Cargill to expand sugar, cocoa operations
Manchester, September 16, 2011
Agribusiness Cargill is looking to expand its sugar and cocoa operations in emerging markets.
The US privately owned company is keen to acquire mills in top sugar producer Brazil and is also looking at expanding its cocoa operations in Asia, Paul Naar, head of food ingredients in Europe, Middle East and Africa (EMEA) for Cargill, told Reuters.
"Brazil is going to be the sugar bowl for the world. It is the place to be at the moment," he said.
Naar said Cargill was exploring opportunities for cocoa processing in Indonesia, the world's third largest cocoa producer after Ivory Coast and Ghana.
The Indonesian government introduced an export tax on cocoa beans for the first time last year in an effort to encourage local refining, as it seeks to spur value-added industries rather than simply being an exporter of base commodities.
"The Indonesian government has changed the tax regime so there is an incentive (to invest in processing). Indonesia is an opportunity," Naar said, adding the head of the company's cocoa business was in the country at the moment. - Reuters