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CP Foods to chase overseas growth

Thai poultry giant CP foods has said it wants to expand into 17 new markets as it chases growth in 2020.

In an end-of-year update, the company said it projected 8-10% growth in 2020, and part of that would be from expansion overseas.

The company specifically mentioned China and Vietnam, which have been affected by African Swine Fever decimating pig populations.

But it also identifies India, the Philippines, Russia and the US as target markets for expansion.

“The direction is in line with the policy from Mr Dhanin Chearavanont, Senior Chairman of Charoen Pokphand Group (CP) to create continuously business growth.

“On 2019 performance, the company is still able to grow continuously despite slow economic growth in Thailand,” a statement said.