China has stepped away from US agriculture imports and said it would bid on a project that could create a grains superhighway in Argentina, reported Reuters.
Chinese state-owned construction company (CCCC) is readying a bid that would allow it to dredge Argentina's Parana River, the country's only river that acts as a waterway for bulk vessels that transport soybean and corn from the Pampas farm belt to the South Atlantic.
China has increased agriculture purchases from Argentina since trade tensions between Washington and Beijing erupted last year.
Representatives of CCCC and its Shanghai Dredging unit have already held meetings with Argentine government and local port officials to design a plan that would allow larger bulk carriers to navigate the Parana River to and from the Argentine farm belt, to the South Atlantic, then to China, according to Reuters' sources.
CCCC is the top Chinese firm to lead international efforts in modernizing global transport hubs and shipping lanes to secure sustainable food supplies for China.
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DAILY BUSINESS REPORT - Financial Updates, International Markets and Business News
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