SHANGHAI, April 25 (Xinhua) -- U.S. agriculture and food company Cargill has announced a new investment to expand capacity at its existing corn processing plant in the northeastern Chinese province of Jilin.
The multinational company will invest 750 million yuan (112 million U.S. dollars) in its current corn processing facility in the city of Songyuan.
China is a crucial market with amazing vitality and Cargill will continue to work with partners to develop sustainable agriculture and promote investment in rural areas, said David MacLennan, Cargill chairman and CEO.
This is part of its joint initiative with the Songyuan city government to build the Sino-U.S. Cargill Biotech Industrial Park, which occupies an area of 3.71 million square meters. The park is expected to raise its annual production capacity to 2 million tonnes by 2020.
Cargill will also set up a food safety and technology center at the park.
Cargill has invested a total of about 50 billion yuan (7.5 billion U.S. dollars) in the Chinese mainland since it started investing here in the 1980s.