Representatives of China Ocean Fishing Holding Ltd and local holding company Khmer Holding Group Co Ltd held a presentation for Ministry of Agriculture officials to present their plans for the commercial aquaculture project, reports The Phnom Penh Post.
Kaing Kim, deputy director of the ministry’s Fisheries Administration, said that a proposed initial investment of $30 million would be used to develop a 200-hectare fish farming operation at a location yet to be decided.
An additional $70 million would be sunk into developing a feed mill and fish processing factory on the site, with production of frozen seafood and fish filets to be exported to China.
“The company saw the high potential for investment in aquaculture in Cambodia, and came to deliver their presentation and highlight their achievements in China,” Kim said.
“Based on their presentation, they are interested in investing in both freshwater and saltwater fish farming. We are not sure yet whether they have their own land, or are looking for the ministry to provide it.”
China Ocean Fishing, a Hong Kong-listed supply management firm, announced last month that its subsidiary, Shenzhen Jinyutang Fishery Company Ltd, would establish a joint venture in Cambodia with Khmer Holding Group.
According to a filing, Jinyutang would take an 80 per cent stake in the joint venture, injecting $8 million “for the purpose of investing in fishing activities in Cambodian coastal areas, aquatic process, sale of fishing products, cultivation in aquaculture and import and export trading”.