A Cambodian Agro-Industry Federation is set to be established with the process underway to form the body which will be tasked with boosting the Kingdom’s agricultural sector.
The formation of the Agro-Industry Federation will also seek to boost the increase in the exports of the nations’ agriculture-related products. The Federation will be chaired by Ly Yong Phat, owner of the Ly Yong Phat Group.
Veng Sakhon, the Minister of Agriculture, Forestry and Fisheries said the “The Cambodian Agro-Industry Coalition, chaired by Ly Yong Phat, has been preparing a draft to establish and officially launch in the near future with the strong support of Prime Minister Hun Sen.
In Q1 2021, Cambodian authorities reported a rise in rubber exports compared to 2020, while milled rice exports were down. The six most profitable agro-exports in Cambodia were valued at $2.32 billion and are:
- Cashew nuts
- Yellow bananas
- Pailin longan
Cambodian exports to the United States increased by 40 per cent in 2020 and reached $5.36 billion however agricultural products were not high on the list. However, the US Department of Agriculture (USDA) suggests that Cambodia “represents an attractive opportunity for agricultural producers based in the United States” reported the Khmer Times.
The World Bank also predicted Cambodia would rebound to 4 per cent growth in 2021 with the key drivers being agricultural exports and the resumption of construction projects.