Australia has reaffirmed its commitment in Cambodia’s agri-food sector detailing a new Agri-food Investments Desk collaboration with the Council for the Development of Cambodia (CDC) and the Ministry of Agriculture, Forestry and Fisheries (MAFF).
Under the non-binding but symbolic Memorandum of Understanding (MoU) the document provides a guideline for the financing arrangements to operationalize the Agri-Food Investment Desk (AFID) at the CDC in the framework of the Cambodia-Australia Agricultural Value Chain Programme (CAVAC).
The agri-investment desk will be tasked to facilitate all investors on agriculture especially through detailed information provision related to regulations, incentives and any required condition, and through the preparation of strategy for dissemination of investment potentials to investors.
Attracting more investors in agriculture and agro-industry in line with Cambodia’s industry development policy 2015-2025 and the implementation of targeted investment attraction strategy.
It is hoped the desk will serve as an important instrument to bring about more investment, promote agri-food development, and enhance competitiveness in the agriculture sector.
H.E. Sok Chenda Sophea, Secretary-General of the CDC expressed his deep gratitude to the DFAT via the Australian Embassy in Cambodia for its technical assistance to the CDC and the MAFF to undertake investment promotion activities under the CAVAC program.
In addition, he gave his high appraisal to the Australian Embassy in Cambodia for her role in providing technical assistance to accelerate the recovery of Cambodia’s economy in the Post Covid-19 new normal transition.
Pablo Kang, Australian Ambassador to Cambodia said Australia is committed to supporting Cambodia’s economic development process, especially the enhancement of productivity in the agriculture sector by way of jointly promote investment in the agri-food sector.
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 agriculture, agri-business, and agri-food sectors, he added.
Cambodia’s agri-food sector is ripe for investment, according to a panel of business experts from the private and public sector who discussed the potential for increased agricultural profits in the Kingdom.
The comments were made at the Agricultural Trade and Investment in the Kingdom of Cambodia event was attended by Cambodia Investment Review, hosted by the American Chamber of Commerce last week.
The panel looked at the different avenues for increased productivity in agriculture in the Kingdom. More investment increased worker capital, and improved technical expertise was viewed as prime drivers to the future growth of the industry.
It is hoped further investment in the sector would contribute to sustainable food safety, poverty reduction through job creation, economic growth and environmental sustainability.
Cambodia’s new Law on Investment has been earmarked to provide smart incentives scheme for the investment made in different sectors while agriculture and agri-food have been classified as priority sectors.
It is hope continued investment can further promote to ensure that these sectors will be resilient and sustainable enough to contribute to economic stability amid the Covid-19 crisis.
During the inaugural Cambodia Climate Change Summit (CCCS21) yesterday keynote speakers called for policymakers to work effectively with the private sector to allow Cambodia to transition into the new green economy.
The panel highlighted the Kingdom was ready for green energy investment through multiple green financing options being offered by international development partners.
The CDC has approved 376 projects for investments in the agriculture and agro-industry sector amounted to nearly $9.7 billion.