Monday, September 13, 2010

Backlash against foreign agriculture investments

The Telegraph UK has an article today about the backlash in Third World countries against investments in farmland by foreign businesses and investment funds. Due to growing populations, increases in demand for meat and slowing growth in output, many richer nations have been busy trying to secure land for the growing of crops for export back to their own people. And given that the recipients of such investments are often poor countries where people do not have enough to feed themselves, the backlash against such investments are understandable. Furthermore, if global food supplies come under more strain, as I believe they will, the chorus of protectionist voices will grow even greater for the safeguarding of food for 'our own people' in many countries.

For Singaporeans, this is not a time for an economic debate on whether free trade is better or otherwise. Like it or not, we are dependent on imported food and this makes us vulnerable to the political reality that protectionism will always rise up in times of economic distress. We need to be aware of this thread and to prepare accordingly. Perhaps it is time for us to consider urban agriculture as a means of supplementing our food supplies.

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