China is set to launch its first major sugar offering in more than a decade, a plan that will see the world’s second-largest producer of sugar turn to a new source of revenue.
Palm fruit is one of China’s most important foodstuffs, and its export value has grown in recent years, driven in part by the country’s increasing appetite for processed foods, which the country is also facing challenges in fighting global warming.
According to the China Food and Drug Administration, the new Palm fruit and sugar plan will see palm oil produced by the Sinopec Group of Companies, the worlds largest producer of palm oil, and the world market for palm oil increase from $12 billion to $18 billion in 2021.
“Palm sugar is one part of the broader strategy to increase the profitability of sugar production, particularly in China,” said the company in a statement.
“The palm sugar project will be a catalyst for strengthening the sector and creating new opportunities for the industry.”
The government is planning to launch the plan this month and is looking for a partner to partner with, according to China’s state-run Xinhua News Agency.
The government said it is looking to create a “greater and more efficient” sugar industry, and said it would work to support it with financial support.
The government hopes the plan will create jobs, create a sustainable sugar industry and encourage China to become a more sustainable economic powerhouse, Xinhua said.
The plan, called the “Made in China” initiative, aims to increase China’s production of sugar by at least 10 percent annually, and will be implemented by 2020.