China’s largest producer and supplier of foods and plans – China National Cereals, Oils and Foodstuffs Corporation (COFCO) – will open a representative office in Russia’s Far East, the Primorksy Region’s government said in a statement on Wednesday following a meeting between the region’s head Vladimir Miklushevsky and COFCO’s Vice President Chi Jingtao, reports Prime daily.
The China’s company has already defined directions for its investments in the region. The most promising sector is production and processing of soy beans into isolated soy protein. That will allow the company to avoid logistics difficulties associated with supplying soy beans in South and North Americas, Mr Chi Jingtao said at the meeting with Mr Miklushevsky.
The COFCO’s Vice President also said the company was interested in exports of meat products and bottled water from the region. What’s more, the company is ready to make feasibility study on investing in the hotel business in the Primorsky Region.
“We have decided to register our company in Russia’s Far East and to discuss joint projects more closely with local authorities,” Mr Chi Jingtao said.
COFCO is China’s state-owned foodstuffs import and export holding company, including rice and other grains, edible oils, sugar, brewing products, fruits, vegetables, and the like. COFCO presents itself in more than 140 countries and regions with 336 branches and offices all over the world.
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