A unit Chinese state-owned conglomerate Citic Ltd. will develop large-scale soybean and corn farms in Angola, as the world’s second-largest economy seeks to secure long-term supply amid a trade war with the US.
Citic Construction Co. is leading a group that will invest $250 million over five years with an aim to develop as much as 100,000 hectares (386.1 square miles) of land, according to Fan Juntao, the managing director of the company in Angola.
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