Chinese company CITIC Construction (Angola) recently announced that it plans to invest US$250 million (€212.2 million) in large-scale agricultural projects, with a focus on corn and soybeans.

A memorandum of understanding was recently signed in Luanda by the CEO of the Chinese multinational, Fan Juntao, and Angola’s Minister of Agriculture and Forestry, Isaac dos Anjos. The document covers the creation and optimization of a complete agricultural value chain and the establishment of a phytosanitary inspection and quarantine system for the export of cereals to the Chinese market. Speaking to the press, Fan Juntao said that the company already has 8,000 hectares available in Angola, with the ambition of reaching 100,000 hectares.

For his part, the Angolan Minister of Agriculture and Forestry considered this memorandum signed with CITIC for large-scale production projects to be “historic”, with a view to “opening new markets for production in Angola.”

(Source: Agroportal – Portugal, on July 21)