July 28, 2020
Fonterra to expand business in Chinese dairy market, chief executive says
Fonterra has announced plans to expand its business in China's dairy market, according to its chief executive Miles Hurrell who spoke at the sixth China Business Summit in Auckland, New Zealand, this month.
Over 500 guests attended the event, including New Zealand Prime Minister Jacinda Ardern, Chinese Ambassador to New Zealand Wu Xi, as well as business leaders and entrepreneurs seeking New Zealand-China business opportunities.
Fonterra will meet these ambitious goals by investing in a new research and development site in Shanghai, and establishing a new application centre in Wuhan by 2021.
Despite the impact caused by COVID-19, New Zealand's dairy export to China has performed well, with a 25% increase in the first five months of 2020 compared to the same period in 2019, according to official data.
"No market is without risk but we've never been in better shape than we are today," Hurrell said.
- FoodBev Media