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Argentina bets on $600 mln satellite to boost agriculture sector

ITN News Editor
By ITN News Editor September 22, 2018 13:39

Argentina bets on $600 mln satellite to boost agriculture sector

Argentina is betting on a new microwave imaging satellite to boost precision agriculture in the country in a long term bid to bolster its farm sector, an industry that has historically been the backbone of Argentina’s economy.

Scheduled to launch on a Space X Falcon rocket from Vandenberg Air Force Base in California on October 6, Argentina’s SAOCOM 1a satellite, “is going to boost the high-quality precision agriculture Argentina relies on,” President Mauricio Macri told farmers and industry representatives last week.

While scientists say the soil and subsurface mapping data provided by the $600 million-dollar project will pay off by helping increase crop yields, it is unlikely to save the country from its current economic doldrums.

Argentina’s economy has suffered a series setbacks led by a drought that sapped grain exports earlier this year and a sharp devaluation of its peso currency that prompted the government to seek a $50 billion dollar standby financing deal with the International Monetary Fund.

ITN News Editor
By ITN News Editor September 22, 2018 13:39
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