Australian, Japanese companies explore $50 million banana venture in Cambodia

Published: 22-Jan-12

PHNOM PENH (Cambodia Herald) - Australia's Indochina Gateway Capital Ltd and Sumifru Corp, a subsidiary of Japanese trading company Sumitomo Corp, are considering plans to invest $50 million in a banana farming venture in Koh Kong province, an official at the Ministry of Agriculture, Forestry and Fisheries said.

The official, who asked not to be named, said Agriculture Minister Chan Sarun (pictured) discussed the proposed investment during a meeting with Indochina Gateway chief executive Alastair Walton and representative of Sumifru. Walton reportedly said the venture would employ about 100 workers.

The Japanese company already has 14,000 hectares of banana plantations in the Philippinnes, the official said.

Sumifru (Philippines) Corp employs 30,0000 people and operates banana, pineapple and papaya plantations.