Cargill plans to build a corn processing plant in Brazil to produce starches and sweeteners, building on its investments in the South American country, which is becoming a magnet for agribusiness investment.

Cargill plans to invest 350 million Brazilian reals ($210 million) to build the plant. The facility will boost Cargill’s corn processing capacity in the country by 30 percent. The plant is slated to open in 2013.

Other companies have invested in Brazil as well. In 2008, agribusiness conglomerate Archer Daniels Midland announced a joint venture with Brazil’s Grupo Cabrera to make sugar-based ethanol.

From Bloomberg