Chinese company COFCO International will increase its investments in the Brazilian state of Mato Grosso, where it already operates in several municipalities, under a protocol of intent signed on Monday in Cuiabá by the chief executive of the company Jingtao Chi (Johnny Chi) and state governor Pedro Taques, according to an official statement.

The company currently has a soybean mill in Rondonópolis, where it also has a biodiesel factory, in Itiquira it has another soybean mill, where it intends to double the investment already made, in addition to 13 storage silos spread over several other cities, including Sorriso.

The governor, after noting that COFCO International is China’s largest food production and marketing company, said that under the protocol, the State of Mato Grosso is committed to granting tax benefits to the company to increase its investments in the State.

Johnny Chi said on the occasion that after the Mato Grosso government delegation visit to China, he decided to increase investments in the state, where the company is already the largest soybean export company, with the capacity to grind 4,000 tons of beans a day.

State Secretary for Economic Development Carlos Avalone said that COFCO International will double the investment it has already made in the Itiquira mill and increase exports of soybean meal to China from 3.5 million to 7 million tons, “which means building more silos for storage.”

Carlos Avalone also said that the Chinese company will expand to other municipalities with the construction of silos as well as investing in building a factory to produce ethanol from corn. (macauhub)