Commodities giant Archer Daniels Midland (ADM) has announced the opening of an office in Beijing and an investment in the Agricultural Bank of China in a bid to boost growth in the country.
The company will open an office in Beijing this year, the firm said today (1 July) and has appointed Ismael Roig to lead ADM’s Asian business and growth activities.
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Roig, previously vice president, planning and business development, was named vice president and executive director, Asia-Pacific.
“China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” said ADM chairman, CEO and president Patricia Woertz. “These actions position ADM well to expand its participation in that growing market.”
ADM will also make a US$100m investment in Agricultural Bank of China (ABC), which the firm said will “advance both organisations’ plans for growth in China”.
“This collaboration offers two leading supporters of agricultural growth the ability to benefit from the insight and experience of one another,” said Woertz. “It provides an important vantage point to identify and act on emerging opportunities.”
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By GlobalDataA memorandum of understanding, signed on 11 June in Beijing, set out the terms and objectives of the agreement, which ADM said are to “advance agricultural development and identify strategic growth opportunities in China”.
