FINANCIAL NEWS

Zambia eyes GCC investments in farm sector

06 Dec 2010

(MENAFN) Zambia’s finance minister said that the African state does not regard leasing farmland to foreign investors as a form of “colonialism” and is encouraging Gulf countries to invest in its agricultural sector, Reuters reported.

Foreign acquisitions of agricultural land in developing nations have provoked opposition among indigenous farmers and led the United Nations to voice concern over the lack of agreed guidelines to protect farmers rights.

But investors and governments in developing countries say that such deals usher in a “win-win” situation by boosting food security for all parties involved.

Zambia allocated two major farm tracts last year, each over 100,000 hectares in size, to be divided between foreign and local farmers to grow cash crops. But the roll-out has been hindered by delays in putting up infrastructure on the sites.

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