China grains giant COFCO expands its presence in SwitzerlandMonday, 15 May 2017
A Memorandum of Understanding on the establishment of COFCO International’s Global Corporate and Trading Headquarters in Geneva was signed in Beijing on 13 May 2017.
State-owned food trader China National Cereals, Oils and Foodstuffs Corporation (COFCO) will strengthen its presence in Geneva. State councilor Pierre Maudet signed a Memorandum of Understanding with the senior managers of the company in the presence of the President of the Swiss Confederation Doris Leuthard, during her visit to China. The scope of this MoU covers the establishment of COFCO International’s Global Corporate and Trading Headquarters in Geneva, which will supervise the company's worldwide operations, outside of China.
“COFCO is among the global leaders in the commodity trading industry. COFCO International’s choice to deploy its new global headquarters in Geneva is a very pleasing announcement in the present period of uncertainties”, said Pierre Maudet in a press release.
Geneva, a global trading hub
Known traditionally for its expertise in asset management, Geneva is one of the most important centers for international trade and trade finance. With 400 companies that handle the majority of global transactions, the city is a world leader in trade in oil, sugar, coffee, grains, rice and oilseeds. By setting up its global headquarters in Geneva, COFCO International consolidates and further strengthens the city’s leading position in the field.