Yihai Kerry, a famous Shanghai-based agricultural giant agrees to build a food industrial park in Lyusi Fishing Port in Qidong, a county-level city in Nantong, East China's Jiangsu province. [Photo/WeChat account: qdrmt0513]

Yihai Kerry, a famous Shanghai-based agricultural corporation, has agreed to build a food industrial park in Lyusi Fishing Port in Qidong, a county-level city in Nantong, East China's Jiangsu province.

The signing ceremony of the investment cooperation framework agreement took place on Oct 9 at the Arawana Building in Pudong New Area.

Yihai Kerry, a subsidiary of Wilmar International, was incorporated in the Chinese mainland and is a business investment vehicle for Robert Kuok, a well-known patriotic overseas Chinese, and his nephew Kuok Khoon Hong. Wilmar International is a leading agribusiness group in Asia that ranked 258th in the Fortune Global 500 list in 2019. Yihai Kerry Arawana Holdings Co Ltd is a core entity of Yihai Kerry.

Yihai Kerry has more than 70 production bases across 26 provinces, autonomous regions and municipalities, and owns over 100 production enterprises and more than 300 comprehensive processing workshops. It is mainly involved in industries such as oilseed crushing, edible oil refining, and processing of corn.

The group intends to invest 10 billion yuan ($1.49 billion) in phases, mainly for natural grain and oil processing projects concerning special oils, oil transfers, oil pressing, rice processing, and central kitchens. It also includes expenditures for wharves, rice husk boilers and other supporting facilities.

The food industrial park will become the first project to open in the Lyusi Starting Port Area, a new outlet to the sea in Tongzhou Bay.

Once completed, the industrial park will be the largest comprehensive grain and oil processing base in East China, and will be of great significance for driving related markets in the Yangtze River Delta.