Wednesday, January 27, 2010

China, Arab States Plan To Grow Food In Australia

Countries running out of water for their farmlands are now looking to buy vast farming properties in Australia to secure their food supply.

From ABC Tasmania :
Greg Mason from Queensland Department of Primary Industries....recently hosted a group of Chinese investors who were interested in seeing farms similar to theirs in terms of climate and crops.

A property adviser who works with an Arab state says his client is interested in buying farms in other countries that are culturally compatible; however Australia is in their sights.

The client wants to spend over one billion dollars on properties to grow grain, fruit, vegetables and live sheep.

...his client prefers to own and grow the food rather than contract Australian growers because it wants control over the food supply.
Read The Full Story Here

Reuters has a follow-up :
China has been buying Australian resource assets to secure supplies to fuel growth in the world's fastest growing major economy, and is now showing interest in agricultural and food companies.