In a strategic move to advance the agricultural sector, the Agriculture and Rural Development Bank (ARDB) of Cambodia and the Guangxi Academy of Sciences (GXAAS) from China have formalized a partnership. This collaboration, encapsulated in a Memorandum of Understanding (MoU) signed in Nanning, Guangxi Province, focuses on the enhancement of agricultural science and technology innovation.
This alliance is set to bolster agricultural productivity, competitiveness, and facilitate the expansion of Cambodian agricultural exports into the Chinese market. The ceremony, which took place on September 24, saw ARDB Director General Kao Thach among the key witnesses. Thach expressed his anticipation of the positive outcomes this partnership would yield, especially for the Cambodian agricultural landscape and its farmers.
Highlighting the potential impact of this MoU, Thach remarked, "The MoU is expected to significantly contribute to Cambodia's agricultural development and economic growth." He further urged both parties to explore investment opportunities in Cambodia's agricultural sector, bringing in new technologies and methodologies to foster its modernization.
The representatives from GXAAS acknowledged the efforts of ARDB in enhancing Cambodia's agricultural sector and expressed their commitment to achieving the objectives outlined in the MoU.
Agriculture, a critical component of Cambodia's economy, has seen significant contributions to the country's GDP, with a report from the Ministry of Agriculture, Forestry and Fisheries indicating a 24.4 percent contribution in 2021. The country's agricultural exports, including rice, bananas, mangoes, and other commodities, reached 8.4 million tonnes last year, generating approximately $4.3 billion in revenue. China, alongside Vietnam and Thailand, remains a key importer of Cambodian agricultural products.
Source: Khmer Times