The ASEAN Business Advisory Council (ASEAN BAC) for Cambodia and the ASEAN BAC for the Philippines on Tuesday inked a Memorandum of Understanding (MoU) for the development of the agriculture and micro, small and medium enterprises, said a statement.
A statement released on Tuesday by the Cambodia Chamber of Commerce pointed out that the MoU focuses on the joint possibility, first to study and create channels for coaching on potential agriculture, agricultural technology, food security, business models, agro-entrepreneurs and development of small-, medium- and large-scale value chains among farmers, enterprises and state institutions in both countries.
“Secondly, to define the needs in business in a bid to develop opportunities for trade and investment in the rice sector and other agricultural products and services, thirdly to promote research and development of rice sector and lastly develop effective strategies that respond to climate change and assure the environment of sustainable agro-business.”
“Both parties will set specific terms and conditions that will be reasonable for their study of joint project initiation,” the statement said. The signing ceremony was also attended by Cambodian and Filipino senior government officials and business leaders such as Sok Chenda Sophea, Minister of Foreign Affairs.
Regarding the new economic initiatives, Prime Minister Hun Manet said at the opening session of the plenary 43rd ASEAN Summit on the same day in Jakarta that ASEAN needs to explore new sources of economic growth that are strong and resilient to crises such as escalating geo-politic rivalries such as digital transformation and green transition.
He pointed out that the green tradition responses include the actual implementation of blue economic and creative economic approaches that are expected to contribute to the development of new sources of economic growth to transform ASEAN to be the world’s hub of growth before he met Singaporean Prime Minister Lee Hsien Loong.