A largest Kuwait company, Pima international has joined hands with Cambodia Company, D&D Pattaik Group, to form a company named PIMA-D&D International to boost the investment in Cambodia on mining and rice mills.
By taking this step, they will invest 45 million dollars to operate Gold and Iron Ore Mines as well as rice mill in Cambodia, the company announced late last week.
“The company has been obtained the approval from the Royal Government of Cambodia for exploring mines and looking at taking over existing mines as it will operate in this September with an initial investment of about US$10 to US$15 million to acquire mining right in Cambodia and set up office in the capital city,” Dr. Raja said at a briefing at the Phnom Penh International Airport on September 8 after his delegation’s plane touched down at the airport.
The company will search mine exploration opportunities in three provinces: Kampong Chhang, Kratie and Mondulkiri. “We will be the first Middle Eastern company to open in Cambodia for the Mining Industry, he said. “Other Mining activities will be rolled out in stages, looking at viability and feasibility of the mines, and subsequent expansion will be done in accordant to Government Mining Stipulation’s,” he stressed.
Mr. Dibyendu Pattnaik, Chairman of D&D Pattnaik group, said that the JV company will bring in more investment in the Mining sector along with PIMA international while it will always keep in mind the need to save the environment and will comply to environment regulations when exploiting the mines on commercial basis.
Mr. Debasish Pattnaik, Vice- Chairman and CEO of D&D Pattnaik group, said: “The group is now looking at investment in the mining sector, which is unknown territory as yet, but it is not looking at making a profit in the near future.” However, the mission of the company will provide ample employment opportunity to the people in Cambodia and also contribute from its profit to the social responsibility of the company.”
Besides on investment on mining, PIMA-D&D International Company also plans to set up rice mill in Cambodia with capital of US$10 to 15 million dollars. “The rice mall will equip personnel with modern technology from Japan and set up in two provinces: Takeo and Prey Veng province,” he said, adding that, “We will bring new technology from Japan while the plan is in processing.”
Dr. Raja stressed that as Cambodia is an agriculture country, the government has a policy to promote rice export, and it has made his company interested in investing on rice production to export.
Kong Putheara, Director of Statistics Department for Ministry of Commerce, said that the setting up of rice mill by Kuwaiti businessman will highly contribute rice productivity and engage government to export rice to international market and encourage Cambodian farmers to increase rice productivity and also help to achieve the export goal in 2015.
This is the second time of Dr. Raja visiting Cambodia while his first visit to Cambodia occured on August 1, 2011 to study and looking for investment opportunity. This time, he brought three business partners who come from America, South Africa and United Kingdom. While he visited Cambodia, he also promised to provide job opportunity to Cambodia, also build one hospital to ensure the health of the Cambodia people.
Source: The Southeast Asia Weekly, September 11-17, 2011, Vol. Issue 37, Page 3
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