Pakistan will be exporting pine nuts to China very soon. A deal has been inked between a Chinese snack company Bestore and Pakistan’s pine nut company Halo foods. The deal is worth 300 million yuan or $42 million.
Halo Foods is basically the largest pine nut purchasing and processing company in Pakistan. The company will sell pine nuts to a Chinese company for over 10 years, as the deal gets finalized.
Basically, the hand-peeled pine nuts are one of the most expensive nut products for Bestore. According to the CEO and president of Bestore Yang Yinfen, both their demand and output have increased annually by 20%.
Shahbaz Siddique, the financial head of Halo Foods said, “For Halo Foods, such cooperation will help the Pakistan firm to further explore the potential of the Chinese market.”
During the second China International Import Expo held in Shanghai, this deal was finalized.
Yang from Bestore said, “Globalization has been one of our key strengths. Currently, over 25% of our raw material comes from overseas.”
Some of the Bestore’s major sources for purchase are Malaysia and the Philippines.
Yang said, “We are also considering and exploring some emerging markets, such as the African market.”
In an earlier report, it was pointed out that the Chinese consume around 2 trillion yuan of snacks annually.