Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom, Oz strike agri-food desk deal

Kingdom, Oz strike agri-food desk deal

Content image - Phnom Penh Post
A farmer harvests cucumbers at Koh Dach commune in Phnom Penh's Chroy Changvar district. Hong Menea

Kingdom, Oz strike agri-food desk deal

Cambodia and Australia have reached consensus on financing arrangements to operationalise the Agri-Food Investment Desk (AFID) at the Council for the Development of Cambodia (CDC), purposed to enhance investment and promote development in the Kingdom’s agri-food sector, according to the CDC on September 29.

A memorandum of understanding (MoU) to this effect was virtually signed earlier in the day, by CDC secretary-general Sok Chenda Sophea, in collaboration with the Ministry of Agriculture, Forestry and Fisheries, and Australian ambassador to Cambodia Pablo Kang, on behalf of the Department of Foreign Affairs and Trade, the CDC said in a statement.

Drawn up under the framework of the Cambodia-Australia Agricultural Value Chain (Cavac) programme, the MoU will serve as an important instrument to bring about more investment, promote agri-food development and enhance competitiveness in the agriculture sector, it said.

The AFID will enable a stronger foundation for a resilient agri-food industry in Cambodia through investment diversification in terms of resources and level of technology and innovation usage, while creating higher value-added employment for Cambodians in the sector, it added.

The CDC’s Chenda Sophea appreciated the Australian foreign department’s technical assistance for the council and ministry to undertake investment promotion activities under the Cavac programme, saying its contributions will “accelerate the recovery of Cambodia’s economy in the post-Covid-19 ‘new normal’ transition”.

“Moreover, the new Law on Investment of the Kingdom of Cambodia will provide a smart-incentives scheme for investment made in different sectors.

“Meanwhile, the agriculture and agri-food have been classified as priority sectors that shall be further promoted to ensure that they are adequately resilient and sustainable, to contribute to economic stability amid the Covid-19 crisis.”

The ambassador brought attention to the Australian government’s commitment to support Cambodia’s economic development process, highlighting improvements in productivity in the agricultural sector achieved by joint promotion efforts for the agri-food segment.

“This financing arrangement is one more step in reinforcing Australian contribution aimed at complementing the Royal Government’s efforts to promote, attract and retain investments in [the] agriculture, agri-business and agri-food sectors,” Kang said.

From 1994 to August 31 this year, CDC said to have approved 376 investment projects in the fields of agriculture and agro-industry, with registered capital amounting to nearly $9.7 billion.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro