CANADIA Bank Plc has begun construction on an US$8 million rice processing facility in Takeo province, aiming to process rice for export to the international market, company officials said.
Set up in the province’s Doun Keo district, the mill will be capable of processing up to 500 tonnes of paddy per day, Canadia Investment Department Manager Rien Samrith said.
“We want to invest in this province because of its potential for agriculture, and we want to push people to produce more rice,” he said.
Construction on the facility began earlier this month, and will be finished by September this year.
The firm claims to have a three-month timeline to complete the factory, as operations are to begin in October to meet demand from China, he said.
“We have already connected with business partners from China to export rice to them,” he said.
Takeo Governor Srey Ban said on Sunday that the province had nearly 100 rice mills, but most were not able to process the agricultural staple at international quality.
“We welcome the new investment project,” he said, adding the province had enough agricultural land to eventually produce 600,000 tonnes of milled rice yearly.
Canadia is also setting up a rice mill in Battambang province with capacity of 60 tonnes per day, with work on the $400,000 facility expected to begin next month.
Prime Minister Hun Sen has set a target of exporting 1 million tonnes of milled rice by 2015.