Barreiras, Brazil, 7 June – Chinese group Chongqing Dragonfly Oil Sunday laid the first stone of its Universo Verde soy processing factory in Barreiras, in the Brazilian state of Bahia, initially costing 300 million reals, the Brazilian press reported.

The ceremony took place less than two months after the chairman of the Chinese group, Hu Junlie, signed a protocol of intentions with the government of the State of Bahia to build an industrial complex in the Barreiras municipal area.

Hu Junlie said the group planned to invest up to 4 billion reals in Bahia.

The governor of Chongqing province, Huang Qifan, noted that Bahia was also a big cotton producer, “so we plan to set up a textile industry here in Barreiras.”

Bahia is the second-largest cotton producer in Brazil and the area planted up with cotton increased by 51 percent this season against last season to 371,000 hectares. Production rose 62 percent from 372,000 tons in 2009/2010 to 600,000 tons in 2010/2011. (macauhub)