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San Miguel and Kuok to Collaborate on Farm Land Development

Posted on: Friday, 4 July 2008, 03:00 CDT

Food and drinks company San Miguel and Kuok Group have agreed to collaborate on a farm land development project in the Philippines.

Both the companies will invest up to $1 billion in this joint venture. According to Reuters, this project, which is to be carried out in association with the Philippine government, will develop one million hectares of land.

Financial and technical expertise required for the development and cultivation of the land will be provided by San Miguel and Kuok. This land will remain under the ownership of the Philippine government.

The Philippines is one of the world's foremost rice importers. This project intends to ensure that there is enough supply of rice, corn, sugar and other basic food staples for the country, said Agence France-Presse. The companies assured that they will purchase all food products produced on these farms.

Reuters quoted Ramon Ang, president of San Miguel, as saying: "We are ready to help our government in any way possible, whether it is providing seed money to help farmers pay for shallow wells, basic agricultural inputs such as hybrid seeds and fertilizer, and extending technical expertise."

Source: Datamonitor

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