Kuwait eyes Cambodian farmland for investment

August 5, 2008 at 1:34 am Leave a comment

The Associated Press – August 04, 2008

PHNOM PENH, Cambodia: Kuwait is eyeing Cambodian farmland for investment in agriculture to produce food supply for the oil-rich Gulf state, a minister said Monday.

Kuwait’s Prime Minister Sheik Nasser Al-Mohammed Al-Ahmed Al-Jaber Al-Sabah discussed the idea during his meeting with his counterpart Prime Minister Hun Sen, said Khieu Kanharith, the Cambodian Information Minister.

“Kuwait has a lot of money, but Cambodia has a lot of fertile land,” he told reporters Monday, adding that investment in agriculture was the main subject of discussion during the visit by the Kuwaiti leader.

The minister said officials from the two countries will hold more talks to discuss investment opportunities but did not elaborate on how much farmland Kuwait would be investing in.

Kuwait, an oil-rich country with a population of a million people, is the second Gulf state after Qatar to express interest in Cambodian farmland.

During his visit in March, Qatar’s Prime Minister Sheikh Hamad bin Jassem bin Jabor Al-Thani also discussed a similar investment plan with Cambodian officials.

“Kuwait is rich in oil but it is covered mostly with desert … the cost of (agricultural projects) must be high,” Khieu Kanharith said.

“We have a rice farmland of 2 million hectares (5 million acres) nationwide,” he added. “It still has a potential to increase yield.”

On Monday, Cambodian and Kuwaiti officials also signed agreements to foster economic cooperation, protect investment, and establish direct flights between the two countries.

The Cambodian government also asked Kuwait for assistance in training its workers in the field of offshore oil, Khieu Kanharith said.

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Entry filed under: Agriculture, Economy and Trade. Tags: .

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