Back in 2010, then-President Luiz Inacio Lula da Silva announced Brazil would start a five-year drive to become self-sufficient in fertilizers.
But four years later, independence seems a distant dream. For while fertilizer imports have surged 40% in the intervening period, mainly due to growth in the grain sector, production has remained stagnant.
"Self-sufficiency isn't a realistic aim at present," said George Bonifacio e Sousa, president of the Brazilian Fertilizer Distributors' Association (ANDA).
The truth is that Brazil lacks the world-class projects and fertilizer prices simply aren't attractive enough for companies to accelerate the plans they have.
A SOUND STRATEGIC ...