India joins race for land in Africa, China way ahead
After years of competing for overseas oil and mines to fuel their still-growing economies, India and China are silently scouring the world for their next great need: farmland to grow food.
The destination: Africa, where economies are poor and land is cheap.
Buying farmland abroad is not new, but it has gained urgency after a worldwide spike in food prices through 2007 and 2008.
So, more than a dozen companies from India, backed by the government, invested about $2 billion (Rs 10,000 crore) in leasing land and installing plants in Ethiopia last year to produce sugar, tea and several other crops.
To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com
The destination: Africa, where economies are poor and land is cheap.
Buying farmland abroad is not new, but it has gained urgency after a worldwide spike in food prices through 2007 and 2008.
So, more than a dozen companies from India, backed by the government, invested about $2 billion (Rs 10,000 crore) in leasing land and installing plants in Ethiopia last year to produce sugar, tea and several other crops.
To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com
Labels: africa, china, ethiopia, farmland, farmland to grow food, food prices, India, leasing land and installing plants, verseas oil and mines
posted by PressMart Team at
11:13 AM
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