April 19, 2012

Thai food company, CP Group plans for heavy investment in Australian food and processing in the next five years.

CP Group has supermarkets and poultry and fish farms in Thailand, as well as producing ready meals.

The company has opened an office in Melbourne to start buying red meat and grains and set up a salmon farm in Australia.

General manager of CP Group, Richard Lovell, says the plan is to spend US$100 million this year on Australian produce and recruiting staff.

"And over the next three to five years to looking at doubling every year for sure and within the next three to five years looking into upstream into factories - whether that's a farm, processing, whether that's ready made meal manufacturing," he said.

"It's really something that develops in the next three to five years."