CITIC Agri Fund, which is controlled by Chinese conglomerate CITIC Ltd, sees Brazil as a driver for its global strategy in agriculture, Bloomberg reports.

The news agency quotes LP Sementes General Manager Vitor Cunha as saying so.

CITIC Agri Fund set up LP Sementes after buying the Brazilian seed business of Dow Chemical Co. of the United States this month for US$1.1 billion.

“CITIC is starting to become an international company, and Brazil will be the global manager of this strategy,” Mr Cunha said. “The Chinese will expand its agricultural business from Brazil.”

Mr Cunha said CITIC Agri Fund had another US$2.5 billion for investment in research or in other companies that suited its strategy, such as companies in the soybean or rice business, Bloomberg says.