PHNOM PENH: Kuwait is eyeing Cambodian farmland for investment in agriculture to produce food supply for the state, a minister said yesterday. Kuwait's Prime Minister Sheikh Nasser Al-Mohammed Al-Ahmad Al-Jaber Al-Sabah discussed the idea during his meeting with his counterpart Prime Minister Hun Sen, said Khieu Kanharith, the Cambodian Information Minister. Impoverished Cambodia and oil-rich Kuwait also inked five agreements, including trade, aviation and investment deals during the meeting.
Kuwait has a lot of money, but Cambodia has a lot of fertile land," Khieu Kanharith told reporters yesterday, 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 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.
Cambodia and Kuwait also inked five agreements on economic cooperation, trade, investment, foreign affairs cooperation and establishing direct flights between the two countries, the minister said. "Prime Minister Hun Sen welcomes any investment by Kuwait's companies in Cambodia because it has a big potential in developing economic growth," Khieu Kanharith said. He said the two countries would discuss more ways to boost trade and investment, and that Kuwait had promised to help Cambodia develop its agricultural sector.
The two premiers also discussed cooperation in oil, with Cambodia asking Kuwait to help train local experts on the petroleum industry, which is starting to take root here after the discovery of offshore deposits. Cambodia expects to begin producing oil from its offshore fields in 2011, following the discovery of oil in 2005 by US energy giant Chevron. But it remains unclear how much oil can be recovered, or whether any potential revenue would be used to benefit Cambodia, ranked among the world's most corrupt countries.
Cambodia has climbed back from decades of civil unrest to emerge as one of the region's most vibrant economies, marked by an unprecedented building boom that is radically changing the face of the once-sleepy capital. The Kuwaiti premier arrived in Cambodia on Sunday for a three-day visit. (Agencies)
Kuwait has a lot of money, but Cambodia has a lot of fertile land," Khieu Kanharith told reporters yesterday, 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 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.
Cambodia and Kuwait also inked five agreements on economic cooperation, trade, investment, foreign affairs cooperation and establishing direct flights between the two countries, the minister said. "Prime Minister Hun Sen welcomes any investment by Kuwait's companies in Cambodia because it has a big potential in developing economic growth," Khieu Kanharith said. He said the two countries would discuss more ways to boost trade and investment, and that Kuwait had promised to help Cambodia develop its agricultural sector.
The two premiers also discussed cooperation in oil, with Cambodia asking Kuwait to help train local experts on the petroleum industry, which is starting to take root here after the discovery of offshore deposits. Cambodia expects to begin producing oil from its offshore fields in 2011, following the discovery of oil in 2005 by US energy giant Chevron. But it remains unclear how much oil can be recovered, or whether any potential revenue would be used to benefit Cambodia, ranked among the world's most corrupt countries.
Cambodia has climbed back from decades of civil unrest to emerge as one of the region's most vibrant economies, marked by an unprecedented building boom that is radically changing the face of the once-sleepy capital. The Kuwaiti premier arrived in Cambodia on Sunday for a three-day visit. (Agencies)
