Logo of Phnom Penh Post newspaper Phnom Penh Post - Tycoon hopes to cash in on bananas

Tycoon hopes to cash in on bananas

Tycoon hopes to cash in on bananas

Tokyo-based conglomerate All Nippon Airways Trading (ANA) is in talks with the Mong Reththy Group (MRG), to establish a banana plantation with plans to export to Japan, the Cambodian agriculture tycoon said on Friday.

Chairman of MRG, Mong Reththy, who is also a ruling party senator, said that the group of representatives from ANA met with him on May 20 at his farm in Sihanoukville province to assess the viability of banana farming in Cambodia.

“They came to see the possibility for joint-investment of planting bananas and exporting back to Japan,” he said. “They will bring banana trees from the Philippines, which is facing a big severe natural disaster, so they want to grow here for backup in order to maintain their supply chain for their market,” he said.

“But, it doesn’t mean that they will stop their business in Philippines,” he added.

However, he said that it was only early in the planning stage and ANA representatives had come to assess the tycoon’s soil conditions to determine whether the right strain of banana would be suited to his land.

A deal had yet to be signed, Reththy added, but he expects to establish a test area of two hectares later this year to grow bananas and is hopeful that the project might take off next year.

“I think they will start to grow it in early 2016 because after they see my land, which we have 80 canals for water, they said that area is ok for planting. So, they just import the banana tree and experts while we have land and machinery here already,” he said.

ANA is among Japan’s larger conglomerates whose businesses range from aviation to electronics and food imports and exports.

Srey Chanthy, an independent economist and agriculture specialist said that a banana plantation would help to diversity Cambodia’s agricultural exports.

“There will not be the problem with planting bananas here because we have rich soil” he said.

If everything goes according to plan, a polishing and packaging plant would also be built onsite to ready the fruit for export, Reththy said.

MOST VIEWED

  • Restrictions re-imposed in capital as Covid cases surge

    Amid the ongoing community outbreak of Covid-19, which has shown no sign of subsiding with 750 infections and 10 deaths reported on June 2 alone, the Phnom Penh Municipal Administration has decided to re-impose the suspension of all occupations and business activities deemed as posing high risk of

  • Phnom Penh-Sihanoukville expressway 51% complete

    The construction of the nearly $2 billion Phnom Penh-Sihanoukville Expressway is 51.35 per cent complete and is expected to be finished in 2023, according to Ministry of Public Works and Transport secretary of state Vasim Sorya. Invested in by Cambodian PPSHV Expressway Co Ltd, the first expressway in

  • First 7-Eleven store to open mid-June, ambassador says

    Thai retail conglomerate CP All Pcl will open Cambodia’s first 7-Eleven convenience store in mid-June, Cambodian ambassador to Thailand Ouk Sorphorn told The Post on June 1. The Bangkok-listed 7-Eleven franchise operator, the retail arm of Charoen Pokphand Group Co Ltd, granted CP All (Cambodia)

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • US embassy guard gets Covid despite two doses of Pfizer jab

    The Covid-19 tracking commission on June 4 said a security guard at the US embassy in Phnom Penh had contracted the novel coronavirus, despite having received a second dose of the Pfizer-BioNTech shot two weeks ago. Embassy spokesperson Chad Roedemeier confirmed the SARS-CoV-2 infection to The

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy