US investors look to invest in Kingdom’s agriculture
US investors look to invest in Kingdom’s agriculture
A group of investors from the US will visit the Kingdom on February 6 to look for investment opportunities in the agricultural sector, said US ambassador Patrick Murphy.Murphy mentioned the plan on Monday during a meeting with Minister of Agriculture, Forestry and Fisheries Veng Sakhon.
“I will continue to promote cooperation and support all projects that are being carried out as smoothly and successfully.
“I hope bilateral cooperation between Cambodia and the US in agriculture will be strengthened and expanded during his [Sakhon’s] term,” Murphy said.
During the meeting, Sakhon said the ministry is running four projects funded by the US government through the US Agency for International Development (USAID) worth a total of $31 million for the promotion of the agricultural sector.
“We thank the people and the government of US that have provided some funds for agricultural development in our country,” said Sakhon.
He noted that some of these projects have been successful in increasing household income, improving production capacity and reducing migration.
“I hope the US government will continue to support and help development in our country, especially the US private sector. I hope it invests more in agriculture in the future,” he said.
The Kingdom’s private sector said the presence of US investors will help enhance Cambodia’s agriculture and agro-industry.
Cambodia Rice Federation (CRF) vice-president Chan Sokheang told The Post on Tuesday that he was thrilled to hear the news.
“This will bring a positive impact [to our sector] and we welcome all of those who are seeking to invest in agriculture.
“Although we’ve seen most foreigners investing in infrastructure and real estate, there are a few who still do so in agriculture. We see this as a good opportunity,” said Sokheang.
Data from the US Census Bureau showed that total trade value between Cambodia and the US as of October this year reached more than $5 billion.
Exports to the US in the first 10 months of the year totalled $4.56 billion, while imports totalled $446.4 million.
Last year, Cambodia was the US’ 57th largest supplier of imports and its 104th largest export market. The value of Cambodian exports to the US totalled $3.8 billion, while US imports to the Kingdom were valued at $447 million.
