Texchem plans to increase aquaculture exports to China

Texchem Food, a wholly owned subsidiary of Texchem Resources (TRB), plans to export 3,900 tonnes of seafood products worth MYR30 million (US$9.59 million) to China next year.

Group chairman Tan Sri Fumihiko Konishi told a press conference that the figure was expected to grow to about MYR50 million (US$16 million) in two years.

In 2012, the contribution from China to Texchem Food's revenue would reach about 35% in 2011, up from 25%. According to Konishi, China imports over US$3 billion seafood products annually.

The seafood processing division accounted for MYR200 million (US$64 million) of Texchem Food's MYR300 million (US$96 million) annual sales, Konishi said after signing a memorandum of understanding with China National Chemical Fibre Corp (Sinofibre) on Tuesday (Nov 23).

Sinofibre, a wholly owned subsidiary of China Hi-Tech Group Corp, is the sole importer of Texchem Food's seafood products in China.

Sinofibre will market and distribute Texchem's Food's products, comprising soft shell crabs, frozen fish, shrimp, squid, and fishmeal, in Shanghai and Beijing , two of China's largest markets for seafood.

TRB's seafood products are exported to China, and processed in Myanmar and Malaysia.