Cambodia Chamber of Commerce (CCC) on Tuesday signed a Memorandum of Understanding (MoU) with the Asian Trade Consultative Council (ATCC) for the Philippines to bolster the Kingdom’s agricultural sector.

According to CCC’s official Facebook page, the agreement on the Development of Agriculture and Cambodia-Philippine Agricultural Development and Enterprises was signed by Kith Meng, President of CCC, and Jose Ma. A Concepcion, Chairman of ATCC for the Philippines.

The aim of the agreement is to study and create a potential agricultural teaching portal, food security technology trade models, entrepreneurs, and the development of the value chain of farmers, enterprises, and small, medium, and large state institutions.

At the same time, the MoU aims to determine business requirements to develop trade performance and investment in the wheat and production sectors, progress research and the development of wheat, while encouraging effective strategies to tackle climate change and ensure a sustainable business-farming environment. Both sides will set approval criteria to study the creation of a joint project.

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Hong Vannak, an economic researcher at the Royal Academy of Cambodia, told Kiripost, “In fact, when we have a lot of partnerships in agricultural development and enterprises, there are a few banks that work to support SMEs and other agriculture development, so it fits with the national policy to strengthen SMEs’ work.”

At the same time, when Cambodia has an opportunity to sign an MoU with the Philippines, Vannak said there will be positive development activities, especially if it can boost SMEs to develop to be more modern.

He added that previously, the Philippines imported Cambodian agricultural products to support their needs. "In this regard, I think they might have their purpose already, so we should increase productivity rather than just signing [the MoU] but not taking any action,” he said.