Shanghai Pengxin Group interested in railway concession in Ferrogrão, Brazil

28 October 2016

Chinese conglomerate Shanghai Pengxin Group, Ltd. announced on Wednesday in Brasilia, Brazil, it is interested in taking part in the tender for the railroad connecting the city of Sinop, in Mato Grosso state to Itaituba in the state of Para.

Jiang Zhaobai, Chairman of the Board of the Chinese group, told the President of Brazil, Michel Temer, the company planned to invest further in Brazil. It already controls the Fiagril company, which is a benchmark in the Brazilian agribusiness sector.

Zhaobai told the Planalto website that the new economic conditions in Brazil will allow more Chinese investment in the country in areas such as agriculture, logistics and infrastructure for the export of grains.

The Minister of Agriculture, Livestock and Supply of Brazil, Blairo Maggi, present at the meeting pointed out that Jiang Zhaobai is the president of China’s Industrial Confederation which points to the possibility of other Chinese businesspeople showing interest in the construction of road the Ferrogrão Railway connecting the manufacturing area of Mato Grosso to the beginning of the Tapajós-Amazon waterway.

At the meeting the chairman of theShanghai Pengxin Group., Ltd suggested a mechanism for direct conversion between the real and the yuan should be considered to not only facilitate economic relations but also reduce risks of possible currency crises. (macauhub)