Move to stop Arab investors buying farmland
The Agriculture and Cooperatives Ministry is seeking cabinet approval for measures to deal with moves by Middle East investors to acquire prime rice-growing farmland in Thailand.
Minister Somsak Prissananantakul said yesterday a group from the Middle East had been amassing land from farmers at high prices, especially in the Central region rice bowl.
The investors planned to export agricultural produce to their home countries from land they had rented or bought.
Thai law prohibits foreigners from owning land. They normally set up a Thai company as a proxy landowner.
Most of the targeted farms are prime land in areas where the Irrigation Department ensures an abundance of water all year, Mr Somsak said.
The Middle East investors planned to use the land to grow a variety of crops.
They had also bought land covered by occupation rights documents, particularly rice farms, he said.
He would propose the cabinet issue a regulation or draft a bill on the leasing of public land, or legislation to prohibit land ownership by foreigners through nominees.Sounds like the powers to be have an excuse to get rid of the nominee process for good!
I wonder how much Arab money has actually been invested and who the nominees were.Sounds mighty convenient to me
