Cambodia’s Minister of Agriculture, Forestry and Fisheries (MAFF) on Monday signed a Memorandum of Understanding (MoU) with Korea Agro-Fisheries and Food Trade Corporation and Orient Group in a bid to pave the way for the sector Cambodian private sector to export agricultural products to South Korea, according to a senior MAFF official.
Veng Sokhon, Minister of MAFF, signed the Memorandum of Understanding with Choon-Jin Kim, CEO of Food Trade Corporation and the representative of Orient Group during his visit with Cambodian agriculture officials to South Korea which aims strengthen cooperation on agribusiness development between the two countries, the official said.
Hean Vanhan, MAFF Secretary of State, said Khmer time that the Minister visited South Korea to establish cooperation on agro-industry development with private enterprises and on human resource development for the agricultural sector with public institutions such as universities.
“So far, he is still in this country and he has met with government officials regarding the development of our human resources, as well as officials of private institutions in order to encourage them to invest in the form of opening factories. to process our agricultural products here,” Vanhan said.
Sokhon told his counterparts that Cambodia has the potential for agro-industrial enterprises in the processing and export of agricultural products which would provide local businesses and producers with opportunities to increase productivity, transform raw materials and to increase the added value.
“In fact, the export would also bring a lot of benefits to the country as a whole and to Cambodian farmers, as the government had planned. Thus, today’s agreement will play a vital role in facilitating the export of agricultural products from Cambodia to South Korea and products to Cambodia,” he said.
Sokhon told Songhwan Ko, president of the National Open University of Korea, that Cambodia has a food surplus and exports its agricultural products such as paddy, rice, cassava, banana, mangoes, cashew nuts. and rubber after having sufficient stocks to supply the domestic market, which helps the country maintain food security and be
capable of supplying international markets.
The Minister of Agriculture also signed another trilateral Memorandum of Understanding with the university and Orient Group to develop human resources in agriculture in Cambodia to improve production capacity, increase productivity, production value chain, value addition and export competitiveness in terms of quantity, quality and safety.
Chang, CEO of Orient Group, said that after the signing of the MoU, all parties will move forward with a realistic will to achieve the goal of human resource development in Cambodia’s agricultural sector.
“Education can make a poor person rich, an incapable person capable and skilled, and a poor country develop because its human resources have the capacity,” he said.
Cambodia exported $111.35 million worth of goods to South Korea in the first half of this year, a year-on-year increase of 22 percent, according to a report by the General Department of Customs and Excise.
Trading volume increased by 13.6% to $421.33 million for the period. Cambodian government wants to boost exports under bilateral free trade
agreement with South Korea which should come into force
This year. Cambodia and South Korea signed the draft Free Trade Agreement (FTA) negotiation, and Cambodia concluded the internal procedures in February this year.
Penn Sovicheat, Undersecretary of State and spokesperson for the Department of Commerce, said the Kingdom is currently waiting for the Korean side to finalize the procedures and once the internal procedures are completed and notified, the FTA will enter into force. in 60 days. Under the FTA, South Korea has agreed to remove tariffs on 95.6% of products imported from Cambodia, while Cambodia will eliminate tariffs on 93.8% of imported goods.