The Cambodian Rice Federation (CRF) signed a memorandum of understanding with the Ministry of Commerce on Thursday to receive $450,000 in financial support from the government to increase Cambodia’s rice exports, according to a federation official.
Hun Lak, vice president of the CRF, which aims to link farmers, millers and exporters, said the Finance Ministry would assist the federation through the Commerce Ministry with a one-time capital infusion.
“This is a seed capital…to support those who are involved in the rice sector,” he said.
“The capital will be used for…market development such as participating in overseas exhibitions, joining government-to-government discussions and human resources development.”
Mr. Lak added that the funds would be sent to the CRF after the ministry receives a comprehensive plan for its use.
Commerce Ministry officials could not be reached for comment.
The government had set a goal to export 1 million tons of milled rice this year, but has admitted that it is likely to fall well short of that figure, and now plans to export about 600,000 tons of rice this year.