China to support development of 1.5 million acres of farmable land

Venezuela and China will overhaul 1.5 million acres of farmable land in different areas of Venezuela, for purposes of developing agricultural projects, announced Minister of Agriculture and Lands (MAT) Juan Carlos Loyo.

He said that the two countries signed an agreement to promote "one of the most ambitious programs" put forward by the two countries. The plan includes the improvement of road serviceability, the installation of irrigation systems and the construction of agricultural infrastructure and food processing plants, reported Efe.

"The cooperation with the People's Republic of China has allowed Venezuela to increase its scientific, technological and infrastructure-related capabilities, as these important agreements are leading to important achievements," Loyo stressed.

The projects will be implemented in the states of Apure, Barinas, Guárico, Portuguesa and Zulia.

China has become Venezuela's second largest trading partner, behind the United States. Venezuela's trade with the US exceeds USD 30 billion, with oil exports amounting to 1.2 million bpd.

China's ambassador to Caracas, Zhao Rongxian, said last Tuesday that trade between Venezuela and China amounted to USD 18 billion in 2011.

He also announced that trade could exceed USD 20 billion in 2012.