Phnom Penh: A Memorandum of Understanding on the arrangement of financing to support the operation of agro-food investment has been signed by the Council for the Development of Cambodia, the Ministry of Agriculture, Forestry and Fisheries and the Australian Ministry of Foreign Affairs and Trade.

The MoU Signing Ceremony is a milestone in reaffirming the commitment between the two countries to prioritize nearly $10 billion in investment projects in the agro-food sector to contribute to food security, poverty reduction through job creation, and environmental sustainability.

The implementation of the new “Agro-Food Investment Desk” at the CDC will reportedly help strengthen the agro-food sector to become more resilient in Cambodia through the diversification of resources and forms of investment that use technology and innovation. It will also create more jobs for Cambodians in the agro-food sector.

Secretary-General of the CDC, Sok Chenda Sophea, thanked the Australian Ministry of Foreign Affairs and Trade, through the Australian Embassy in Cambodia, for providing technical assistance to the CDC and the Ministry of Agriculture, Forestry and Fisheries in promoting investment activities under the Cambodia-Australia Agricultural Value Chain Program (CAVAC II). The Minister “highly appreciated” the Australian Embassy in Cambodia for its role in providing technical assistance to accelerate the recovery of the Cambodian economy in the “new normal” after the Covid-19 crisis.

The Australian Ambassador to Cambodia, Pablo Kang, underscored the Australian Government's commitment to supporting Cambodia's economic development process, especially to increase productivity in the agricultural sector by jointly promoting investment in the agro-food sector. He added that the “financing of the Council for the Development of the Cambodian Food and Agriculture Investment Table is now an additional Australian contribution to complement the Royal Government of Cambodia's efforts to promote and maintain investment in agriculture, agribusiness and agro-food”.

As of August 2021, the CDC has approved the registration of 376 investment projects in agriculture and the agro-industry, with a total investment value of $9.7 billion.