Logo of Phnom Penh Post newspaper Phnom Penh Post - Korean firm to buy 40,000 tonnes of corn

Korean firm to buy 40,000 tonnes of corn

Korean firm to buy 40,000 tonnes of corn

THE Cambodian arm of South Korea’s agricultural investment company Korea Overseas Grain Investment and Development Co Ltd was planning to buy about 40,000 tonnes of the Kingdom’s red corn next year, a company official said yesterday.

KOGID Cambodia Co planned to spend about US$7 million on red corn from the western provinces of Battambang, Pailin and Banteay Meanchey, Kogid Cambodia manager Oung Savuth said.

“We hope the company is successful in buying the red corn as planned,” he said.

He said that in order to support the plan, the company had built a corn-drying plant – able to dry 20 tonnes of corn an hour – in Ratanak Mondul district of Battambang province, and that the plant was being operated in a trial stage.

Kith Seng, Ministry of Agriculture, Forestry and Fisheries’ undersecretary of state, said yesterday that the Kingdom’s western provinces were growing plenty of red corn, but that the growers often struggled to find enough buyers.

“We support the company’s plan to buy red corn because it will help expand market opportunities for our farmers’ products,” Kith Seng said.

According to a Ministry of Agriculture, Forestry and Fisheries report, last year’s total red corn harvest was 780,754 tonnes – 672,177 tonnes of which was from Battambang, Pailin and Beanteay Meanchey provinces.

In June 2009, KOGID Cambodia announced that it had invested $150 million to buy from 70,000 to 150,000 tonnes of red corn per year from Cambodia to export to South Korea for processing into animal feed.

Oung Savuth said that his company aims to buy a fairly large amount of Cambodian red corn but was not certain it would accomplish its goal, as there were already many competitive buyers of the crop.

Phou Puy, chairman of Battambang province Chamber of Commerce, said 20 companies were competing to buy red corn. Expectations are that about 600,000 tonnes will be produced this year, some of which will be exported to Thailand and Vietnam.

MOST VIEWED

  • Ethnic group ‘disappointed’ to be denied French visas to attend court

    Eleven people at the centre of a case involving seven indigenous Bunong villages in Mondulkiri province pursuing legal action in France have expressed disappointment after the French embassy in Phnom Penh denied their visa applications to attend court. A press release said the 11 included a

  • Cambodia nabs 12th place in best retirement destinations

    Cambodia is an expatriate hotspot for those dreaming of living a more luxurious lifestyle at an affordable cost, according to International Living’s Annual Global Retirement Index 2019. For the fourth year in a row, Cambodia took the top spot in the Cost of Living category.

  • EU starts EBA withdrawal

    The EU on Monday announced that it has begun the 18-month process of withdrawing the Kingdom’s access to its preferential Everything But Arms (EBA) agreement over “a deterioration of democracy [and] respect for human rights”. However, the Garment Manufacturers Association of Cambodia (GMAC) said

  • PM: War result of foreign meddling

    Prime Minister Hun Sen said on Sunday that Cambodia’s recent history of conflict was caused by foreign interference. “The wars that happened were caused by provocation, incitement, support, smearing and interference from foreign powers, and the group of ignorant people who pushed Cambodia to