Cambodian, Thai companies invest US$50 millions to build rice mill

 

Sok Puthyvuth (R), chief executive officer of Soma Group, and Prasit Damrongchietanon, vice-chairman of C.P. Trading Group, sign joint investment deal at Sofitel Phnom Penh Phokeethra hotel on Thursday, 19 June, 2014. Photo/CEN

PHNOM PENH (The Cambodia Herald) -- Cambodia's Soma Group and Thailand's C.P jointly invested US$50 millions to build a rice milling and refining factory in Kampong Speu province.

The joint investment deal was signed between Sok Puthyvuth, chief executive officer of Soma Group, and Prasit Damrongchietanon, vice-chairman of C.P. Trading Group, at Sofitel Phnom Penh Phokeethra hotel.

Sok Puthyvuth, son of Deputy Prime Minister Sok An, and son-in-law of Prime Minister Hun Sen, said after the signing ceremony that the two companies will construct the rice milling and refining factory worth about US$50 millions.

He said the construction will begin in the first quarter of 2015 on the area of 30 hectares of land.

"The factory will have capacity to process from 400 to 600 tons of rice a day," he said.

Prasit Damrongchietanon said "in the first stage, the companies aim to produce 100,000 tons per year, and 70 percent for export."

He said the export will have access to more than 100 countries in the world.

Cambodia produced about 9.4 million tons of paddy rice last year. Of this amount, the country has more than 3 million tons of milled rice left over for exports this year.

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