BEIJING (Reuters) -China and Argentina pledged on Sunday to deepen strategic cooperation on trade, currency and the infrastructure-focused Belt and Road Initiative, the government and state media said after a meeting of presidents Xi Jinping and Alberto Fernandez.

On the sidelines to the Beijing 2022 Winter Olympics they agreed on a five year plan for agriculture cooperation. The key areas of growth and diversification in trade and investment were also highlighted.

China is a large buyer of Argentine soy beans and beef. A major currency swap arrangement has been made with Argentina, which helps the country to increase its declining foreign reserves. Fernandez is trying to revitalize Argentina’s economy, which is also a large grain producer.

Argentina’s government released a statement saying that they had discussed the value of currency swaps among their central banks. It also stated that it would continue to strengthen cooperation in this matter.

A memorandum was also signed by the two sides in relation to China’s Belt and Road initiative. This platform allows Chinese investors worldwide in railroads and ports.

Argentina’s government stated that “this strategic decision will enable the national government to enter into different agreements that provide financing for investment works worth more than $23.7 million.” This figure was not provided by the Chinese side.

Xi met Fernandez for 40 minutes. They agreed to work together and invest in areas like green and sustainability development and digital economy.

Xi said that China would share its development opportunities and assist Argentina in expanding exports, as China’s foreign ministry reported.

According to him, he said that the countries need to strengthen cooperation in areas such as trade, finance, investments, financing, and anti-epidemic measures. He also mentioned the importance of green development, technology, and agriculture.