COFCO laid cornerstones for its first wheat processing project in Zhengjiang Province on August 23, 2010. The project is located at the Haining Economic Development Zone of the province.
Mr. Lu Jun, Vice President of COFCO, Mr. Chen Long, Deputy General Secretary of Zhengjiang People’s Government, and several local government officials attended the ceremony.
The project is invested in by China Agri-Industries Holdings (HK0606), one of the subsidiaries of COFCO Corporation. It features the biggest investment and most advanced technology for COFCO in China. Its total investment amounts to HKD 700 million, with the registered capital HKD 350 million. Its capacity is 600,000 tons annually. Its construction will commence this month and finish in 2012 according to schedule.
The project is significant to COFCO’s integrated business strategy. It is also an important strategic move of COFCO to penetrate into the Delta region, sending a message of COFCO’s increased attention on developing the Delta market. It sets an example to COFCO’s other business units, in a deeper attempt to set the tone to building the so-called Industry Park which is expected to integrate and streamline internal resources at the local level.