South Korea: "Overseas agricultural development business, transformed into corporate profit financing business"

The article highlights the concerns raised by Rep. Yoon Jae-gap about the direction of South Korea's overseas agricultural development projects, which were initially launched to secure a stable grain supply after the 2018 global food crisis. The projects, which have seen participation from major companies like CJ CheilJedang, Hyundai Heavy Industries, and Hanjin Heavy Industries, among others, have received significant support through low-interest loans from the Korea Rural Community Corporation.

However, the initiative has shifted towards generating profits for participating companies, particularly through the production of food ingredients and bioenergy crops. This shift has led to a significant focus on the production of cassava, which accounted for 53.6% of the total agricultural products produced in local countries in 2016, rather than essential grains like wheat. The article points out the ineffectiveness of these import orders due to global supply and demand issues, which have been exacerbated by grain export bans in countries like Vietnam, Myanmar, and Laos following the coronavirus outbreak. Rep. Yoon criticized the initiative, stating that despite the substantial investment, it has largely benefited companies rather than the people.