Syngenta invest $500 million in Africa

Syngenta to invest $500 million in Africa

6:15 AM, 21st May 2012
Syngenta to invest $500 million in Africa
Mike Mack, CEO, Syngenta.

ZURICH, SWITZERLAND: Syngenta, the world’s largest agrochemicals company, plans to invest $500 million in Africa, with a goal of building a business that will generate around $1 billion in annual sales over the next 10 years. African countries have sought to attract foreign investment as they look to boost farm productivity, end poverty and hunger and secure long-term food needs.

Syngenta plans to make cumulative investments of over $500 million, which will be used to recruit and train over 700 new employees, develop distribution channel networks, logistics and local production facilities and increase access to technology for smallholders and large-scale farms. “Africa has become one of our strategic growth regions and our aspiration is to contribute to the transformation of African agriculture,” said Mike Mack, CEO, Syngenta.

© Reuters News

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