On July 30, COFCO Group vice president and general manager of COFCO Trading Chi Jingtao met with US Soybean Export Council (USSEC) CEO Jim Sutter. Both sides conducted exchange and discussion over China’s policy regarding grain security and soybean trade.
Mr. Chi Jingtao introduced COFCO’s vision of becoming an international grain trader upon takeover of Nidera and Noble Agri and hoped to strengthen cooperation with USSEC in an effort to push forward COFCO’s internationalization process. Mr. Chi Jingtao put forward three suggestions: First, he expected USSEC to provide related biotech literature with which Chinese consumers can have a more comprehensive and in-depth understanding of related products; Second, he hoped to step up commodities intelligence exchange with USSEC and come to unified conclusion on the market trends of soybean and other agri-products so as to enhance profitability; Third, the two sides should enhance cooperation in feedstuff technology and R&D, expand feedstuff’s domestic market share and develop feedstuff business into a bigger and stronger line of business.
Jim Sutter briefed about “Farm Mother” program undertaken by US soybean industry organizations through which a group of mothers from American farms come to China to visit and conduct dialog between Chinese and American professional females on related topics so as to help Chinese consumers further understand biotech plants and related foods. International Soybean Growers Alliance (ISGA) launched a Chinese website which contains related knowledge about biotech and is conducive to increasing Chinese consumers’ understanding of biotech. He also inquired about China’s policies regarding the import of soybeans and corns as well as China’s grain security policy trends.
The two sides also conducted in-depth exchange on issues such as national reserve of corn, corn price spike, increase of alternative raw material import, new regulations promulgated by State Administration of Quality Supervision, Inspection and Quarantine, R&D of biotech products, and cooperation in information exchange.
Group industry senior general manager and deputy general manager of COFCO Agri-Trading & Logistics Co. Ltd. Gu Lifeng, deputy general manager of COFCO Agri-Trading & Logistics Co. Ltd. Chang Muping, and general manager of Comprehensive Trading Department of COFCO Trading Xu Guanhua also attended the meeting.