Beidahuang Group, a company based in Northeast China's Heilongjiang province, expressed its intention to invest in an agricultural cooperation project with Argentina’s Rio Negro Province, ce.cn reported Monday, quoting media reports in Argentina.
The Chinese company will invest $1.5 billion over 20 years to grow farm produce, including soybeans and corn, and export those crops back to China. The project will use advanced irrigation facilities to develop 300,000 hectares of arable lands for agriculture use, and construct supporting power generators and port expansions.
This project, expected to start this year, will be the first investment in Argentina’s agriculture by Chinese companies, according to the media.