Two Cambodian companies on Monday signed Memorandums of Understanding (MoU) with Chinese companies to invest in the agricultural sector.
One deal was inked between Chan Sothea, general director of Cambodia's Century Rice Group, and Ivan, managing director of Shengen Yonglongxin Industrial Company.
Under the agreement, the two companies would invest 100 million U.S. dollars in building a hi-tech rice processing plant in Cambodia and was expected to export about 300,000 tons of Cambodian milled rice to China per year, Ivan said.
The other deal was inked between Hak Sovanna, president of the Chamber of Commerce of Cambodia's Kampot, Kep and Takeo provinces, and Shen Chen, president of Shandong Lurui Group, on the exports of Cambodian agricultural products to China and imports of agricultural machinery from China to Cambodia.
The firms planned to invest 20 million U.S. dollars in the venture, according to a press release.
Mao Thora, secretary of state at the Cambodian Ministry of Commerce, said the cooperation between Cambodian and Chinese firms would help boost Cambodia's agricultural sector.
"I believe that these joint ventures will contribute to increasing the bilateral trade volume between Cambodia and China to 5 billion U.S. dollars by 2017," he said while witnessing the signing ceremony.
