Axel Kicillof, Buenos Aires Province Governor, recently announced Chinese investments in Argentina.
They plan to build a urea manufacturing facility and an NPK fertilizer plant in Bahía Blanca port.
The total investment is 1.25 billion U.S. dollars. Kicillof highlighted the significance of trade with China and Brazil.
Argentina has recently edged past Brazil as China’s top choice for investments in Latin America, gathering $1.34 billion compared to Brazil’s $1.3 billion.
He noted these countries’ role in trade, production, labor, and value creation. He emphasized that China and Brazil are key export destinations for the Bahía Blanca port.
Responding to Javier Milei, a presidential candidate from La Libertad Avanza, Kicillof criticized his stance on not maintaining relations with China and Brazil.
Kicillof called Milei’s view ignorant and harmful to Argentina’s economy. He stressed that the investment will replace imports and benefit the country.
Kicillof mentioned that the investment would open new opportunities for Argentina. He reminded us that government decisions are crucial for such large-scale investments.
Buenos Aires Province
Kicillof pointed out the state’s role in driving large infrastructure investments.
He linked Buenos Aires Province’s identity to production, emphasizing the need for state involvement. He mentioned the state’s role in creating opportunities for private investment.
The Profertil plant in Bahía Blanca is central to this plan. It has a capacity of 1.3 million tons of fertilizer.
In 2022, this capacity led to the mobilization of 874,000 tons, mostly local. Nationally, Argentina produced about 4.4 million tons of fertilizer in 2022.
This new project aims to boost production by 25%. It also focuses on reducing imports, with Profertil producing all the national urea at the Bahía Blanca petrochemical hub.
Last year, production was 1.3 million tons, up 50% from 2021. In June 2023, YPF and a Chinese firm signed a strategic development agreement.
This agreement covers investment in the fertilizer industry and cooperation in research and innovation with YTEC.
The total investment by the Chinese company in Argentina will be $7.8 billion.
More: Argentina news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief