Phnom Penh (FN), Jan. 30 – The Ministry of Economy and Finance officially launched the Skills Development Fund (SDF) under the theme "Develop your SKILL, Develop your BUSINESS, Develop OURSELVES", on 30 January 2024.

The ceremony was presided over by Cambodian Minister of Economy and Finance Aun Pornmoniroth with the participation of Neak Oknha Kith Meng, and representatives of relevant ministries and institutions of the Royal Government, development partners, the private sector, and training institutions.

This program is designed to officially announce the transformation of SDF from pilot project to the trust fund and to introduce new achievements and SDF programs to strengthen and expand skills development to meet the needs of the private sector as well as the sign the Memorandum of Understanding (MoU) between the SDF and strategic partners.

It should be noted that the Skills Development Fund (SDF) project was piloted by the Ministry of Economy and Finance (MEF) in March 2018 to test a new and innovative financing mechanism to promote demand-driven and sustainable skills development with the ultimate objectives of diversifying and increasing value addition to Cambodia’s economy as well as creating better and decent jobs for Cambodian citizens.

The Skills Development Fund (SDF) has the vision to become the most trusted financing platform for demand-driven and sustainable skills development to support the 2030 and 2050 visions of the Royal Government of Cambodia.

In addition, the SDF has set out a mission to promote a genuine partnership between the private sector and training institutions to design and implement quality skills training programs that meet the needs of the private sector and socio-economic development.

In fact, starting from 2024, the SDF has identified the following key priorities including (1) Strengthen the quality of service and the efficiency of managing and allocating the fund's resources more effectively and timely to partners, (2) Increase the amount of funds to support training programs that meet the needs of the private sector, (3) Introduce additional new programs, including Skills Matching Program, Partnership Platform, and Digital Learning Content on industry-specific soft skills.

In addition, three MoU signing ceremonies were held include as follows:

1. MoU between SDF and the Cambodian Chamber of Commerce (CCC) to mobilize CCC members, factories, and enterprises, in collaboration with training institutions, to identify required skills and design training programs to meet specific work needs, focusing on both quality and quantity.

2. MoU between SDF and the Cambodia Federation of Employers and Business Associations (CAMFEBA) to engage factories and enterprises in collaboration with training institutions to identify required skills and design training programs meeting specific job requirements with a focus on quality and quantity.

3. MoU between the SDF and the HoKa Steering Committee of the Ministry of Tourism and SwissContact to strengthen and expand skills training in the tourism sector to meet actual needs focusing on both quality and quantity.

At the same time, Minister of Economy and Finance Aun Pornmoniroth urged ministries, institutions, development partners, and the private sector with authority in skill development to participate and cooperate extensively, serving as the driving force towards achieving the development of Cambodian human capital. This development includes fostering knowledge, skills, abilities, attitudes, and professional ethics in alignment with the Pentagon Strategy-Phase I, under the wise leadership of Samdech Thipadei Hun Manet.

During the closing ceremony, Phan Phalla, Secretary of State of the Ministry of Economy and Finance and BOD Chairman of SDF encouraged the private sector, factories, enterprises, and training institutions to continue organizing skills training programs that address specific needs, which can then be submitted to the SDF.
=FRESH NEWS