China-Cambodia joint venture to invest $32 million in banana farms

Longmate Agricuture Co., Ltd. announced that it has invested $32 million to grow bananas in 1,000 hectares of land in Kampot’s Chhouk district.

Longmate, a joint-venture between Cambodian and Chinese investors, announced its decision to invest in the local banana sector earlier this month, but did not provide specific details then.

Phe Hok Chuon, chairman of the company’s board of directors, said he decided to invest in banana farming because his Chinese partner, Li Xiaoquan, has plenty of experience in the sector.

“Moreover, Cambodia has an excellent climate and soil for this type of banana product,” Mr Hok Chuon said.

“This project, the first large-scale investment in Cambodian bananas, will play an important role in promoting the growth of the national economy by creating employment opportunities for many Cambodians and curbing labour migration.”

Mr Hok Chuon said the company’s farm will become a model for other farms in the country, making an important contribution to the development of the agriculture sector.

Li Xiaoquan, Longmate’s director, said China has recently reduced banana production after crops in the country where attacked by a particularly harmful disease. Demand for the fruit in China, however, remains high.

Read more...