ITOCHU Announces Initiatives for Dole Pineapple Production Business in the Republic of Sierra Leone
August 26, 2019
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that ITOCHU has established Sierra Tropical Limited (hereinafter “STL”) through Dole Asia Holdings (headquartered in Singapore; Takeshi Kumekawa, CEO, hereinafter “DAH”) to begin pineapple cultivation and commercial production of processed foods of pineapple in the Republic of Sierra Leone. ITOCHU will pursue further growth in the Dole packaged foods business and contribute to the development of the local community through the business.
Production facilities of processed pineapple in DAH’s packaged foods business (canned pineapple, Fruit Bowls) are in the Philippines and Thailand only at present, and diversification of producing bases are being required given weather risks, etc. ITOCHU has concluded an MOA concerning the business with the government of Sierra Leone to launch full-scale commercial production of pineapples in the Republic of Sierra Leone as our third facility. ITOCHU has already started test production of pineapples locally, and aspires to commence full-scale commercial production at an early stage.
In addition, this business is to aim at increasing jobs/enhancing the living environment through the cultivation of local industry. Risk management, fund-raising, and human resources development by Public Private Partnership are important to maintain/manage the business for the long term and contribute to the local community in the future. In starting this business, as measures against country risks. ITOCHU has taken out loans and investment insurance by Multilateral Investment Guarantee Agency (MIGA) and Nippon Export and Investment Insurance (NEXI). Moreover, ITOCHU is considering the conclusion of a memorandum on fund-raising with the International Finance Corporation (IFC) and a memorandum on human resources development with the International Organization for Migration (IOM).
Outline of Sierra Tropical Limited (STL)
|Company Name||Sierra Tropical Limited|
|Headquarters||The Republic of Sierra Leone (Freetown)|
|Business Outline||Production and processing/sales of pineapples|
|Shareholding structure||Dole Asia Holdings 100％|
A presentation on the significance of the Public Private Partnership along with the meaning of this business will be made at the official side event of the Seventh Tokyo International Conference on African Development (TICAD 7).
- (TICAD7) Outline of the official side event “Large-Scale Agriculture/Food Processing Projects in Sierra Leone”
Time ： Friday, 10:00 - 12:00 August 30, 2019
Venue ： Exhibition Hall B05 in the venue of TICAD7 (PACIFICO Yokohama)
*If you would like to attend the event, please send your name, company name and e-mail address, and contact the following e-mail address.