Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese firms eye $500m rice investment

Chinese firms eye $500m rice investment

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.

0

Comments

Please, login or register to post a comment

Latest Video

Setting up a drone for flight. Photo supplied

How Cambodia's first drone company is helping farmers

SM Waypoint claims its unmanned aerial vehicles can help local farm and plantation owners increase their yields. Established in September 2015, SM Waypoint now has seven drone pilots, two sales staff and two accountants. Though the company focuses mainly on agricultural projects, the potential uses of the drones are extremely varied, going from measuring exact land height for building drainage systems to finding the most suitable location for special economic zones (SEZs) or factories.

New street food dish shakes things up at Russian Market

Though the bustling food stalls that emerge after dark next to Phnom Penh's Russian Market can seem intimidating to tourists at first glance, there are street food treats to be enjoyed by all, from Kep crab to a new shrimp dish created by the market's owners.

Turkish Embassy calls for closure of Zaman schools

With an attempted coup against the government of President Recep Erdogan quashed only days ago and more than 7,000 alleged conspirators now under arrest, the Turkish ambassador to Cambodia yesterday pressed the govern