MercoPress. South Atlantic News Agency

Argentina meat industry plans investments to increase exports 33% in three years

The production expansion is mainly intended to serve the Chinese market which currently absorbs 73% of Argentine meat exports

Argentine meat processing plants will invest US$ 187 million in a bid to increase exports from the country by 33% over three years to 1.2 million tons per year, the head of a local trade group said on Monday during a conference with government officials.

Argentina is a major world exporter of beef and China its main customer. The governor of Buenos Aires province, Axel Kicillof home to many of the country's meat plants, said that the production expansion is mainly intended to serve the Chinese market, the destination of 73% of Argentine meat exports in the first nine months of 2020.

“This project includes plants that handle the different stages that meat exporters need to maximize their potential, to increase their production,” said Mario Ravettino, president of the meat exporters group, known as ABC.

The investment plan has already started and will be extended during 2021 and be carried out by 11 companies in the sector.