ompany K Global Ventures has been selected by the Government of Guinea, on the basis of a feasibility study to develop 100,000ha in the country to grow and process palm oil.The selection is part of both the nations to boost bilateral trade ties, which was valued at $45m (MYR143.10m) last year.
Guinea's Minister of Trade, Marc Yombouno announced that negotiations have led to the selection of KGV to develop 100,000ha in Guinea to grow and process palm oil.
He added that, as an incentive, upon the successful planting of palm oil by the first quarter of next year, and if the undertaking is completed within five years from then, the Republic of Guinea will offer land that will double the initial offer.
KGVs director Datuk Annuar Zaini Binyamin said that his company has received the offer from the government of Guinea to select a piece of land measuring 100,000ha in the country to get the project started. The project would generate MYR2bn in revenue.
Binyamin said that Malaysia could invest in the bauxite sector in the Republic, which is the second largest global bauxite producer.
He added, "Malaysia could set up smelting plants in Guinea. A technical team will be sent to Guinea from our side in the next two or three months."
Yombouno said: "We are impressed with Malaysia's progress and achievements in the palm oil sector.
"We are seeking Malaysian investors and expertise in palm oil."
