On July 19, the opening ceremony of Israel Chemicals Ltd's (ICL) food ingredient factory was held in the Zhangjiagang Free Trade Zone, Suzhou, Jiangsu province.
Zhangjiagang Free Trade Zone, Suzhou, East China's Jiangsu province. [Photo/WeChat account: zhangjiagangfabu365]
With a total investment of 70 million yuan ($9.65 million), the factory will introduce ICL's global food ingredient formulas and technologies, providing various functional solutions for the meat, dairy, beverage, and bakery industries.
Lu Chongmin, deputy director of the FTZ administrative committee, said that ICL's decision to establish its first wholly-owned food ingredient factory in China in the Zhangjiagang FTZ reaffirms its confidence in the zone's business environment and development prospects. The FTZ will continue to build a first-class business environment and fully support ICL's business growth.
Phil Brown, president of ICL's phosphate specialties solutions division, said the company is confident in the future development of the Zhangjiagang FTZ and will actively establish the Zhangjiagang plant into a new growth hub for the company's food business.
ICL is a multinational company that develops, produces, and markets fertilizers, metals, and other specialty chemical products. The company currently employs more than 12,000 people worldwide, with global annual sales of $7.5 billion in 2023. It has been operating in China since 1992 and opened a trade company in Zhangjiagang FTZ 16 years ago.