To develop the feed market in Inner Mongolia and northern China, Sichuan-based New Hope Group, a major Chinese feed company, announced today that it will set up a joint venture in Liaoning province with South Korea’s Cofeed Feedmill (Changchun) Co. Ltd.

The total investment for this venture is about US$1.46M (¥10M), and New Hope will contribute 60% of the total, said the company.

Along with feed production, this plant will also produce live pigs and veterinary drugs.