November 28, 2007

China's Tongwei to invest US$14.8 million in fishing industries

Tongwei Company targets to invest or attract industrial investment of US$14.8 million by 2012 to realize aquatic output of 7.5 million tonnes and processing volume of 10 million kilogrammes.

Tongwei signed agreements with Beijing Miyun County People's Government and Beijing Er Shang Group Co. Ltd. to develop urban and modern fishing industries.

The agreement also covers the production of safe aquatic yields and meat food for domestic and export trades.

The company seeks to generate US$74 million in output value, nearly US$27 million in gross profits.

Tongwei Group is a large technological private business with animal feed as its core business. It has become one of the largest aquatic feed producers in the world with a total annual capacity of over 5 million tonnes.