Master Kong Holdings Company has formally signed a cooperative agreement with Urumqi Economic and Technological Development Zone to invest USD36 million to build a food and beverage operation in the area.
Meng Zhipeng, director for the Management Committee of the Urumqi Economic and Technological Development Zone, said that on the completion of the project, it will play an important role in attracting food and beverage companies to the development zone and will help to establish the largest food and beverage manufacturing base in Xinjiang.
It is reported that the total investment of USD30 million will be divided into three parts and USD20 million will be put into use in the first phase. After the project is put into operation fully, its output is expected to be over CNY1 billion.
As one of the world's top 500 companies, Master Kong Holdings has developed its businesses into such sectors as convenience food, beverage, pastries, and cold storage. By 2007, Master Kong's total investment had reached USD2.469 billion, with bases in more than 40 Chinese mainland cities, about 40,000 employees, and total revenue of USD3.2 billion.