Published : Sept. 30, 2016 - 16:06
Posco Daewoo signed a memorandum of understanding with Chinese state-run grain company Sichuan Cereals and Oils Group as part of its moves to expand the grain trading business in China, the company said Friday.
The two parties agreed to strengthen the ties for grain import and export and boost the joint efforts for facility investment and grain storage.
Sichuan Cereals and Oils Group is a state-run company that deals with imports and exports of grains up to 300,000 tons in Sichuan.
“The new MOU has established a foothold for expanding the grain business in the Chinese market. (The company) will keep expanding it to other countries such as Burma and Ukraine,” Posco Daewoo CEO Kim Young-sang said.
Considering the food industry as one of future’s major businesses, the Korean company has focused on the grain business with its 20-year know-hows in grain trading. It is seeking to expand the grain trade volume to 5 million tons in China within four years. (rene@heraldcorp.com)