COFCO goes global to grow grain security

COFCO Corp, the country's biggest agricultural products supplier by revenue, plans by 2020 to see 60 percent of its revenue contributed by overseas markets and control up to 50 million metric tons of foreign grain resources to ensure China achieves grain security, said its senior executive.

The Beijing-headquartered group will invest 29.97 billion yuan ($4.58 billion) in both domestic and global markets this year, of which 61 percent will go to its pillar businesses including food trade and processing, branded products, storage and logistics.

"COFCO will put its major focus on grain, oil, sugar and cotton," said COFCO President Yu Xubo. "We will achieve agricultural commodity imports by 2020 of 30 million tons of corn, 20 million tons of soybeans, 10 million tons of rice, 10 million tons of wheat, and 5 million tons of sugar."