Cargills has entered into an agreement with Bank of China to promote cooperation and strengthen business ties between the Cargills Group and the Bank of China. This was stated in a stock exchange filing yesterday. Bank of China is the fourth largest bank in the world and is the oldest bank in the mainland of China.
The entry of Bank of China Colombo branch is expected to enhance trade between Sri Lanka and China. In the back drop of China inking an agreement to lease the Hambantota Port the Chinese Ambassador in Colombo also called for the direct use of Chinese currency RMB, rather than the dollar in its bilateral trade with Sri Lanka.
Last year Sri Lanka’s total bilateral trade with China was $ 4.4 billion, a huge 363% increase in comparison to a decade back in 2007 (at $965 Million) and an 11% annual YoY increase in 2016 -from 2015’s $ 4 billion. Cargills Group established in 1844 operates the most diverse and extensive food and agriculture focused, end-to-end supply chain in Sri Lanka. Working together with a wide number of supply chain partners, the Group has been able to powerfully execute a 24 hour, 365 day operation, to seamlessly connect a large number of farmers and suppliers with end consumers across the country.
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