Cherkizovo pork investments slow as Russia joins WTO
Russian pork and poultry integrator Cherkizovo will refrain from new investments in light of Russia’s coming accession to the WTO.
International press agency Reuters reports that Sergei Mikhailov, Cherkizovo chief executive, expects that prices will come under pressure, as one of the conditions of Russia’s accession is the lowering of import tariffs.
Mikhailov added that the adjustments would not affect Cherkizovo’s short term strategy, and hazards that the government may take measures to help domestic producers.
Cherkizovo Group tends to ramp its pork production up to 120,000 tonnes this year, an increase of 31%, while also expecting poultry production to rise to 310,000 tonnes (up 19%).
• World Trade Organization (WTO)