The company said it had leased 1.3m hectares of farmland – about half the size of Belgium – from Madagascar's government for 99 years. It plans to ship the maize and palm oil harvests back to South Korea. Terms of the deal were not disclosed.
The pursuit of foreign farm investments is a clear sign of how countries are seeking food security following this year's crisis – which saw record prices for commodities such as wheat and rice and food riots in countries from Egypt to Haiti.
Prices for agricultural commodities have tumbled by about half from such levels but countries remain concerned about long-term supplies.
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