Chinese construction giant Sinohydro signed a $100 million deal with Angola to build out the country's agricultural infrastructure in a bid to boost grain production. While 60% of the output from this venture will be shipped to China, the rest will be sold domestically in a move aimed at reducing the West African country's food import bill.
The Sinohydro news followed an even larger agriculture announcement between the two countries when Chinese conglomerate Citic signed a $250 million contract to develop large-scale soybean and corn farms in Angola.
Géraud and Cobus discuss why the timing of these deals is so interesting as China moves quickly to reduce its reliance on wheat, soy, and corn imports from the U.S.
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