- South Korea has found a new food production partnership with Tanzania in a deal that will allow the country farm about a thousand square kilomoters in the east African country. The deal is the second in Africa for South Korean following last years' similar signing with Madagascar.
The finalisation of the deal is expected to be concluded in few weeks and would be for an initial period of six years, according to reports.
Official reports said part of the deal is a development strategy where after the initial run on the farm, local farmers would have been empowered and capacitated to take over.
The state-run Korea Rural Community Corp (KRC) will be incharge of the project that will be base in the Pwani province.
According to official statements from the KRC, some over $80 million will be initially invested in the development of the farmland over the next few years, with further plans yet to be detailed.
South Korea has in the recent years been looking abroad for the production of food for its population.
Hyundai Heavy Industries said in April it had reached a deal to develop 5 0000 hectares of Russian farmland, to produce 60 000 tons of corn and beans annually by 2014.
In Madagascar, a deal was signed last year by South Korea's Daewoo Logistics to lease government's farmland of about 1.3-million hectares.
The Tanzanian deal follows Prime Minister Mizengo Pinda's visit to Seoul.
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