Cambodia Allocates $100 Million to Stabilize Agricultural Markets

Cambodia Allocates $100 Million to Stabilize Agricultural Markets

Phnom Penh, April 12, 2024 – In a significant move to secure the stability of agricultural prices amidst global market fluctuations, the Cambodian government has earmarked a substantial $100 million for agricultural interventions. This funding announcement was made by Prime Minister Hun Manet during the opening ceremony of the Kirisu Dairy Farm in Bati district, Takeo province.

Highlighting the challenges faced by farmers due to volatile agricultural prices, the Prime Minister emphasized the government’s dedication to ensuring price stability. He underscored the importance of the agricultural sector to the nation’s economy, signaling continued government support for enhancing production quality and balancing the agricultural market, with a particular focus on strategic crops.

The commitment comes as a reassurance to both farmers and investors in the agricultural sector, as the government aims to foster an environment where agricultural ventures can thrive amid market uncertainties.

Prime Minister Manet also expressed gratitude towards Khmer Fresh Milk Co., Ltd., and other companies for their investments in the dairy farming sector, contributing to the local supply of fresh milk. Cambodia boasts four dairy farms that collectively house nearly 1,200 dairy cattle, yielding around 13,000 liters of fresh milk daily. These farms significantly contribute to meeting the country’s dairy demand, covering approximately 17 percent of the annual requirement of 300,000 liters.

Despite this local production, Cambodia’s reliance on imported fresh milk remains high, with annual imports reaching around 98,000 tonnes, valued at $734 million. This government initiative aims to further reduce dependency on imports by bolstering the domestic agricultural and dairy industries, paving the way for a more self-sufficient and stable agricultural market in Cambodia. (eacnews)

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