ROSARIO, ARGENTINA — The Argentine government said it plans to invest approximately $550 million to build a new grain port in the Rosario region.

The region is considered a vital agricultural center for Argentina, accounting for more than 80% of the country’s agricultural and agro-industrial exports.

Presidential spokesperson Manuel Adorni said construction on the new port began in March. The port will be located in Timbues, on the Parana River, he said.

Bunge, Cargill and Louis Dreyfus are among the companies that operate grain handling facilities along the Rosario port network.