AFID to boost investment in agri-food
AFID to boost investment in agri-food
The Agri-Food Investment Desk (AFID) has been set up at the Council for the Development of Cambodia (CDC) to push investment in the agri-food ecosystem beyond its traditionally limited levels and stimulate the development of a stronger, more resilient sector.
AFID was established under the auspices of the Australian Ministry of Foreign Affairs and Trade via the Cambodia-Australia Agricultural Value Chain (CAVAC) programme, in collaboration with the CDC and the Ministry of Agriculture, Forestry and Fisheries.
The aim is to accelerate activities to spur investment in the sector to ensure food security, alleviate poverty by creating more jobs and to drive economic growth and environmental sustainability.
CDC secretary-general Sok Chenda Sophea on July 15 said that the AFID is the only information technology platform that will provide information and help investors tap into Cambodia’s agricultural resources, and receive attractive incentives, thanks to the new Law on Investment.
He said CDC will guide investors at every stage to ensure rapid returns and provide support to ensure better living conditions for farmers and their families.
“The main tools [provided by AFID] are apt for the current circumstances under Covid-19. We will encourage relevant ministries to promote the country and attract foreign investors to invest in the processing of agricultural products,” he said.
Australian ambassador to Cambodia Pablo Kang said his government is committed to supporting the Kingdom’s economic development process, particularly to increasing productivity in the agricultural sector by jointly ACLEDA senior executive vice-president and group chief operations officer So Phonnary said she has noticed the increase in digital transactions at the bank.
“ACLEDA’s digital banking drives these operations growth. The service has enabled the bank to reach its customers globally through digital channels,” Phonnary said.
“ACLEDA digital channels contribute to the digital economy while ensuring financial inclusion in Cambodia,” she said, adding that as of May 31, there were around 2.4 million users registered to ACLEDA Mobile service.
“Beyond the Mobile App and digital products, ACLEDA plans to expand the self-service banking [SSB] and keep remodelling our existing physical branch offices to be fully digital offices,” she added.
In February 2019, the NBC signed a memorandum of understanding (MoU) with the Bank of Thailand to cooperate on financial innovation and payment systems.
The objective was to expand cooperation in financial technology and payment services, as well as promote efficiency, safety of cross-border payment transactions and national currency use.
In June that year, NBC selected three banks – ACLEDA Bank, Foreign Trade Bank of Cambodia and Cambodian Commercial Bank Ltd – to implement the Cambodian-Thai QR code-based payment system.
On July 3, 2022, the NBC officially launched the KHQR system, following a pilot run, to facilitate cross-bank payments.
According to the central bank’s 2021 Financial Stability Review, electronic payment transactions amounting 415.5 trillion riel ($102 billion) were recorded nationwide last year.
This marked an increase of 34.5 per cent year-on-year, as the number of e-wallet accounts reached 13.6 million, representing more than 80 per cent of the total population.
