COFCO Group, China's largest food trader in terms of sales revenue, has inked agreements with global suppliers to import more than $10 billion worth of agricultural products at the ongoing sixth China International Import Expo in Shanghai.
Announced on Monday, COFCO Group declared that these agreements have established new records in contract value, import volume and the range of source countries, marking a significant milestone since the company's initial participation in the first CIIE.
Its subsidiaries, including COFCO International, COFCO Trading, COFCO Grains & Cereals, and COFCO Oils & Oilseeds, procured agricultural products primarily cover core categories such as edible oils, rice, wheat, corn, sugar, cotton and dairy at the signing ceremony at the National Exhibition and Convention Center, the venue of CIIE, in Shanghai.
These purchases cater to the raw material needs of domestic livestock and food processing industries, ensuring a diversified supply to meet the demands of Chinese consumers, said the State-owned group in a statement.
In addition to importing agricultural products such as corn, sorghum, wheat and soybeans from traditional agricultural powerhouses like the United States, Canada and Brazil, COFCO Group increased its imports from countries and regions participating in the Belt and Road Initiative, including Argentina, South Africa, Kazakhstan, Cambodia and Bulgaria, incorporating products such as barley, wheat, corn and rice.
COFCO Group has been participating in the CIIE for six consecutive years. While introducing high-quality agricultural products into the domestic market, it has also further facilitated the global food supply chain, according to its statement.
The Beijing-headquartered COFCO Group has been accelerating its internationalization efforts in the recent years, establishing a trade network covering major global agricultural production and distribution areas, with an operational volume exceeding 180 million metric tons. It has become a significant participant in building the global food industry chain and a strong advocate for a seamless global food supply chain.