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Politics : Rat's Nest - Chronicles of Collapse
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To: Wharf Rat who wrote (12158)5/19/2011 8:19:02 AM
From: T L Comiskey  Read Replies (1) of 24225
 
South Korea Plans to Buy Grain Elevator in U.S. This Year
By Sungwoo Park - Jan 20, 2011
South Korea, the third-biggest corn importer, plans to buy a grain elevator in the U.S. and a stake in another to facilitate shipments home this year as part of plans to secure stable supplies.

The government will partner with private Korean companies for the purchase as part of a plan that also includes setting up a grain trading company in the U.S., the Ministry for Food, Agriculture, Forestry and Fisheries said in an e-mailed statement. It did not identify locations for the elevator purchase or prospective partners.

“The plans are part of a longer term drive to establish the national grain procurement system,” the statement said. “The government will expand the business gradually based on results of this year’s performance.”

State-run Korea Agro-Fisheries Trade Corp. is working on details in a task force with private companies, it said.

The second-biggest grain buyer in Asia plans to establish a trading business in Chicago this year, aiming to meet about 30 percent of its annual imports, or 4 million metric tons, through the new company by 2020, according to the state food company on Jan. 11.

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net.
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