In the presence of Dutch Prime Minister Rutte, Minister Kaag and Minister Schouten, yesterday Wietse van Tilburg signed a Memorandum of Understanding (MoU) on behalf of Incluvest and Woord en Daad for the construction of a new food processing factory in India. Other signatories of the MoU are the Dutch company Schouten Europe and the Indian company LT Foods.
The signing of the MoU took place yesterday at 6.30 pm (local time) at the Dutch Embassy in New Delhi, India. The ambassador of the Netherlands in India, Alphonsus Stoelinga was also present. As well as Hans Boer, chairman of VNO-NCW.
Fair Factory
The joint-venture partners aim to build a factory for the production of meat substitutes, for consumers in India and abroad. They agree to constitute the factory on Fair Factory principles, to ensure that many stakeholders – including smallholder farmers – will benefit from the factory’s presence. Stakeholder dialogue will be fostered through the installation of a Fair Factory Coucil.
Schouten Europe is a Netherlands based specialist in plant-based protein foods. It is an international market leader in vegetarian meat substituting products. Indian partner LT Foods is an internationally operating food company, notably known for its rice products. LT Foods has an extensive corporate socially responsibility program, targeted to uplift the farmers that it is sourcing its raw material from.
International social responsibility
Instead of profit maximization, Incluvest and Woord en Daad consciously opt for IMVO maximization. IMVO is the acronym of Internationaal Maatschappelijk Verantwoord Ondernemen, which stands for international socially responsible business practices.
The Fair Factory Development Fund, an initiative of Woord en Daad and Incluvest, is based on these principles. This Fund invests in the development of IMVO-driven factories that produce food products with the help of communities of smallholder farmers.
Trade mission
The signing of the MoU took place during the trade mission this week in India. Prime Minister Rutte and four Dutch ministers accompany the more than 200 Dutch companies participating in this trade mission.
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