Brazil May Toughen Law on Foreign Land Ownership, Valor Reports

June 22 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva requested a group of ministers and aides prepare a bill to toughen laws on foreign ownership of land, Valor Economico reported, citing Agrarian Development Minister Guilherme Cassel.

The government may also revoke land licenses already held by foreigners, the Sao Paulo-based newspaper said.

“We don’t want them to buy land here,” the newspaper cited Cassel as saying. “We don’t need foreigners to produce here. That’s the policy announced by President Lula. Brazilian land has to remain in the hands of Brazilians, because that has to do with food security.”

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To contact the reporter on this story: Laura Price at lprice3@bloomberg.net

To contact the editor responsible for this story: Francisco Marcelino at mdeoliveira@bloomberg.net