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Sinar Mas Agribusiness and Food Signature MoU With Canaan Enterprise Company Ltd.

Sinar Mas Agribusiness and Food signed a Memorandum of Understanding (MOU) with Canaan Enterprise Company Ltd (Canaan) to boost Indonesia's exports to the Thai market in the 32nd Trade Expo Indonesia at ICE-BSD City.

Through this agreement, Canaan will be the sole agent with the exclusive right to import, distribute and sell margarine, shortening and lauric products from Sinar Mas Agribusiness and Food under the trademarks of Menara, Red Rose and i-soc in Thailand.

This Memorandum of Understanding was signed by Sinar Mas Agribusiness and Food Director, Gianto Widjaja, and Canaan Director, Theeraphat Denprasert. On this occasion, also attended the Minister of Trade of Indonesia Enggartiasto Lukita, Ambassador of the Republic of Indonesia to Thailand Ahmad Rusdi and Managing Director of Sinar Mas, Saleh Husein.

Director of Sinar Mas Agribusiness and Food, Dr. Ing. Gianto Widjaja said the agreement was built based on a partnership between Sinar Mas Agribusiness and Food and Canaan that has been fostered since 2013.

"We see a good potential for the Thai market, as well as a 30% increase in transaction volume from the previous year," he said.

Meanwhile, Canaan Director Theeraphat Denprasert said Canaan could enter the palm oil sector in Thailand through a partnership with Sinar Mas Agribusiness and Food. "Their knowledge and understanding of the market will ensure the continuation of our success, along with the ever increasing demand in Thailand."

By 2017, the supply target from Sinar Mas Agribusiness and Food for Canaan is expected to reach around 2,000 tons and is worth approximately US $ 1.5 million. This Memorandum of Understanding was signed by PT SMART, as a Sinar Mas Agribusiness and Food business entity.

The agreement also shows a deep relationship between Thai and Indonesian companies. The memorandum of understanding followed up on a bilateral meeting between the Indonesian Foreign Minister and the Thai Foreign Minister last year in which both pledged to improve economic ties to boost trade between the two largest economies of ASEAN.

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