Indian Ocean Newsletter | 13 January 2012

N° 1324   
    
The Korean company Daewoo Logistics Corporation has acquired all the shares in the agribusiness company Madagascar Future Entreprises (MFE). MFE had acted as Daewoo’s field office to help it obtain large land concessions in Madagascar until the scandal that led to the project being abandoned. MFE had negotiated in 2008 with President Marc Ravalomanana for access to thousands of acres of land on which to plant rice and other agricultural products with the aim of then exporting them to Seoul. This subsidiary of Daewoo Logistics has remained in Madagascar these last four years, awaiting its time to revive its projects. It even underwent a capital increase and its South Korean manager Kwon Kim is believed to have begun new negotiations with the present Malagasy government.