September 28, 2010


China to invest US$100 million for soy planting in Argentina



China plans to invest US$100 million in planting 200,000 hectares of soy in south Argentina's Rio Negro province, said Miguel Saiz, governor of the province.


Saiz said he is prepared to enter into an agreement with the Chinese side during his visit to China in October. The Chinese officials were impressed by the good natural conditions and agricultural infrastructure during their visits to local farmland, said Juan Agostini, a local official.


China has become the biggest destination of Argentina's farm produce, Saiz said, adding that he was optimistic about Chinese firms' investment in agriculture in Argentina.


Argentina is one of the world's major producers and exporters of agricultural products. Statistics from the Argentina Agricultural Association showed that foreign investors hold 17 million hectares of Argentina's land, representing 7% of the country's total land area.


An agricultural official of Argentine has recently said the government plans to issue rules restricting land purchase by foreigners.


Meanwhile, China's soy import volume in September may reach 4.91 million tonnes, according to the Ministry of Commerce (MOC).


In the first half of the month, 1.67 million tonnes of the oilseed hit the ports spread throughout the country, and 3.23 million tonnes are being awaited till month-end. The figure for the whole of next month is expected at 3.2 million tonnes.


China imported 35.53 million tonnes of soy during the January-August period, up 20% year-on-year. As the world's largest soy importer, China imported 6.2 million tonnes of soy in June, hitting a record high.