Ethiopia’s farm investment plans falter on flood plain
- Bloomberg
- 26 November 2013
Karuturi, like many other large-scale investors, underestimated the complexity of opening land for large-scale commercial agriculture.
Karuturi, like many other large-scale investors, underestimated the complexity of opening land for large-scale commercial agriculture.
Ethiopia's huge agricultural output has brought about an economic miracle for the nation. But inhabitants are being pushed out of their native land by foreign investors and have no share in the profits.
African continent is the new destination for Indian agriculture companies, as more than 80 of them have invested over Rs 10,800 crore in commercial farming activities in under-developed countries of the region.
Rich soil, a tropical climate, and an abundance of water: the region of Gambela in the west of the country is fertile. Foreign investors are renting thousands of hectares of it to develop intensive agriculture without regard for the environment and the population, reports Le Monde.
Interest by both local and international companies to lease land has been met with criticism by some outside the region, yet locals are unperturbed.
Obtaining millions of hectares for farming in Africa, Indian firms are playing predator.
New report provides a detailed examination of the role of the Indian government and Indian companies engaged in overseas agricultural land acquisitions in Africa, Asia and Latin America.
Indore-based Ruchi Group plans to grow oil palm in Cambodia on 20,000 ha.
Indian floriculture companies are moving into other agri-products in the world's second-largest continent.
Contract covers the lease of 25,000 ha in the Regional State of Gambela for a period of 25 years, with option for renewal.
Ruchi Soya Industries, one of the leading edible oil processors, on Friday announced a major farm land acquisition in Ethiopia for soybean cultivation.
India's edible oil industry, which has been trying over the past couple of years to venture into oilseeds cultivation in Paraguay and Uruguay, but could not make much headway due to high cost of finance, is charged up again to take fresh initiatives to realise the dream project.