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AGRICUL lURE

Foreig-n investor 'land grabs' harm poor farmers, Oxfam says

environment, said Oxfam, which is based in Oxford, UK. "Large-scale demand for commodities is driving a lot of these acquisitions:' Rohit Malpani, an adForeign-investor viser to Oxfam and an investigator purchases of farmland into land buys in South Sudan, said in poorer nations this week in a telephone interview in Washington, "There is an inequity are displacing local of power between investors and the populations and local communities," Global food prices have increased adding little to a 26 percent in the past year, the Unitcountry's wealth, even ~d Nations says, The world's populaas agri~ultural prices tion is forecast to jump to 9,3 billion by from an estimated 6,9 bilincrease, according to - ;lion20502010, requiring a 70 perc~nt it :Oxfam International. increase in food production, according to the UN, In February, when costs peaked, the World Bank said As many as 227 million hectares - an area one and a half times the the increased expense had pushed size of Alaska - have been sold or 44 million people into' "extreme leased since 2001, w{tli most of the . poverty" in a little over half a year, Higher returns on farmland and "land grabs" occurring in the past rising food prices are luring investwo years, Oxfam said in a report retors in Africa, Latin America, the US leased Thursday, With the consent and parts of Europe, while China's of governments, weak legal codes shrinking farmland and water reallow the purchase of large tracts sources are pushing its companies with no regard for residents or 'the
Alan Bjerga and Luzi Ann Javier
BLOOMBERG/W ASHI NGTON/SI NGAPORE

to pour money oyerseas to secure supplies. A fund controlled by George Soros, the billionaire hedge-fund manager, owns 23 percent of South American farmland venture Adecoagro SA. Hedge funds Ospraie Management LLC and Passport Capital LLC as well as Harvard University's endowment are also betting on farming, TIAA-CREF, the US$466 .billion financial services giant, has $2 billion invested in some 240,000 hectares of farmland in Australia, Brazil and North America and wants to double the size of its investment. China, the largest soybean and grain consumer, is poised to boost investment in farming in South America as it seeks to secure food supplies, Rabobank International said July 28. The country has also targeted Africa and encouraged Chinese agricultural businesses to expand overseas. China has no plans to acquire large amounts of rand overseas, Hong Lei, Chinese foreign ministry spokesman, said Thursday.