Why is a South Korean company leasing so much land on another continent?

According to a Daewoo spokesperson:

We want to plant corn there to ensure our food security. Food can be a weapon in this world,” said Hong Jong-wan, a manager at Daewoo. “We can either export the harvests to other countries or ship them back to Korea in case of a food crisis.

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]]> http://redgreenandblue.org/2008/11/22/koreas-daewoo-leases-half-of-madagascars-arable-land-for-free/feed/ http://ecoworldly.com/2008/11/22/koreas-daewoo-leases-an-area-half-of-the-size-of-belgium-in-madagascar-for-free/ http://ecoworldly.com/2008/11/22/koreas-daewoo-leases-an-area-half-of-the-size-of-belgium-in-madagascar-for-free/#comments Sat, 22 Nov 2008 19:41:15 +0000 Amiel Blajchman http://ecoworldly.com/2008/11/22/koreas-daewoo-leases-an-area-half-of-the-size-of-belgium-in-madagascar-for-free/ According to a few under-the-radar reports, Korea’s industrial conglomerate Daewoo has just completed a deal with Madagascar for a 99 year lease of an area half the size of Belgium (about 1.3 million hectares). While complete terms of the lease are not yet available, the total price is: NOTHING.

The initial plan is to plant maize and palm oil for export to South Korea. The benefit to Madagascar of losing a little over half of their arable land would be the anticipated employment opportunities for farmers and other locals.

According to a Daewoo spokesperson:

We want to plant corn there to ensure our food security. Food can be a weapon in this world,” said Hong Jong-wan, a manager at Daewoo. “We can either export the harvests to other countries or ship them back to Korea in case of a food crisis.

Read more of this story »

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