noun, する verb
Open up cultivation back on this land. It was closed before, due to it being a wasteland, but now it's time for reclamation and cultivation of this land.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
Although it’s a completely different field, there isn’t much of a difference in terms of cultivating a new market.