cambodian Youth on the entrepreneur skill, engaging in entrepreneurship activities, empowers Cambodian youth to become self-reliant, innovative, and influential contributors to their communities and the nation as a whole,” said Bunthe Hor, Deputy CEO of Wing Bank. “Our support aims to assist MoEYS and young individuals in developing their ideas and translating them into action while equipping them with the necessary skills for the digital age.”
Small and medium enterprises (SMEs) are the driving force behind the Cambodian economy, playing a pivotal role in social and economic development. They significantly impact the employment rate, elevate living standards, and foster market competition. According to KhmerSME, SMEs account for 70% of total employment, 99.8% of companies, and contribute a substantial 58% to the gross domestic product (GDP).