The Philippines and Cambodia have entered into an agreement that would help drive more investments into Cambodia’s agriculture, particularly in rice production and trade.
The memorandum of understanding (MOU) between the two nations on agricultural and agribusiness cooperation was signed on Tuesday, Feb. 11, during the official visit of Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet to the Philippines.
Department of Agriculture (DA) Secretary Francisco Tiu Laurel and Cambodia’s Minister for Agriculture, Forestry, and Fisheries Dith Tina signed the MOU at Malacañan Palace.
During Monday’s bilateral meeting, Tina invited his Philippine counterpart to invest in Cambodia’s growing rice production sector.
The minister, in particular, saw opportunities for the Philippines to invest in rice milling facilities in the Southeast Asian country.
Laurel, in response, expressed enthusiasm for this investment prospect given its benefit for both countries’ agricultural growth and food security.
“Cambodia will gradually be an important agricultural trading partner as the country diversifies its markets, particularly for rice,” the agriculture secretary said.
The DA noted the Philippines has a trade deficit with Cambodia, which suggests the need for stronger bilateral ties.
Trade between the two countries totaled $80.50 million, according to the Philippine Statistics Authority (PSA). Of this amount, $20.40 million was attributed to agricultural products.
The MOU envisions stronger collaboration in the agriculture sector, such as animal feed development, animal health protection, agricultural planning, irrigation management, and agricultural marketing systems.
Cambodia and the Philippines also agreed to explore a potential rice trade cooperation, as well as trade in vegetables and meat.
According to the DA, both countries will also explore the exchange of non-geographical indication-protected plant commodities to promote agricultural diversity and innovation.