Bunge to gain direct access to Chinese agribusiness markets with new trading enterprise
February 01, 2000
by Emily Wilson
WHITE PLAINS, NEW YORK, U.S. — With the recent formation of a new, wholly owned enterprise in China, Bunge Ltd. can now operate as a Chinese entity and remain under the ownership of its U.S.-based parent company. The new subsidiary, Bunge International Trading (Shanghai), will be able to import and export products to and from China, as well as conduct domestic trading operations, the company said.
"There is tremendous potential for consumption and production in the Asian markets, and China represents a significant part of this," said Alberto Weisser, chief executive officer of Bunge Ltd. "Bunge International Trading's classification as a wholly owned enterprise is a crucial step in our efforts to realize the potential of this region, expand the global coverage of our company and open new areas to sell the products we originate in North and South America."
Bunge International Trading operates as a subsidiary of Bunge Global Markets, the worldwide trading and marketing arm of Bunge Ltd. Headquartered in White Plains, Bunge Global Markets manages offices in Rome, Rotterdam, Singapore and Miami.
After conducting business with China since the 1930s, Bunge opened representative offices in Shanghai in late 1998 shortly after establishing Asian headquarters in Singapore.
"As well as affording Bunge the opportunity to capitalize on international and domestic trading in China, Bunge International Trading (Shanghai) will offer access to market data that would otherwise be impossible to gather, and which is crucial to the profitable success of a global agribusiness company," said Leo Tameeris, regional manager for Asia, Bunge Global Markets.
Recently, U.S. President Bill Clinton urged Congress to grant permanent, normal trade relations with China to capitalize on the trade agreement signed last November by the U.S. and China. Tariffs on agricultural products from China should drop an average of 31% to 14% in January 2004.