(Yicai Global) May 14 -- China National Cereals, Oils and Foodstuffs Corporation, a state-owned food processing company, aims to invest in the food and oil industries along the One Belt, One Road route to further expand its supply-chain assets in the world’s major food-producing regions, improve operating efficiency and boost trade, said Zhao Shuang, chairman, at the Belt and Road Forum for International Cooperation today.
COFCO is set to meet its ‘1315’ development goal by 2020, meaning the company will invest a combined CNY10 billion (USD1.45 billion) in Belt and Road countries, sell 30 million tons of grain, control 10 million tons of grain resources, import CNY5 billion worth of food and reach service income of CNY5 billion, he added.
The Beijing-based company has already built strategic warehousing, wharf and logistics facilities in the world’s core grain-producing regions, such as South and North America, Australia and the Black Sea, to establish a global presence in the food and oil industries. Last year, COFCO’s foreign trade of agricultural products reached almost 130 million tons at a value of USD41.86 million, involving nearly 140 countries and regions.
The firm will also accelerate construction of warehousing and logistics facilities in central Asia, the Far East and the Black Sea, and agricultural processing facilities in Southeast Asia to promote the coordinated development of agricultural trade and industry in Belt and Road countries, Zhao said.