On December 6, COFCO Group President Yu Xubo was invited to attend 2015 China Entrepreneur Summit and delivered a speech titled “Transformation from a Local Company to a Global Company”.
Yu Xubo noted that COFCO Group had started exploring internationalized operation since the reform and opening-up in 1980’s. In 2014, guided by China’s new strategy for grain security, COFCO Group completed the acquisition of stakes in the Netherlands-based Nidera Group and Noble Group’s agricultural branch and took a solid step toward internationalization, extending its market and supply chain to over 50 countries and regions in the world. The internationalization strategy of COFCO Group is a process to meet its own development needs and conform to market changes.
According to Yu Xubo, COFCO’s path of internationalization involves a process of comprehensive development, into which he acquired three profound insights: first, internationalization can’t be pursued for the sake of internationalization; instead, one has to take advantage of opportunities when they present themselves; second, internationalization should generate mutual benefits and achieve win-win outcomes; what’s more, it should connect global resources with the Chinese market in an organic manner so as to create enormous growth opportunities for all partners; third, the essence of internationalization is to internationalize human resources, which calls for adjustments to culture, corporate governance and operation.
The China Entrepreneur Summit is organized by the publisher of China Entrepreneur magazine and co-hosted by China Entrepreneur Club. The annual Summit, which showcases outstanding innovative capability, generally-acknowledged leadership qualities, global vision and forward-looking mentality of leaders of leading enterprises in major industries, is an annual grand top-notch gathering to serve as a rallying point for entrepreneurship and fully demonstrate the logic and personalities of entrepreneurs.