Mitsui Investing in China's Circulation Market

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Last updated at: (Beijing Time) Thursday, December 05, 2002

Mitsui Investing in China's Circulation Market

Japanese steel distributor Mitsui& Co., Ltd., a Fortune Global 500-listed company, is moving quickly into China's goods circulation sector.

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Japanese steel distributor Mitsui& Co., Ltd., a Fortune Global 500-listed company, is moving quickly into China's goods circulation sector.

On the heels of establishing a steel distribution joint venturein Shanghai, the Japanese company Tuesday signed an agreement on strategic cooperation in goods circulation and trade with ShanghaiVideo and Audio Electronics Co., Ltd. (SVA).

According to the agreement, the two sides will invest 30 million US dollars to set up a company focusing on goods circulation and trade of IT products worldwide.

Speaking at the signing ceremony, a chief executive of Mitsui said goods circulation and trade in China is very important to Mitsui's strategic development.

He said the joint venture would draw on SVA's strength as China's leading electronics manufacturer and Mitsui's worldwide goods circulation network and know-how in the distribution field.

On Monday, Mitsui had established a steel distribution joint venture in Shanghai with China's steel giant Shanghai Baosteel Group Corporation.

With a registered capital of nearly 30 million US dollars, the joint venture aims to put in place 25 to 30 steel processing and distribution centers across China by 2006. Customers would get their steel supplies in the required specifications and in the shortest time with this network.

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