G8 move to halt 'farmland grabbing'
- FT
- 26 May 2009
Japan will spearhead a drive at the Group of Eight summit to prevent "farmland grabbing" in developing countries and encourage responsible investing in agriculture.
Japan will spearhead a drive at the Group of Eight summit to prevent "farmland grabbing" in developing countries and encourage responsible investing in agriculture.
Japan is to propose introducing a set of principles to ensure smooth investment in agriculture in developing countries at a Group of Eight summit in Italy in July, a foreign ministry official said on Tuesday, in a move to limit 'land-grabbing'.
Slater reckons shortages of soft commodities and the likelihood of rising inflation make farmland an excellent investment, not least in Brazil where Agrifirma is located.
The state government is welcoming foreign investors wishing to commercialise padi planting in Sabah in order to increase rice production in the state, Deputy Chief Minister Datuk Yahya Hussin said.
Since details emerged of Saudi Arabia’s plans to ensure supplies of wheat, rice, corn, soya beans and alfalfa through overseas agricultural investments, officials have insisted that they intended the programme to be private-sector led.
Alarmed by exporters’ trade restrictions, food importing countries have realised that their dependence on the agricultural market makes them vulnerable not only to a surge in prices but, more crucially, to an interruption in supplies.
African countries are giving away vast tracts of farmland to other countries and investors almost for free, according to a report published by IIED, IFAD and FAO
The Sudanese capital state of Khartoum has $45 billion worth of agricultural projects that are available for investors, Saudi newspaper Al-Watan reported on Sunday, quoting a senior official. One of the projects is worth $500 million and consists of tendering 2,100 sq km of farmland west of Omdurman.
A Norwegian company, ScanFuel Ltd., says its Ghanaian unit has contracted about 400,000 hectares of land, with up to 60 percent reserved for biofuel production, “not less” than 30 percent for food production and the remainder for biodiversity buffer zones.
Saudi agricultural company Tabuk Agricultural Development Co has started preparations to invest in food production abroad, driving up its stock.
For a growing number of South African farmers, the Republic of Congo is the Promised Land. They’re scrambling to get on board an ambitious venture to reclaim farmland in Congo’s interior and help relieve that country of a reliance on food imports. Already some 70 farmers have booked a Congo tour and more than 3,000 have expressed interest, said Agri-SA, the South African farming group organizing the venture.
Rich food importers are acquiring vast tracts of poor countries' farmland. Is this beneficial foreign investment or neocolonialism?