PHNOM PENH: In a new $35 million deal, a Cambodian firm and a Chinese firm have signed a Memorandum of Understanding (MoU) to increase the export of Cambodian cashew nuts to the Chinese market.
The agreement, which was signed on September 12 at the Ministry of Commerce, will see 20,000 tons of raw cashew nuts and 5,000 tons of processed cashew nuts exported to China annually for the next three years.
H.E. Samheng Bora, Secretary of State at the Ministry of Commerce, witnessed the signing and expressed his appreciation to Sinomach Hainan for their investment. He also encouraged the company to explore expanding local cashew processing and strengthening the cashew value chain within Cambodia.
The Ministry of Commerce stated that the MoU reflects the Cambodian government’s efforts to sustain existing markets, open new ones, and attract greater investment into the country’s cashew sector.
This potential investment comes as Cambodia’s cashew sector is experiencing a period of robust growth. According to the Cambodian Cashew Association, Cambodia’s cashew exports generated over $1 billion in 2024, a notable 26.15% increase compared to the previous year.