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Examples
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Ethiopia is one of the world's largest recipients of humanitarian food and development assistance, last year receiving more than 700,000 tonnes of food and £1.8bn in aid, but it has offered three million hectares 7.4 million acres of virgin land to foreign corporations such as Karuturi.
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Bangalore-based food company Karuturi Global says it had not even seen the land when it was offered by the Ethiopian government with tax breaks thrown in.
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Karuturi snapped it up, and next year the company, one of the world's top 25 agri-businesses, will export palm oil, sugar, rice and other foods from Gambella province – a remote region near the Sudan border – to world markets.
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"Land of similar quality in Malaysia and Indonesia would cost about $350 per hectare per year, and tracts of that size aren't available in Karuturi Global's native India," Karuturi said.
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Under an agreement with Ethiopia's government, Karuturi pays no rent for the land for the first six years.
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Karuturi has since grown that investment to have 75 hectares of roses.
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In the past two years, Karuturi has acquired another 311,700 hectares in Ethiopia for an undisclosed amount of money.
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Karuturi has since grown that investment to have 75 hectares of roses.
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In the past two years, Karuturi has acquired another 311,700 hectares in Ethiopia for an undisclosed amount of money.
SFGate: Top News Stories By TOM MALITI 2011
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Karuturi has since grown that investment to have 75 hectares of roses.
SFGate: Top News Stories By TOM MALITI 2011
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