MC Releases Business Sector Report for Q4 2023

03 Jan 2024


The Ministry of Commerce has released the Business Sector Report for the fourth quarter of 2023, which outlines the most significant developments in the sector and the growth of business registrations and promising industries.

The Ministry revealed that during the fourth quarter of 2023, over 95,000 commercial registrations were issued, marking a 23% increase compared to the same quarter in 2022. The total number of active commercial registrations reached over 1,397,000 by the year's end. Among these, young entrepreneurs of both genders accounted for 38.6% of the total active registrations for businesses, while the percentage of female entrepreneurs reached 38%.

The report highlights the significance of commercial registrations in the e-commerce sector, which serves as a crucial contributor to the national economy, witnessing a 24% growth by the end of the fourth quarter of 2023.

Moreover, the report delves into the most prominent economic activities in promising sectors such as technology, entertainment, transportation, tourism, and others. It underscores growth in activities like cloud computing services, software deployment, resorts, land freight transportation, maritime clubs, and the manufacturing of medical tools and equipment. These developments offer both local and foreign businesses opportunities for business expansion and partnership development.

To access the Business Sector Report for the fourth quarter of 2023, click here.

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Last Modified 14 Jan 2024