March 22, 2011
Chinese firm to build soy processing complex in Brazil
China's Chongqing Grain Group plans to invest BRL4 billion (US$2.4 billion) in a soy processing complex in Brazil's northeastern state of Bahia, local media reported Monday (Mar 21)
The investment will include a soy crusher, a soy storage terminal and a fertiliser processing plant, with construction of the complex expected to begin in May and finish within a year.
The deal will be formally signed during a summit in April of the emerging powers known as the BRIC group, which includes Brazil, Russia, India and China.
China has become a key investor in Brazil's growing commodities sector as the world's second biggest economy seeks new sources of raw materials for its booming industries.
