Korea

Daewoo leases Madagascan land for crops

A lot of countries don't grow nearly enough food to feed themselves. Britain is one; South Korea, another. The giant South Korean conglomerate, Daewoo, has come up with a novel way of solving the problem of food security. It has leased a vast tract of land, 1.3 million acres, on the African island of Madagascar.

Welcome fades for wealthy nations

The initial welcome given to rich countries’ investment in African farmland by agricultural and development officials has faded as the first ventures prove to be heavily weighted in favour of the investors. The FAO warned of such a trend when it said this year that the race to secure farmland overseas risked creating a “neo-colonial” system.

Daewoo Logistics Says Farm Deal May Cost $6 Billion

Daewoo Logistics Corp., a South Korean natural-resource development company, expects a project to lease vast tracts of farmland in Madagascar to grow corn and palm oil may cost about $6 billion over the first 20 years. The investment will pay for the lease costs as well as building a port, roads, irrigation, and power plants, along with schools and hospitals for locals, Shin Dong Hyun, a manager leading the project, said today by phone.

Food security deal should not stand

Pirates are not the only source of concern off the African coast. The deal South Korea’s Daewoo Logistics is negotiating with the Madagascan government looks rapacious. Alas, it is but the latest brazen example of a wider phenomenon.

South Korea's Daewoo to grow corn in Madagascar

South Korea's Daewoo Logistics will plant corn in Madagascar, a company official said on Tuesday, with a long-term aim to replace more than half the corn it currently imports from mostly the United States.

Malagasy land and foreign investments

Nowadays, the concern of the Malagasy governement is focused on how to attract foreign private investments. The new Malagasy investment law, Act 2007-036 of January 14th, 2008, has brought a very key change concerning the possibility for foreigners to own their land in Madagascar