China’s Citic to develop large soybean, corn farms in Angola

A unit of Chinese state-owned conglomerate Citic Ltd. will develop large-scale soybean and corn farms in Angola to secure long-term supply amid a trade war with the US.

Citic Construction Co. will invest $250 million over five years to develop as much as 100,000 hectares of land, according to Fan Juntao, the managing director of the company in Angola.

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.

While China and the US have agreed on a trade framework to resolve tariffs disputes, details remain unclear. The North Asian nation last month booked a rare shipment of soybean meal from Argentina and has sought out a range of other suppliers to reduce its dependence on the US.

Angola is focused on tapping the “opportunity created by global geopolitics, trade wars, blocked markets,” Agriculture and Forestry Minister Isaac dos Anjos said at a briefing in Luanda.

Clearing work has begun on 3,000 hectares in Cuanza Norte and 5,000 in Malanje, with planting to start once surface rights are secured, said Citic’s Fan at the briefing.