The Directors of Camshew and Naroo Marine Company exchanging documents.
Cashew nut joint venture to invest USD100 million on processing plant
by Sok Chan
Malaysian owned Camcashew Company and South Korean Naroo Marine Company is to invest $100 million on a processing plant for cashew nuts, a plantation, warehouses and related facilities in Kampong Cham province to export processed cashew nuts to South Korea.
The announcement was made this morning during the signing ceremony of a memorandum of understanding (MoU) between Camcashew Company Limited and Naroo Marine Company Limited.
Syaiful Hazreen Bin HJ. Hasan Nodin, director of Camcahew Company said that through the MoU, Korea will import 10,000 metric tonnes of processed cashew nuts from Cambodia. He added that in the first phase, his company will export about 1,000 tonnes in February.
“It is a one year contract with the Korean company to export processed cashew nuts to Korea and in this first phase we will invest about $30 million on the cashew processing facilities and plantation area. We will expand the investment and production in the following years,” Mr Syaiful Hareen said.
The company will invest on 4,000 ha cashew plantation and will also engage in contract farming with the cashew nut associations in Kampong Thom and Kampong Cham for about 40,000 hectares of cashew plantations in order to supply 10,000 tons of processed cashew nuts to South Korea.