Karuturi Global Plans $500 million Investment in Tanzania Food Production
Amidst the worst drought in 60 years in the Horn of Africa, foreign investors are continuing to harvest tons of crops for export, decreasing food supply in the region. A delegation of 35 investors are currently visiting Tanzania, Uganda and Ethiopia in hopes of expanding their already large land holdings. Karuturi Global Ltd, the world’s largest rose grower with operations throughout India, Ethiopia and Kenya is seeking to acquire land in Tanzania: 200,000 hectares for palm oil, 20,000 hectares for sugar cane and 150,000 for cereals. In an effort to compete with China, Indian companies like Karuturi are trying to strengthen economic ties with Africa and see huge potential in the agricultural sector of East Africa.