[PHNOM PENH POST]
Chinese food company Hainan Agpro Inc has announced its intentions to
spend US$500 million in Cambodia’s agriculture sector, according to a
National Assembly official.
Agpro managing director Jimmy Zheng
and a delegation from the company met with National Assembly president
Heng Samrin on Thursday to discuss the venture, Kaom Kosal, cabinet
director for the National Assembly, said.
“He is eager to invest
in rice farming, rice milling and warehousing in our country,” Kaom
Kosal said. “They want to process high-quality milled rice to export as
many as 1.5 million tonnes per year.”
Agpro plans to conduct
feasibility studies in a number of provinces, including Koh Kong and
Preak Vihear, according to Kaom Kosal. The $500 million investment,
spread out over 10 years, is expected to comprise 60,000 hectares, he
said.
Heng Samrin urged the company to begin operations as soon as possible, according to Kaom Kosal.
Lim
Bun Heng, chairman of the Cambodian Food and Rice Export Association
and president and CEO of Loran Import-Export Co Ltd, said that Cambodia
could possibly export as much as 2 million tonnes of milled rice if
Agpro followed through with its intended $500 million investment.
Prime
Minister Hun Sen in August 2010 said Cambodia would export 1 million
tonnes of milled rice a year by 2015. Cambodia had exported 149,000
tonnes of milled rice, worth $87.5 million, through November, according
to the Ministry of Commerce.
Thanks for providing me lot of information about Business Investment
ReplyDelete