British Sugar (Overseas) Ltd signed a joint-venture agreement on Monday with the Wuxuan Sugar Mill in the Guangxi Zhuang Autonomous Region, South China.
It is the third joint venture the British company has invested in in the sugar-rich region.
Under the agreement, the British company will invest 63 million yuan (US$7.6 million) to take 70 percent of the stakes of the joint venture.
With advanced technology and management from the British sugar giant, the joint venture will renovate the 20-year-old Chinese sugar mill. The designed daily processing capacity of the joint venture is expected to reach 6,000 tons of sugar cane.
With China's anticipated WTO entry, Guangxi is adjusting its industrial policy. It encourages foreign investors to participate in technology innovation for state-owned enterprises, to increase their competitive power.
(Xinhua 09/04/2001)
