Korean investment targets agricultural exports

  • Wed, 7 February 2024

Korean investment targets agricultural exports

Korean investment targets agricultural exports

The Korean Senior Citizens Association of Cambodia (KSCAC) and its South Korean partners are keen to invest in seven Cambodian agricultural products for export to Korea and China.

Crops targeted include dried pepper and mango, banana chips, sesame oil, aquaculture products, and kapok and rubber tree processing.

The Ministry of Agriculture, Forestry and Fisheries has advised the association to thoroughly study and analyse the economic viability of these crops to ensure successful investment, said a January 28 press release.

During a meeting between ministry secretary of state Prak David and KSCAC vice-president Kim Moon-baik, along with other Korean companies, the parties extensively discussed investing in the crops, with a particular focus on sesame.

Kim commended the quality and taste of Cambodian agricultural products, noting their popularity in Korea and the intention to expand exports to the Japanese and Chinese markets.

David expressed his pleasure at the company’s interest in exploring the potential of the country’s agricultural goods, noting that such investment aligns with the government’s policies.

He noted on January 28 that climate change poses a threat to food security, increasing the market value of agricultural products and the potential for future investment. However, he noted that climate change also raises the cost of agricultural raw materials.

 “It’s encouraging that Korean companies are showing interest in investing. However, we also urge investors to carefully consider the incorporation of advanced technology ... This is particularly important for products planned for investment, to minimise the risk of infections in native plant species that could adversely affect crops,” he said.

According to the ministry, 19,088ha of horticultural crops were planted in 2023, amounting to 53.4% of the planned 35,744ha, surpassing the previous year’s figure by 3,570ha. Industrial crops covered 62,474ha, equating to 56.51% of the planned 110,557ha, exceeding the previous year by 4,225ha.

The report also stated that in 2023, the estimated value of agricultural exports stood at $4.306 billion, with non-rice agricultural exports valued at $2.799 billion.