Russia wants to rent out 1 million hectares of land to Asia's food companies

[MOSCOW] Russia wants more Asian food companies to use farmland in its Far East as the country seeks to open up new export markets.

Russia is now considering requests from Asian firms to farm another 1 million hectares - an area roughly the size of Jamaica, according to the head of a government agency. A Russian joint venture set up by China's Legend Holdings is about to collect its first crop of soybeans, corn and rice in the Far East, and plans to eventually run as much as 50,000 hectares. South Korean food company Lotte plans to boost its land area in the region to 150,000 hectares, Mr Petukhov said.

While some Chinese companies had rented Russian farmland since the Soviet Union broke up in 1991, they were mostly relatively small and sometimes neglected to maintain soil fertility and observe crop rotation practices, Mr Petukhov said.

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