Chilean Codelco plans to expand Indian & Southeast Asian markets
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Update time : 2021-07-26 20:18:16
Corporación Nacional del Cobre (Codelco), the largest copper producer in the world and a state-owned copper mining company in Chile, said that it is planning to enter the Indian market and quadruple its sales in the Southeast Asian market by 2023 in order to reduce the heavy dependence on sales to China.
According to Codelco, it will set up a new office in Singapore in August to promote the business in Vietnam, Malaysia, and Thailand, and to enter the Indian market. The copper consumption in these markets might have the fastest growth in the next 20 years, expected Codelco.
The current consumption of refined copper in Southeast Asia and India accounts for around 8% of the total in the world, and this proportion was expected to exceed 20% by 2040.
