Last fall I mentioned a deal between Korean conglomerate Daewoo and the gov’t of Madascar, for the former to get half a Belgium’s worth of farmland at basically no charge. Turns out it was more controversial than I thought, caused a revolution, and the new government has revoked the deal. But, as the linked article explains, similar deals are proceeding in several other countries.
I’ve said for quite a while that if you want to build a factory, unless it’s particularly noxious, you can probably get free land, or equivalent in benefits, from any number of economic development organizations. Turns out that the same can be true for farmland.
You, or I, couldn’t do it, but Korean conglomerate Daewoo can, 1.3 million hectares (that’s half the size of Belgium, says FT), in Madagascar. Apparently this is an above-board legitimate deal, and Madagascar “will simply gain employment opportunities.” Daewoo doesn’t get fee title, but a 99-year lease. The produce will for the most part be shipped to Korea.