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S.Korea CJ Cheiljedang says eyeing Australia plantations
13.07.2011 10:24 "Agro Perspectiva" (Kyiv) —
South Korea's largest food maker CJ Cheiljedang said on Tuesday that it was in talks with a partner to invest in the plantation business in Australia.
Chief executive Kim Chul-ha told reporters the investment could either take the shape of buying an existing plantation or investing to start one, while adding that nothing had been finalised.
Kim gave no further details. Executive vice president J.H. Lee said a deal was expected to be finalised in August.
South Korea, heavily dependent on commodities imports, is battling to tame inflation and ensure stable grain supply due to global price rallies. The world's fourth-largest grain importer on Monday said it would invest some 10 trillion won ($9.5 billion) between 2012 and 2020 to boost grain supply via domestic and overseas farming.
"The plantation business is often risky and we find government-level support crucial...Australia is well equipped with infrastructure to export grain from its production sites," Lee said, with declining to comment on the possible size of the deal.
CJ Cheiljedang has experience with plantations of tapioca in Cambodia and raw sugar in Australia, Lee noted, although those businesses were wrapped up eventually. Asked what kind of plantation the firm was currently interested in, he ruled out raw sugar.
CEO Kim told Reuters that CJ Cheiljedang aimed to more than double its total sales to 15 trillion won in 2015 from last year's 6 trillion won. ($1 = 1058.000 Korean Won)
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