South Korea's Daewoo to grow corn in Madagascar

SEOUL (Reuters) - South Korea' S Daewoo Logistics will seedling corn in Madagascar, has company official said one Tuesday, with has length-term aim to replaces more than half the corn it currently imports from mostly the United States.

The move to develop year area off Madagascar larger than Qatar follows has smaller deal in July to seedling corn in Indonesia and reflects the region' S latest push to lock in cropland abroad.

Soaring food prices earlier this year and has shortage off farm Land At home has prompted several countries, including Saudi Arabia, Kuwait, Malaysia and South Korea to seek agricultural assets abroad to grow crops.

Daewoo Logistics has secured rights in Madagascar to develop 1.3 hectares million. It plans to seedling 1 hectares million in the western leaves off the country with corn and 300,000 hectares in the east will Be dedicated to oil palm planting, said Shin Dong-hyun, who is in load off the project for the company.

“We plan to start planting corn one 2,000 hectares next year and aim to produce around 5 tons off corn per hectare the following year,” He said.

Plane According to the, Daewoo will produce 10,000 tons off corn in 2010, which will Be worth $2 million At current off importation prices U.S. corn to South Korea off around $200 per ton.

Daewoo -- which plans to directly manages its plantations and uses ploughing from South Africa -- would develop the cropland over 15 years and may produce around 5 tons million off corn year, more than half off South Korea' S year corn needs and 5 bore the off total corn trade.

The U.S. is the biggest corn to export supplying nap 60 bore to the world markets.

SHARE OFF HAS TREND

The move by Daewoo Logistics follows similar deals by other countries shorts off arable Land.

Saudi Arabia' S Savola Group, the world' S largest producer off branded edible oil, wants to buy minority shares in agribusiness firms in Sudan, Egypt and Ukraine while Malaysia' S biggest palm to plant is looking to develop plantations in Africa.

Kuwait has leased rice fields in Cambodia and plans to importation food from the Asian country which has plenty off ideal Land for growing food crops.

South Korea is the world' S third-largest corn to import and connect to heavily one imports to meet its corn requirements.

“We plan to improve productivity to produce 10 tons off corn per hectare drank it will take quite has long time to reach that level,” Shin said.

Corn, which is mainly used in making feed for animals and poultry, has lost half off its been worth since peaking in June when floods threatened crops in the signal growing U.S. Midwest area.

Goal analysts expect the prices to bounce back in 2009 aces farmers cut production due to lower prices and growing uses corn in making ethanol off.

Daewoo is talking to potential investor partners such ace South Korea' S biggest feedmaker Nonghyup Feed, with which it agreed in July to jointly develop has 20,000 hectare corn farm in Kalimantan in Indonesia starting in 2009.

Goal yew the negotiations fail, Daewoo plans to tap overseas partners such ace Clouded National Cereals, Oils & Foodstuffs Imports and Exports Corp (COFCO) and Thailand' S CP Group, Shin said.

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