Crop technology firm Syngenta helping China enhance food security with goal to grow after acquisition by ChemChina
- Syngenta bringing advanced overseas crops-growing technology to China, helping it rely less on imports
- Acquired by state-backed ChemChina in 2017, it aims to quadruple its market share in mainland China over five years
Crop technology firm Syngenta aims to quadruple its market share in China in the next five years, according to its chief financial officer.
The Swiss-based multinational company was acquired by state-backed China National Chemical Corporation (ChemChina) 20 months ago for US$43 billion.
Syngenta aims to achieve its growth goal partly via partnerships with both Chinese and overseas peers to bring advanced overseas crops-growing technology to China – the world’s largest agricultural products importer – to enhance food supply security, said Mark Patrick, its CFO.
“We are looking to work with multiple partners in collaborative ways,” he told the South China Morning Post in an interview on Friday ahead of its results announcement. “Our expectation in the next few years is to see a substantial step-change in our China business, both in crop protection and in seeds.”
Since its acquisition by ChemChina was completed in June 2017, Syngenta has been working with large state-owned farms with combined plantations of more than 1,000 hectares on adoption of its technology.