South Korea to Expand Overseas Farming on Rising Food Costs
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South Korea, the world’s third-biggest corn buyer, plans to secure more farmland overseas to grow crops such as corn and wheat and secure a stable supply amid surging food prices.
The North Asian nation wants to secure a total of 380,000 hectares of overseas farmland by 2018, the agriculture ministry said in an e-mailed statement today, without giving a comparative figure. That area can produce about 1.38 million tons of corn, wheat and soybeans, or about 10 percent of the nation’s annual imports of the three major crops, it said.