A new memorandum of understanding (MoU) seeking to inject momentum into the local agarwood industry was signed yesterday between First Capital Global (FCG), a Thai enterprise, and its local partners – Thoub Chankrassna Khmer and Nuon Bonna, a plantation owner.
As per the agreement, FCG will invest in the creation of a plantation composed of one million agarwood-producing trees and a processing factory in Preah Sihanouk province. The project, scheduled to begin in 9 months, will produce premium agarwood oil and derivative products for exportation.
The MoU was signed by Sean Goh, CEO of FCG, Keo Sokunthea, director of Thoub Chankrassna Khmer, and Nuon Bonna, who owns a plantation in Preah Sihanouk province. Mr Goh said his company has vast experience producing agarwood oil and related products in China, Thailand and Laos.
“During the first phase of our strategy, we will invest $100 million in planting one million agarwood-producing trees. “Six months later, during the second phase, we will build a factory in Sihanoukville to produce agarwood oil,” he said.
The plant will produce perfumes as well as medicinal, skincare and body-treatment products. “We can produce international-standard medicinal products for Japan, perfumes for Dubai and the Emirates and a variety of agarwood products for China,” he said, explaining that China will be the biggest market, capable of absorbing most of their production.