Basic Element Plans to Export Pork, Wheat and Soybeans to China

Russia-based Basic Element plans to export pork, wheat and soybeans to China, as a part of its strategy to enter into Asia.

Basic Element's agribusiness management directorate's managing director Andrey Oleynik said that the company is planning to produce 10,000 to 15,000 metric tons of pork in Siberia to export to China and other Asian countries, reported BloombergBusinessweek.

"China is one of the fastest growing consumption markets," Oleynik said.

Basic Element already has business relations with China and the latest move into agricultural trade with the Asian country will only be an additional step. Under the company's agricultural expansion plans, it expects to generate $450m from revenues for produce, from the current $259m.