Yiwu: Abu Dhabi based Lulu Group International has revealed its ambitious plan to expand its operations in the mainland China. A Memorandum of Understanding (MoU) with Yiwu City in Zhejiang province, China to this effect was signed by Lulu Group. The MoU on co-operation on various areas of mutual interest was signed between Lin Yi, Party Secretary of Communist Party of China (CPC), Yiwu City Committee and Yusuff Ali MA, Chairman of Lulu Group International at Yiwu.
The signing ceremony was also attended by Wang Jian, Deputy Party Secretary & Mayor of Yiwu, senior party officials, Hafis Ummer, Lulu China Director, Nirose PM, Regional Manager etc.
The MoU is the culmination of recent visit of Lin Yi along with a high-level delegation from Yiwu to UAE. As per the MoU, Lulu will increase its yearly exports from China which stands currently at US$ 220 million to US$ 300 million. Apart from this, Lulu will also look into the possibility of investment to set up Hypermarkets in Yiwu and other major cities at an investment of US$ 200 million. Yiwu City under CPC party secretary on the other hand will extend all possible help and assistance to Lulu Group to increase their exports and future investments.
Earlier, Lulu Group delegation headed by its Chairman Yusuff Ali was accorded a rousing welcome at Yiwu Airport and received by Lin Yi, Party Secretary & Wang Jian, Deputy Party Secretary & Mayor of Yiwu and other officials. CPC Secretary Lin Yi also hosted official reception at CPC Office in Yiwu for the visiting Lulu delegation.