COFCO to invest US$553,692 in Sichuan city

COFCO Corp. inked a deal with the government of Guangyuan, Sichuan to begin pig and poultry breeding projects for RMB 3.5 billion (US$0.55 billion), according to the company's website.

Under the agreement COFCO will invest RMB1.5 billion (US$0.24 billion) between 2012 and 2015 into a poultry breeding project and related facilities, including a feed plant, in the city. The project will be able to breed 60 million poultry. Meanwhile it will invest another RMB2 billion (US$0.32 billion) to build a pig breeding project and related facilities.

The projects will generate RMB10 billion (US$1.58 billion) in annual output value when operational.