Cambodian producers urged to tap Korean market
Speaking at a seminar on export opportunities for Cambodian Small and Medium Enterprises, Moon Ki-bong, second deputy head of Trade and Investment Unit of ASEAN-Korea Trade, said Korea provides a great opportunity for food producers willing to cater to Korean tastes, the Phnom Phen Post reports.
"Our food industry relies on imported food for 70 percent," he said.
"We can produce food related products for the domestic Korean market for only 30 percent of our demand. Because it is very small, we find it easy, the potential to import agricultural products from Cambodia to Korea.”
Of particular demand for Korean food companies are the import of processed sweet potato, black pepper and cashew nuts. Cambodian processors need to develop products based on the demands of different foreign markets, Moon said.
"Cambodia has some processing food, but mostly focuses on the domestic market. SMEs need to develop strategies like how to process in simple way and target at where there is hot demand for the products."
Cambodia and Korea bilateral trade has increased from $750 million in 2013, up almost 13 percent, to $848 million in 2014, according to figures from ASEAN-Trade Center. ■