China’s COFCO to invest $3.5 bln in Tianjin over 5 years

COFCO

COFCO, China’s largest state-owned agricultural firm, says it will invest 24 billion yuan ($3.5 billion) in northern Chinese city of Tianjin over the next five years. The company, which signed a strategic cooperation agreement with Tianjin, will invest in the second phase of its existing 4,000 tonne/day oilseed crushing plant in the city. It will build a 20,000 square metre alcohol product warehouse in Tianjin, according to a statement on COFCO’s website. Scope of investment will also include modern agriculture, animal husbandry, fisheries, food production and processing, and real estate development. Investment will safeguard supply of grain and edible oil to Tianjin and nearby Chinese capital Beijing once projects are completed, COFCO says. With 12,000 people in 35 countries, COFCO International is the overseas agriculture business platform for COFCO Corporation, China’s largest food and agriculture company.

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