Sri Lanka’s Touchwood Investments PLC has acquired 11,138 hectares of land in Cambodia to set up an agricultural project to plant rubber and other crops.
Chairman of the firm, Roscoe A. Maloney says the acquisition done in the previous financial year is aimed at exploring the opportunity that will emanate for global food requirements in the future.
“It is expected that global food demand will increase by nearly 70% by 2050” added Maloney in the firm’s latest annual report.
“With this in mind the group has acquired 11,388 hectares of land in Cambodia to set up an agricultural project to plant rubber and other Crops” says Maloney.
Maloney commenting further revealed that the particular land has several harvestable trees and is providing a significant revenue to the firm.
According to the him, over the last three years, the company has moved from a mere ago-forestry investment model to one that embraces agriculture for food purposes.
“Our strategy of value addition and diversification has enabled us to fully optimize our resources towards cash crops and food production” Maloney reveals.
He believes the firm’s new strategy holds great promise.
Touchwood Investments is a firm listed in the Colombo Stock Exchange.