Chinese Companies to Source Ethiopian Coffee

Chinese Companies to Source Ethiopian CoffeeTwo Chinese Companies signed an agreement to purchase Ethiopian coffee beans earlier this week. The companies pledged to buy 2,000tn of coffee annually between 2021 and 2023, according to the agreement.

The Strategic Cooperation Framework Agreement, signed at the Ethiopian embassy in Beijing, was attended by representatives of the two companies: Jinyi Guo, (Ph.D.), chairperson and CEO of Luckin Coffee; Jerrity Chen, Regional CEO of Louis Dreyfus Company for North Asia; and Teshome Toga, Ethiopian ambassador to China.

Luckin, a Chinese coffee company and coffeehouse chain, was founded in Beijing in 2017, while Louis Dreyfus Company (LDC) is a global merchant and processor of agricultural goods established in 1851. Just last month, Luckin had agreed to a 180-million-dollar settlement after defrauding investors by the United States Securities & Exchange Commission. Its stock was subsequently delisted from the Nasdaq Stock Market.

Source: Addis Fortune Newspaper