Trading Markets.com
Thursday, May 08, 2008
PHNOM PENH, May 9, 2008 (Xinhua via COMTEX) -- -- The Cambodian government needs to further support farmers to grow more rice, as its price has doubled recently and the country may find it another pivotal revenue generator, national media said on Friday.
"We should support farmers to grow more rice by improving rural infrastructure, especially irrigation, expanding rural credit and finding better access to world market", English-language newspaper the Cambodian Daily quoted Commerce Minister Cham Prasidh as saying.
"For Cambodia now, we see rice as gold," he said, adding that this is making the government rethink its strategy for economic growth.
Rather than focus on building niche markets, such as labor- friendly garment manufacturing, and negotiating favorable trade deals with the developed world, rising food prices mean Cambodia has a chance to transform itself into a profitable rice bowl for the world, he said.
"Since we start to see the effect and implications of the food crisis in the world, we may now to reconsider what we should do," he said.
There are a lot of people that need food, he said, adding that it is a safe bet that the bottom won't fall out of the rice market anytime soon .
Price of high-quality rice has doubled recently in world market, as high as 1,000 U.S. dollars a ton.
Cambodia has been seeking to organize a rice exporting countries' alliance to exert more influence in world market, just as OPEC, the Organization of Petroleum Exporting Countries, manipulates the global oil price.
The rice exports of Cambodia, Vietnam and Thailand are believed to account for over 50 percent of the world's total annual rice exports.
Thursday, May 08, 2008
PHNOM PENH, May 9, 2008 (Xinhua via COMTEX) -- -- The Cambodian government needs to further support farmers to grow more rice, as its price has doubled recently and the country may find it another pivotal revenue generator, national media said on Friday.
"We should support farmers to grow more rice by improving rural infrastructure, especially irrigation, expanding rural credit and finding better access to world market", English-language newspaper the Cambodian Daily quoted Commerce Minister Cham Prasidh as saying.
"For Cambodia now, we see rice as gold," he said, adding that this is making the government rethink its strategy for economic growth.
Rather than focus on building niche markets, such as labor- friendly garment manufacturing, and negotiating favorable trade deals with the developed world, rising food prices mean Cambodia has a chance to transform itself into a profitable rice bowl for the world, he said.
"Since we start to see the effect and implications of the food crisis in the world, we may now to reconsider what we should do," he said.
There are a lot of people that need food, he said, adding that it is a safe bet that the bottom won't fall out of the rice market anytime soon .
Price of high-quality rice has doubled recently in world market, as high as 1,000 U.S. dollars a ton.
Cambodia has been seeking to organize a rice exporting countries' alliance to exert more influence in world market, just as OPEC, the Organization of Petroleum Exporting Countries, manipulates the global oil price.
The rice exports of Cambodia, Vietnam and Thailand are believed to account for over 50 percent of the world's total annual rice exports.
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