In a heavy pot, heat the vegetable oil over medium heat. Add the garlic and shallots, and sweat until translucent, stirring often. Add the rice to the oil and stir constantly to lightly cook the rice until lightly golden.
Stir in the chicken broth, tomatoes, carrots, corn, cumin and bay leaf. Season with salt, then cover and cook for 17 to 18 minutes.
Remove from the heat, fluff the rice with a fork and discard the bay leaf. Garnish with cilantro, and serve.