Guolian Aquatic, China’s leading exporter of shrimp, continues its shift in focus to the domestic market with a new agreement to enter the thriving crayfish sector, alongside a government partner.
Guolian has established a new joint venture with Yiyang Hi Tech Science Industry Development Co., a government-owned entity based in the central province of Hunan, the country’s top crayfish-producing region. The first phase of the project, scheduled to become operational in 2019, is projected to produce farmed and processed product worth CNY 500 million (USD 72 million, EUR 63.1 million), rising to CNY 1 billion (USD 144 million, EUR 126.3 million) annually once the full project is completed.
Guolian’s scale and nationwide distribution networks – as well as its success in developing products for the fast food sector, such as breaded shrimp and pizza toppings – were a big draw for the company’s new partners.
Authorities in Hunan Province have also pledged “policy support” and financial backing for the venture, which will generate jobs and taxes locally, according to a statement from Yiyang’s local government.
