July 20, 2011
South Korean firms cultivating farming land overseas
South Korean businesses are found to be cultivating a huge size of agricultural land overseas, where securing food resources is emerging as a key national task amid soaring international crop prices.
According to a Nonghyup Economic Research Institute report, 73 South Korean companies are cultivating grain crops in land areas totaling 23,500 hectares in 18 countries. The size of the land is 28 times of Yeouido, which is 28 times as large as Yeouido, an eight-point-four square kilometre river island that houses one of Seoul's main business and financial districts.
Eleven South Korean companies have farming land in China, ten firms each in Indonesia and Cambodia, eight in Russia, and seven in Mongolia.
The report said that the nation should promote long-term projects to develop crops as a way to secure food resources, predicting possible fluctuations in the production of crops amid unusual climate conditions.