BRIGHT Food Group is poised to invest in the agricultural sector in Australia's New South Wales, the state's treasurer said in Shanghai yesterday.

Shanghai-based Bright Food has signed a memorandum of understanding with the Australian state to seek investment projects in industries such as sugar, wine and dairy. The state is helping the company in finding proper projects.

"They're looking at established investments to buy into," said Eric Roozendaal, the Sydney-based Treasurer of NSW.

The Australian state, Bright Group and China Development Bank will work together to develop projects.

Earlier this year, Bright Group was outbid by Singapore's Wilmar in buying Australia's largest sugar refinery, a division of CSR Ltd.

Roozendaal is in Shanghai on a two-day visit to meet city officials as well as officials from the Shanghai Film Group and China Development Bank.

NSW has cooperated with the Shanghai Film Group and Hengdian Film studio to shoot the first co-production movie between China and Australia, which the state has funded.

NSW has also signed an MOU with the Shanghai government to develop a financial services partnership.

Under the MOU, the two sides will meet regularly to share information and discuss the development of financial services within the region.

Shanghai is gearing up to become a global financial hub by 2020. The city is learning from mature financial centers such as New York and Sydney.

NSW signed an MOU with China Development Bank in September 2009 to enhance bilateral economic and trade relations and boost economic development with China.