South Korea to expand overseas corn, wheat farming

Country hoping to offset rising food costs

South Korea is making plans to secure 380,000 hectares of overseas farmland by 2018 in order to grow crops like corn and wheat and secure a more stable food supply as prices continue to rise, according to the country’s agriculture ministry.

The government plans to help South Korean companies lease arable land or buy stakes in overseas firms, prioritizing in countries such as the Philippines, Cambodia, Ukraine, Indonesia and Russia. South Korea also plans to expand its overseas grain trading business into countries including Brazil, Russia and Ukraine, according to the ministry.