PHILIPPINES/CHINA - Tongwei eyes Philippine market
With improving China-Philippines relations, Tongwei Group has set it sights on the Philippines as its new business destination in Southeast Asian region. "We have already close cooperation in many countries but we are also seeking more opportunities particularly in South Asia and Southeast Asia." For the last two decades, Tongwei’s aquatic feeds have led China's domestic market with 20-percent share.
With improving China-Philippines relations, Tongwei Group has set its sights on the Philippines as its new business destination in Southeast Asian region. Tongwei attempted to enter the Philippine market for its aquatic, livestock and poultry feeds five years ago but, according to Chen Xi, project manager of Development Department of Tongwei Co., Ltd., negotiations did not work out.
Tongwei, which started out as a fish feed producer in 1983, has expanded into polycrystalline silicon and solar PV industries and now has more than 170 branch/subsidiary companies and over 20,000 employees throughout China and Southeast Asia, including Vietnam and Singapore. The company has an annual production capacity of 10 million tons of feed and has been listed Sichuan’s first listed agricultural company with annual revenue of more than RMB 10 billion (US$1.47 billion). For the last two decades, Tongwei’s aquatic feeds have dominated the domestic market with 20-percent share.
Hu Rongzhu, vice president of Tongwei Group, said the company aimed to become a world-class healthy food supplier which combines improvement, R & D and promotion of breeding technology, food processing, sale, as well as branding and service.
Source: Interaksyon // Original Article