Three Win in China's First Green Business Competition

Three Win in China's First Green Business Competition

The first Chinese producer of organic honey, a manufacturer of testing kits to detect genetically modified organisms, and an organic food company have won the first green business competition in China.

The winning companies, whose business plans call for investments ranging from $500,000 to $1.5 million, are:

  • Beijing Organic Foods Co., Ltd., a pioneer enterprise in China's organic foods market which currently has sales of $2.3 million. The company sells products in 60 supermarkets throughout 12 cities in China.

  • ChongQing Jinbiao Biotechnology Company, Ltd, which manufactures and markets testing kits that can detect GMOs in one minute and cost one-fourth less than the industry average.

  • Nanjing Ruikang Agriculture Co., Ltd., which produces and exports organic honey to the United States, Japan and Europe and holds 66 percentage of the global market for organic royal jelly.

    "This award is a great honor, but the real prize is the training and opportunities we received to enter into effective negotiations with investors," said Mrs. Chen, general manager for Beijing Organic Foods. "New Ventures helped us strengthen our business plan and is a welcome resource for China's environmental entrepreneurs."

    The winners, chosen from a pool of 10 finalists, were announced at the end of the first annual New Ventures Investor Forum in China, held October 21-22, 2003 in Shanghai. It is a marketplace for investors who understand that investing in sustainable enterprises makes good business sense. The forum is sponsored by the World Resources Institute (WRI) and Citigroup.

    "Although three companies were selected for special mention, I believe that all the ten finalists are winners. The experience they gained through the New Ventures program will bring them to the next level of sophistication to meet requirements in future business planning and expansion," said Richard Stanley, Citigroup country officer for China.

    Since September 2000, New Ventures has hosted three investor forums in Latin America that have facilitated investments of $6.4 million to several sustainable businesses. Last year, WRI and Citigroup expanded the New Ventures program to China to support sustainable businesses in a country that relies heavily on material- and energy-intensive production processes. These have depleted the country's natural resources and increased environmental pollution.

    "The businesses represented at the forum demonstrate that there are profitable opportunities in China's fast growing environmental sectors" said Luiz Ros, director of WRI's New Ventures program.

    At the forum, the International Finance Corporation signed an agreement to bring the New Ventures program to Indonesia.