The land purchase has been done in places like Oromia, Addis Ababa in Ethiopia, Port Sudan, Khartoum and Suwakin in Sudan, and in Nairobi in Kenya.
Rising food prices is one of the main reasons for the rush. Food price inflation rose 19.95% for the week ended December 2 from the previous year, with prices of food products and vegetables reaching record levels due to a combination of hoarding and slow production after the country saw its worst monsoon since 1972.
“The cheap cost of land is the main driver for such a trend,” says Dileep Choksi, a leading tax and accounting consultant, who has been part of several business initiaves in Africa. “While the firm food prices in India and elsewhere are also a reason, the availability of arable land (in Africa) is a major advantage,” he added.
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