Chinese firms have huge ambitions for Cambodia, with a second firm this
week proposing three projects worth an estimated US$6.5 billion to the National
Assembly yesterday, but no deadlines were set for the implementation of the
projects, according to officials.
Pan Xiaoping, chairman of Ruijin
Investment Holding Ltd, based in the
Chinese province of Hainan, yesterday met with the president of the National
Assembly, Heng Samrin, to seek the support for his company’s investment
projects, said Kaom Kosal, cabinet director for the National Assembly.
The announcement comes after
Shangdong Shuitai, a major farm machinery manufacturer from China, spoke with
the National Assembly on Monday about investing in the Kingdom’s agriculture
sector.
Earlier this year Chinese food
company Hainan Agpro Inc announced its intentions to spend $500 million in
Cambodia’s agriculture, it was reported.
“They (Ruijin Investment Holding
Ltd) came with the intention to invest in Cambodia in three sectors –
agriculture, tourism and infrastructure,” Koam said.
The first project is a rice
plantation worth approximately $400 million; the second is a tourism investment
project called Sihanouk-Hainan City, a resort and associated infrastructure
worth a reported $5.8 billion; and the third project is focused on animal
husbandry, namely cows, and is worth an estimated $300 million.
All three projects would last 10
years, he said, and come on the heels of China and Cambodia signing a $2.5
billion bilateral trade deal at the end of 2011 that aims to reach $7 billion
by 2015, according to the Chinese Embassy.
Koam reported that at the meeting
Pan Xiaoping described Ruijin’s plans to
open an office in Cambodia with the cooperation of RAT Sokhorn Inc Co Ltd.
In an effort to avoid land
disputes the development of Sihanouk-Hainan City would only be done on land
specifically purchased for the project, Koam said, but did not elaborate on
what guarantees this would bring.
Chea Chantevy, assistant to Rat
Sokhorn, president of Rat Sokhorn Incorporation Co said it was too early to
reveal the details of the projects as it was only the first meeting between
both companies and Cambodian government officials.
“We cannot disclose the project
details right now, but Rat Sokhorn is working in conjunction with Ruijin
Investment in order to invest in the agriculture and tourism sectors,” she
said.
Agpro plans to conduct
feasibility studies in a number of provinces, including Koh Kong and Preak
Vihear, with the $500 million investment spread out over 10 years, while
Shangtui aims to invest in rice and rubber plantations.
Ruijin Investment Holding Ltd has
a sparse web presence in Chinese-language media, though Xinhua, the Chinese
news organ, has reported on the meeting as well.
Rann Reuy
Business & Investment Opportunities
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