On pages 26 and 27, we examine Fonterra’s Dutch investments. The majority of Fonterra’s home-produced milk is dried and shipped to China as whole milk powder. International investments are aimed at diversifying its range into higher-margin products. In the countries where it has invested, competition for raw milk has intensified, usually resulting in higher prices for farmers. We have seen some of this scramble in the UK but little or no new processing players in the Republic. We have heard reports of Chinese delegations visiting some of our larger milk processors with a view to securing supply but as yet it seems no deal has been reached. Meanwhile it worth noting that the new Chinese ambassador to Ireland, Jianquo Xu, takes up the post having previously been accredited to New Zealand. He comes with expertise in fostering trade links with China in the agri-food sector.