South Korean firm invests in Cambodian corn
The Cambodian agriculture ministry said that South Korea's KOGID plans to invest US$150 million to grow and process corn for animal feed to be sold overseas.
Chan Tong Yves, secretary of state who is in charge of investments at the ministry told newspapers that the company has long-term investment plans for the Kingdom.
KOGID plans to purchase 70,000 to 150,000 tonnes of corn this year and would buy from the four top producing provinces.
"We welcome this plan because it will help create markets for Cambodian corn, which we have had trouble finding," Chan Tong Yves said.
"Our farmers only sell corn to Thailand and Vietnam, and these markets are unpredictable. Sometimes they buy, but sometimes they don't," he added.
According to a report from the Ministry of Agriculture, Forestry and Fisheries, in 2008-09 Cambodia harvested 611,865 tonnes of corn from 163,106 hectares of land.
Oung Savuth, manager of KOGID Cambodia Co Ltd, confirmed the total investment, but added that the company would invest only $38 million from 2009 to 2012 as part of the first phase.
"We will encourage the government to give us land concessions to grow corn after 2012 by providing houses, water and electricity, and building markets and schools and hospitals for our workers," Oung Savuth said.
To comment, login here
Or register to be able to comment.