Australia and Cambodia on Friday joined together to launch a Food Innovation Partnership to support Cambodia’s agri-food small- and medium-sized enterprises (SMEs) in developing new products, meeting food safety standards, and improving their market reach.

According to a post on the official Facebook page of the Australian Embassy in Phnom Penh, the partnership is funded by the Cambodian Government through Khmer Enterprise and the Australian Government through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED).

The initiative will also collaborate with the Institute of Technology of Cambodia, the Royal University of Agriculture, the National University of Battambang, and Kampong Speu Institute of Technology.

The three work streams of the partnership include the Food Innovation Fund, which provides financial support to SMEs to develop new products, improve their market reach, and meet food safety standards.

The Food Innovation Service Sector will assist SMEs in accessing food and technology services, such as food processing, technology, market information, branding, and packaging. Also, the Agri-Food Innovation Summit will bring together SMEs, researchers, and other stakeholders to share knowledge and ideas about food innovation.

Justin Whyatt, Australian Ambassador to Cambodia, said, “Australia is committed to supporting the development of a vibrant agri-food sector that contributes to resilient, inclusive, and sustainable economic growth in Cambodia,”

Chhieng Vanmunin, Khmer Enterprise CEO, added, “In line with Khmer Enterprise’s vision and mission to expand the market potential for SMEs both locally and internationally, this fund will help to level the playing field for Cambodian SMEs and give them the resources they need to succeed.”

Hong Vannak, an Economic Researcher, told Kiripost that the move will benefit Cambodia. “When we join with Australia, we can get more benefits as they are a free-bloc and an advanced nation in terms of economic development with ASEAN. The cooperation partnership will bring more growth to the SME sector.”

Vannak added that other benefits to Cambodia include increasing jobs, a boost to its reputation, and thrush from others when they come to invest in agri-food. This is a way to promote Cambodia to other nations besides Australia.

Kiripost did not receive a comment from Yang Saing Koma at the time of publishing.