China’s state-owned food giant COFCO Corp has invested nearly US$5 billion in Brazil since it entered that market in 2014, the company said in a press statement. Chinese Vice Premier Wang Yang visited the firm’s infrastructure projects in São Paulo last month.

Its US$5-billion portfolio in Brazil includes two soya bean pressing mills, four sugar mills, and two wharves. Its business in soya beans and corn seeds

The company purchased majority stakes in Hong Kong-based Noble Group Ltd’s agribusiness and Dutch trader Nidera BV last year, giving COFCO a presence in a number of international markets, including Brazil and Argentina.

Vice Premier Wang acknowledged the investments of COFCO in Brazil, adding Beijing would “actively support the development of Chinese enterprises in Brazil”, including through policies to help the companies to acquire financing, according to the statement.

Chinese official news agency Xinhua reported last month that China and Brazil agreed during Mr Wang’s visit to launch a US$20 billion fund to support co-operation in production capacity.