JBS signs MoU with Alibaba Group

Published:  08 November, 2018

The Brazilian meatpacking giant signed a Memorandum of Understanding (MoU) on October 6 with Win Chain, a subsidiary of Alibaba Group, to export beef to China over the next three years.

The US$1.2 billion “animal protein” deal was closed during the China International Import Expo (CIIE) in Shanghai, and the first shipments are due in 30 days. In a word of caution, JBS said the non-binding MoU signed with Alibaba Group “shall not bind the Parties to the performance of contractual obligations until the terms and conditions of an eventual Contract is agreed and signed between the Parties.”

The first edition of CIIE takes place in Shanghai November 5-10 and is seen as a milestone in China’s history as the country shifts from an export-oriented economy to an import nation. The event is hosting 3,600 companies from 172 different countries, including Italian industry associations from fashion and leather sectors such as Micam, Mipel, Mido, Milano Unica, Lineapelle and TheOneMilano. Read more here.