China Oil and Foodstuffs Corporation (COFCO), a leading Chinese enterprise in the agriculture and food industry expressed its willingness to establish industries and explore further the Pakistani market, according to a report published by Gwadar Pro. The Ambassador of Pakistan Moin ul Haque met on with Mr. Luan Richeng, President of COFCO in Beijing where he briefed president Luan on the growing trade ties between the two countries after the launch of phase Ⅱ of FTA, which has given duty-free access to a large number of agro products.

The Ambassador noted that Pakistan is a leading producer of grains and agro products like rice, wheat, sugarcane, cotton, potatoes, etc. which can be exported to China to meet its market’s growing needs. He invited COFCO to consider investing in the food processing business in Pakistan. A detailed briefing was also given on Pakistan’s investment policies for foreign enterprises in the agriculture sector.

Mr. Luan expressed his keen interest in the Pakistani market. He assured that COFCO stood ready to explore opportunities in Pakistan, benefitting from the attractive investment regime and the strong agriculture sector of Pakistan. During the meeting, the two sides held an extensive discussion on Pakistan-China trade and investment ties and also exchanged views on possible collaboration between COFCO and Pakistan.

COFCO, founded in 1949, playing a major role in China’s imports of grain and other agro dairy products as well, has been actively expanding the overseas markets and continuously improving G＆O logistics and storage capacity worldwide to ensure a stable overseas supply chain. It is to be noted that in China, COFCO is the largest market-oriented grain enterprise and the major importer and exporter of soybean, wheat, corn, sugar, and other agricultural products. COFCO has an annual processing capacity of over 60 million tons and provides products covering all the main categories of daily consumption to Chinese consumers.

Credit: Independent News Pakistan-INP