China's state-owned COFCO Group has signed a cooperation agreement with the government of central China's Hunan Province, under which it will invest 10 billion yuan in Hunan's planting, breeding, farm products circulation and processing, consumer products, real estate and financial services sectors over the coming five years.
In the planting field, COFCO will further consolidate resources and establish leading dark green tea brands. Meanwhile, the group plans to build a live pig breeding base in Hunan with annual slaughtered number of 500,000. Furthermore, COFCO will construct deep processing bases or industrial parks, and supporting logistics parks in the province, according to the agreement.
In August, COFCO Coca Cola's beverage project in central China was started in Changsha, capital city of Hunan, involving an investment of 324 million yuan in the first phase and with annual designed production capacity of 900,000 tonnes.
In the financial services field, Aviva-COFCO under COFCO Group established its presence in Hunan 10 years ago. Over the coming five years, the financial member enterprises of COFCO including COFCO Trust, Longjiang Bank and COFCO Agricultural Industry Fund will also likely set up branches in the province.
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