Chinese firm Hubei Laker Group aims to invest in crawfish farms in Cambodia, a sector that could prove very lucrative for Cambodian farmers.
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The company announced its intention to invest in Cambodia’s aquaculture sector during a meeting on Saturday with Veng Sakhon, the Cambodian Minister of Agriculture, at its headquarters in Qiangjiang City in Hubei province.
“The company now faces two challenges: China’s climate is very cold during the winter, which makes crawfish farming difficult. Also, the cost of labour is high.
“Therefore, the company intends to invest in raising and processing crawfish in Cambodia, and is now requesting the permission of the Ministry of Agriculture and the Cambodian government,” Mr Yulin Zheng, chairman of Hubei Laker Group’s board of directors, said.
According to a company study, rice farmers earn an average annual income of about $1,500 per hectare. Growing crawfish, however, they could earn up to $10,000 per hectare every year.
“In order to accomplish this task, we need to invest mainly in optimising the infrastructure for water management and increase investment in the preparation of farmland using canals and the right techniques,” Minister Sakhon said.
The company should send a team to Cambodia to inspect and study potential locations for the project with the help of the Fisheries Administration and sign a memorandum of understanding with the ministry, Mr Sakhon added.