Cambodian PM launches stimulus package of US$100 million for agriculture

PHNOM PENH, Nov 20: Cambodian Prime Minister Hun Manet on Monday launched a stimulus package of US$100 million to boost the development of the agricultural sector, reported Xinhua.

“Agriculture remains our priority, and the stimulus package aims to maximise the potential of the agricultural sector and to increase our production and competitiveness,” he said at the launching event.

The stimulus package will also be used to seek new international markets for agricultural products and help stabilise the prices of potential agricultural products for farmers, he added.

“It will contribute to strengthening food security, improving farmers’ livelihoods, reducing consumers’ expenses, and supporting the kingdom’s economic growth,” Hun Manet said.

He added that the government will deploy some 250 agricultural officials to all communes across the Southeast Asian nation to assist farmers directly.

Agriculture is one of the four pillars supporting Cambodia’s economy. Main agricultural items for exports included rice, rubber, cassava, mangoes, fresh bananas, pepper, cashew nuts, longan, corn, and palm oil, among others.

According to the prime minister, the country exported 6.2 million tons of agricultural products to 74 countries and regions in the first 10 months of 2023, earning a gross revenue of US$3.5 billion.

He said multilateral and bilateral free trade agreements have provided favourable conditions for Cambodian products to be exported to signatory countries with preferential tariffs.

Cambodia is a member of the China-Association of Southeast Asian Nations Free Trade Area Agreement and the Regional Comprehensive Economic Partnership Agreement. Besides, the kingdom also has bilateral free trade agreements with China, South Korea, and the United Arab Emirates.