January 29, 2011

Monsanto to fund US$40-million for Indonesia's new corn hybrid

Monsanto Indonesia has decided to invest US$ 40 million for the development of a new hybrid seed of corn in Indonesia's Mojokerto, at East Java.

The finance will be utilised to develop a bio-technology corn seeds that will be exported to corn producing nations like Philippines.

Monsanto will interact with 15,000 farmers to execute the project in the area. The company officials are hopeful of starting export of corn seeds by next year.

Mojokerto was identified for this project because of its potential to produce quality corn seed.

Monsanto has further plans to operate a seed factory dedicated to the corn. The coming seed will be pest-resistant and the corn seed will be marketed to farmers in East Java, Sumatra and Nusa Tenggara. All these areas are potential corn producing areas in Indonesia.