Stora Enso, one of the world's leading forest industry companies, will move its Asia-Pacific headquarters from Singapore to China's economic centre, Shanghai, the company's chief executive officer announced today.
"This decision demonstrates our persistence and confidence in expanding business in China," CEO Jukka Harmala told the Xinhua News Agency.
"Confronted with the fast development of China's economy, we plan to enlarge investment in China as well as enhance co-operation with our Chinese partners," Harmala added.
Listed by Fortune 500, Stora Enso is a global market leader in producing magazine paper, newsprint, fine paper, packaging boards and wood products.
In October this year, Dow Jones ranked Stora Enso as the most sustainable forest product company in the world. In 2001, its sales reached €13.5 billion and annual paper and board production capacity was approximately 15 million tons.
Currently, Stora Enso's offices in China number seven, with the total sales volume hitting 700 thousand tons.
In 1998, Stora Enso acquired a majority share holding of the Stora Enso Suzhou Paper, whose annual production capacity has now reached 150 thousand tons.
Harmala said Stora Enso plans to further increase its coated woodfree paper production capacity in China and secure its long-term supply of fibre.
Currently, the second phase of a Stora Enso Suzhou plant is being planned, and Stora Enso is working with relevant Chinese departments on a feasibility analysis of an industrial scale plant, so as to integrate pulp, paper and board production.
Harmala said that in addition to expanding business in the paper industry, Stora Enso would also pursue co-operation with China in other areas.