By Madelain B. Miraflor
Listed company Agrinurture, Inc. (ANI) has forged “a landmark deal” with Chinese firm SinoChem for the supply of more tropical fruits to China coming from the Philippines as well as the local distribution of affordable fertilizers coming from the world’s second largest economy.
The 260 million RMB ($37.6 million) deal, which was signed at the first ever China International Import Expo, was agreed upon by ANI president and chief executive officer Antonio Tiu and Sinochem general manager Cui Yan.
As part of the deal, which was signed on Tuesday, SinoChem will supply ANI affordable fertilizers, while also committing to purchase for the next three years tropical fruits from the Philippines sold through ANI’s contract growers.
Based in Beijing, state-owned SinoChem is engaged in the production and trading of chemicals, fertilizers, and other agri products.
Part of the top 100 companies in the Fortune 500 list, the company is also one of China’s largest state oil and agriculture companies. It operates in energy, chemicals, agriculture, real estate and finance sectors.
ANI, on the other hand, is a listed company led by Tiu that exports agriculture products like mangoes, bananas and pineapple to customers in Hong Kong, Mainland China, the Middle East, and to different European regions.
It was President Xi Jinping who opened the China International Import Expo in Shanghai this week, an event designed to bolster China’s image as an open market, one that is ready to support different suppliers across the globe.
At least 3,000 businessmen from around the world gathered for the event.