The Community of Exporting and Internationalised Companies of Angola (CEEIA) and Brazilian group Costa Negócios Tuesday in Luanda signed an agreement for the production and export of 400 000 tons of grain in four years.
The agreement sets out that the Brazilian group will invest US$250 million in the production of 250,000 tons of maize and 150,000 tons of soybeans at the end of the first four years, according to Angolan news agency Angop.
The grain willbe produced in a 100,000 hectare area in Huambo province divided into equal halves for each of the crops and will gradually increase to 400,000 tons after starting with production in November.
The agreement also provides for the expansion of the project to other regions of Angola and for production of other grains, such as rice and beans, said the president of CEEIA, Agostinho Kapaia.
The Community of Exporting and Internationalised Companies of Angola, founded in November 2013, is a non-profit representative of Angolan companies geared towards exports and internationalisation. (macauhub/AO/BR)