Phnom Penh, March 3 Cambodia on Monday introduced the Cambodia Enterprise Innovation Index (CEII) guidelines, aiming at enhancing the national innovation capabilities of businesses and their competitiveness.
Speaking at the event in Phnom Penh, Hem Vanndy, Minister of Industry, Science, Technology and Innovation, said enhancing enterprises' innovation capability presented a new and crucial opportunity to elevate Cambodia's prestige by improving its position in the Global Innovation Index.
"This advancement will foster sustainable and inclusive socio-economic growth and create a favourable environment for our journey toward innovation-driven development," he said.
Innovation was at the core of green manufacturing, improving resource efficiency and reducing the consumption of scarce resources. It also played a vital role in human resource development, productivity enhancement and income generation.
Developed under the support of a European Union (EU)-funded project and implemented by the United Nations Industrial Development Organization (UNIDO), the CEII guidelines offered a clear and comprehensive framework for assessing the innovation capabilities in enterprises of all sizes across the Southeast Asian country.
EU Ambassador to Cambodia Igor Driesmans said the CEII guidelines provided valuable insights to strengthen resilience, aimed at enhancing governance, expediting industrialization and promoting economic diversification, Xinhua news agency reported.
"Cambodia has enormous potential to become an innovation-driven economy, supported by its young, dynamic population, rapidly growing digital connectivity, and increasing access to technology, creating a strong foundation for economic transformation," he said.
UNIDO Cambodia Representative Sok Narin said the guidelines played a crucial role in attracting investment and bolstering economic resilience.
"When there is a better innovation index, a country can be a favorable destination for attracting domestic and international investment," he said.
"New technologies and innovations can spur job creation and the growth of emerging industries by enhancing efficiency, productivity, and profitability across various sectors," Narin added.
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