BASF and Yuan Longping High-Tech Agriculture Co. Ltd. have announced a joint effort to commercialize a new non-GMO rice production system designed to increase agricultural productivity for farmers in China.
“Partnering with the market leader in rice seed technology in China will allow us to further expand our growing seeds and traits business,” said Jonathan Bryant, Vice President, Global Strategic Marketing, Seeds and Traits, BASF Agricultural Solutions.
“We believe this win-win cooperation will strengthen our top position in the rice market. In the long run, we hope this cooperation with BASF can be extended to enhance our technology and position in other crops,” Dr Ma Dehua, Vice President of Longping High-Tech, said.
It may be mentioned here that China is one of the world’s leading rice producers, and one of the largest markets for agtech.
As BASF wants to bring more innovative technologies to the market, this new partnership with Longping High-Tech will enable BASF to do this, according to Jackson Wang, Head of BASF’s Agricultural Solutions business in China.
To recap, both BASF and Longping are leading innovators in the agricultural industry. The chemical producer invests about €900 million each year in R&D on new agricultural technology, while Long Ping High-Tech’s investment in R&D represents over 10% of its sales revenue.