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Korea to help improve agriculture sector

South Korea has pledged to help Cambodia tackle some of the main issues affecting the agriculture sector.

The pledge was made during talks last week between Veng Sakhon, Minister of Agriculture and Oh Nak-young, South Korean Ambassador to Cambodia.

Cambodia is a producer of agricultural raw materials, but has limited processing capacity, which has impacted Cambodian exports to South Korea in the past.

There are key challenges that Korean companies face in Cambodia. The governments in Cambodia and South Korea will need to work together to formulate a winning strategy between investors and producers to address those issues, the Korean ambassador said.

“These issues include providing sanitation certificates, export cooperation between state institutions and the private sector, electricity and transportation costs and tax on spare parts, agricultural machinery and high VAT prices, which affect the value of agricultural products,” Mr Nak-young said.

Mr Nak-young said when these issues are resolved, the investment environment will improve.

There are now 59 companies from South Korea operating in the country, 10 of which are investing in the agricultural sector or are studying investment opportunities.

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