Madagascar leases out half its arable land

South Korean firm Daewoo plans to grow maize on one million acres of land in Madagascar. The firm will pay nothing for the lease of the land. The Indian Ocean island will gain employment opportunities and infrastructural developments from Daewoo's 99-year lease of 1.3m hectares.

21 Nov 2008

The leased land is almost half the African country's arable land of 2.5 million hectares. The firm wants to cut reliance on imports from the United States. South Korea, one of the most densely populated nations on earth is the world's third largest importer of maize. Food-importing nations have stepped up efforts to lock in overseas resources to ensure food security after the prices of rice, corn and palm oil surged to record levels this year.

Source: Panos London