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Speech By TTC MD
Posted Date : 29 Jan 10

SPEECH BY MR MAKOTO HYODO

MANAGING DIRECTOR OF
TOYOTA TSUSHO CORPORATION

AT

SIGNING CEREMONY OF JOINT VENTURE AGREEMENT
BETWEEN MALAYAN FLOUR MILLS BERHAD, TOYOTA
TSUSHO CORPORATION AND TOYOTA TSUSHO
(SINGAPORE) PTE. LTD.

ON

29 JANUARY 2010

 

Good evening Ladies and Gentlemen.

Thank you for coming to this ceremony for the new joint venture company between MFM group and Toyota Tsusho Group. I am indeed delighted to have this event today, and celebrate with you all.

To this day, we have long partnership history with MFM group. It started in late 1970s when Mr Teh Liang Teik was leading MFM group. Both Mr Teh Wee Chye and I were still very young at that time.

We, at that time Tomen Corporation before merging as Toyota Tsusho, started to supply wheat to MFM group. Since then, many persons from both companies worked very hard and built trust and friendship each other.

Today, we have agreed with MFM group to go into business together, using best strength of both companies into the new joint venture company. Premier Grain (Sdn Bhd) is established as consequence of the mutual trust and friendship cultivated in the past 30 over years.

In line with the growth of world population, we expect certain growth in the food business, particularly in Asia. Malaysia is one of the highest potential markets as a point of population structure. According to United Nations, productive age (working people between 15 and 64 years old) in Malaysia will start to decrease only around year 2030-2035. In China, turning point is expected within next 5-10 years. Even in Vietnam, it will start to decrease around year 2020-2025.

Under the current worldwide uncertainty, we will keep facing high market volatility. We believe it is increasingly important to secure consistent supply of essential foods for every country. Premier Grain (Sdn Bhd) is going to serve 1) good quality, 2) good price, and 3) consistent supply of feed grains to Malaysia. Through the activities, we trust that we can contribute to success of our clients, and healthy growth of the industry, and Malaysian society.

Finally, I would like to request all the participants today, to support our new joint venture company, Premier Grain (Sdn Bhd) and cultivate long term partnership with this company.

Thank you.