March 4, 2008

Monsanto looks on Asian market for more dynamic growth

Monsanto announced plans to strengthen its presence in Asia after reaping major success in Western markets, as the region promises new avenue for growth.

So far, with the growing popularity of genetically modified crops, Monsanto, a US seed and herbicide company, has achieved a market monopoly on several key crops.

Currently, about 80 percent of corn and cotton and nearly all soyharvested in the US in 2007 came from Monsanto.

Aside from the US, Brazil and Argentina are other big customers, while farmers in Asian countries are paying more attention to its products, said Brett Begemann, the executive vice president in charge of the firm's global business.

Begemann said the Asian market brings Monsanto a mixture of exciting and dynamic growth opportunities. In the Asian market, Monsanto has biotech crops production countries like Australia, India, China and the Philippines, biotech grains importing countries including Korea, Japan, China and Taiwan, and other potential countries that are interested in growing such technologies in the future like Pakistan and Vietnam, he explained.

Monsanto's gross profit almost doubled to US$4.28 billion between 2004 and 2007. The company expects to double again gross profit by 2012.

Propelled by robust growth, its stock price rose by 115 percent in 2007.