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US firms keen to invest, export agri products from Cambodia
A delegation of investors and businesspeople from the United States on Monday met the commerce minister and expressed their desire to invest in Cambodia’s agriculture sector to export agricultural products to the US market and the rest of the world, said a release by the Ministry of Commerce (MoC).
The delegation expressed their intention during a meeting with Pan Sorasak, Minister of Commerce with facilitation by Huot Kimchha, Honorary Consul General, Long Beach, US. During the interaction, a representative told the minister that Massachusetts—Lowell City, California, Seattle, Texas states and especially any states with Cambodian Town with a big number of Cambodian people are the most potential, said the release.
Nguon Mengtech, director-general of the Cambodia Chamber of Commerce (CCC), told Khmer Times yesterday, “If the delegation is from agriculture concentrated state then I think they would really be serious in doing business with us, but on the other hand if they are from other states where there is not much agriculture work and probably do not have agriculture business or experience then we’ll have to wait and watch for the outcome,” said Mentech.
Cambodia is an important stock of agricultural products that can contribute potentially to ensuring regional and global food security, especially in the US. The potential agricultural products of Cambodia include cashew nuts, mangoes, coconuts, peppers, salt, fish sauce, soy sauce, eggs, fish, oranges, snacks, rice and wood boards etc.
“Due to the crises that have been happening in the region and the world, the US too has been affected by the hike of commodity prices in the markets, especially food and agricultural products,” said the delegation’s representative, adding that there are many American businesses that are seeking to invest in Cambodia and export these products to the overseas markets.
Sorasak, who chaired the meeting, appreciated the serious intention of the American investors and businesspeople to invest in Cambodia’s agriculture sector
and export the agricultural products to the US market and the rest of the world.
The commerce minister said that some of Cambodia’s agricultural products are already registered with marks as Geographical Indication (GI) products, while some others have been in the process of such registration, which means these products are huge potential and are recognised internationally and are able to attract foreign investors and traders such as those from the US.
“The ministry has encouraged these investors and businesspeople to invest in processing and packaging the agricultural products in the country first and then they can export these products rather than exporting fresh or raw agricultural products that are not processed beforehand,” said Sorasak.
The meeting is a follow-up of US President Joe Biden indication during the summit of the Association of Southeast Asian Nations (ASEAN Summit) and Related Meetings in Phnom Penh that the US classifies ASEAN as its comprehensive
strategic partner.
This is a new potential that American investors and businesspeople are exploring Cambodia as a key partner in their investment and trading.
Source: https://www.khmertimeskh.com/501197610/us-firms-keen-to-invest-export-agri-products-from-cambodia/