October 14, 2008
South Korea to invest US$1 billion in corn venture in Indonesia
A number of investors from South Korea are looking for land to grow corn with an investment of RP10 trillion (US$1.02 billion) in Indonesia, according to the National Corn Council.
Council secretary general Maxdeyul Sola revealed that around 2 million hectares of land is required and investors include Daewoo Logistic, Daeyang, Harim Group and Agroenerpia.
The corn to be produced by the investors will be exported to South Korea to reduce the country's dependence on imports from the US and China, Sola added.
He said Daewoo already has corn farms in South Sulawesi and exported 12,000 tonnes of corn to South Korea earlier this year.
