Chinese firm seeking investment opportunity in rice exports, hotel industry in Cambodia

Source: Xinhua
December 01 2010

China's COFCO, the largest oils and food importer and exporter in China and a leading food manufacturer, on Tuesday afternoon expresses its interest to invest in rice exports and tourism in Cambodia.

"We are very interesting in rice exports from Cambodia and hotel industry in Cambodia,"Yang Hong, vice president of China Oil and Foodstuff Corporation (COFCO), said on Tuesday during a meeting with the officials at the Council for the Development of Cambodia (CDC).

"After the possibility study about the investment opportunity here, we will take the two sectors into investment consideration," she added.

She said that the Beijing-based COFCO Group is a leading firm in the businesses of biofuel and biochemical production, oilseed processing, rice trading and processing for exports, brewing materials production, and wheat processing, moreover, the group also engages in real estate businesses.

Vongsey Vissoth, secretary general of the Ministry of Finance, said that Cambodia has produced 7.3 million tons of rice paddy in 2010, of which the surpass quantity is 3.5 million tones of rice paddy or 2.1 million tons of processed rice that is available for exports.

"China just signed a rice inspection and quarantine cooperation agreement with Cambodia in October that is easier for Chinese investors to export rice from Cambodia,"he said.

Tith Chantha, director general of the Ministry of Tourism, said that currently Cambodia has 438 hotels with 24,239 rooms, accommodating around 2.1 million foreign tourists last year.

"Cambodia has potentials in tourism and the extent of the economy is bigger, it is estimated that Cambodia needs up to 40, 000 rooms by 2015 as the number of foreign tourists is expected around 3.7 million at that year,"he said, adding"so putting your investment in the sector from now is the right time."

The 13-member delegation consisted the officials of COFCO and ICBC.

Sok Cheda, the CDC's secretary general, said that the delegation comes to Cambodia after Jiang Jianqing, President of Industrial and Commercial Bank of China (ICBC) met with Prime Minister Hun Sen on Nov. 5 in Phnom Penh and expressed the bank's purpose to open its branch in Cambodia and he promised with the prime minister to attract more Chinese investors to Cambodia.