Korean firms are willing to acquire more land lately that is located outside the country however the main problem is that import tariffs do not allow those companies to bring their products to the country.

Currently, there are 73 South Korean companies farming on a little over 23,000 hectares of land in 18 countries, including China and the Philippines, according to the report by a think tank run by the National Agricultural Cooperative Federation, known as Nonghyup.

Out of the total, 18 companies receiving government funds for overseas farming are now producing some 44,000 tons of grains in the countries that also include Brazil, Cambodia, Indonesia and Kyrgyzstan.

However, most of the produce from the overseas farms are either sold in their host nation or shipped to a third country as South Korea's import tariffs, as high as 500 percent, deter South Korean producers from bringing their goods in the country.

UkrAgroConsult