The new president of Madagascar has announced the cancellation of the agricultural project by Daewoo, Jeune Afrique indicated Thursday. “In the Constitution it is stipulated that the land in Madagascar is not for sale or rent, hence the agreement with Daewoo has been annulled,” said Andry Rajoelina. According to Financial Times, Madagascar signed a 99 year land lease agreement in July, 2008, with the South Korean group.
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