THAI food giant Charoen Pokphand (CPF) will focus on African countries in 2010 as part of its aggressive expansion abroad.
The firm said in a statement that it would start with feed and chicken farm operations in Kenya and Tanzania, says Adirek Sripratak, President and CEO of CPF.
While farm expansion overseas in Africa is being accelerated, CPF plans to trim investment in farm businesses in Thailand, focusing more on cooked and ready-to-eat meals. He said those production lines have contributed healthy profits to the company.
He added that CPF has now chosen the right direction “to become a food provider rather than a commodity trader”.
Significant revenues from offshore investments, notably in Russia and Turkey, are also expected this year, he says. He further pointed out that CPF aims to export about 100,000 tonnes of chicken meat and 50,000 tonnes of shrimp products in 2010, up from about 95,000 and 35,000 tonnes this year.