Brazil supports Chinese investment in agricultural infrastructure

Favaro suggested to the COFCO board that they invest in Brazilian railways and waterways during a meeting in Beijing last week, he said, as well as fund the restoration of farmland.

it was not possible to get a comment from the state company COFCO after business hours.

COFCO has already invested in Santos, Brazil's largest soybean port, and is currently expanding its EXPORT terminal capacity to 14 million tons to meet China's insatiable demand for soybeans.

But Brazil is also a new supplier of corn to CHINA . COFCO was a key player in opening up the market late last year to Brazilian supplies, Favaro said, as well as buying all of the 1.5 million tons of corn shipped to China.

Favaro visited Beijing last week ahead of a planned visit by Brazilian President Luiz Inacio Lula da Silva. Lula canceled his visit after contracting pneumonia but is expected to reschedule the trip in the coming months.

During Favaro's visit, China's customs authorities approved four new Brazilian MEAT plants for export to the country. An agreement allowing for electronic certification of meat export businesses will be signed when Lula travels to Beijing, expediting the approval process, Favaro added.