Melbourne, Australia: SPC Group, a leading agro-industry player specializing in food production and fruit packaging, has expressed its intention to explore investment opportunities in Cambodia's burgeoning food sector. This development emerged from a meeting between Cambodia's Prime Minister Hun Manet and Neil Brimacombe, President of SPC Group, on the morning of March 5, 2024, during their attendance at the ASEAN-Australia Special Summit in Melbourne, Australia.
Brimacombe outlined SPC Group's extensive operations, noting its global presence, including in ASEAN countries, and its expertise in processing fruit products for export to markets across Asia and beyond. The company's interest in investing in Cambodia's food industry highlights the nation's growing appeal as an investment destination.
In response, the Prime Minister welcomed the expression of interest from SPC Group, emphasizing Cambodia's conducive investment climate. He pointed out the recent advancements in investment law and the various incentives available to investors, particularly in agriculture. The Prime Minister stressed that agriculture remains a top priority for the government, which is evident in its policies aimed at agricultural development through modern technology, support mechanisms for farmers, and the establishment of farmers' associations.
Furthermore, the Prime Minister highlighted the government's commitment to enhancing the productivity and quality of Cambodia's agricultural products. This commitment is supported by policies that offer tax exemptions on agricultural land, import taxes on agricultural materials, and taxes on agricultural products. Additionally, the government guarantees electricity prices and invests in infrastructure, transportation, and irrigation systems to reduce production costs and maintain market competitiveness.
The Prime Minister encouraged SPC Group to proceed with a visit to Cambodia to further explore investment opportunities, in close collaboration with relevant ministries and institutions. This initiative signals a promising future for Cambodia's food industry and its agricultural sector at large, potentially leading to increased investment, technological advancement, and job creation in the Kingdom.
