CPF turns focus to international markets, avoiding Thai flooding effects
Charoen Pokphand Foods Plc (CPF) is placing greater emphasis on investment and revenue for foreign operations as the severe flooding will greatly affect the Thai economy and trim local spending, reports Adirek Sripratak, president/CEO of the SET-listed CPF food flagship.
It sees overseas ventures as the way to increase sales from foreign operations in three years from 26% to a total of 40%, as many people have lost their jobs and purchasing power.
His concern is echoed by the study by the Economic and Business Forecast Center of the University of the ThaI Chamber of Commerce, predicting that 300,000 workers will be unemployed due to flood-hit business disruption.
Although CPF's farms and production plants are safe from flooding, their retail units are not, 15% of which have been temporarily closed and this is why, he says, the focus now is on increasing revenue from overseas business, expanding investments to new countries and strengthening existing operations abroad.
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