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G8 commitments to food security

The U.S. is hosting a G8 summit at Camp David this weekend. Global food security was the main focus on Friday with emphasis on Africa.

President Obama announced a new global partnership to improve food security between governments, donor countries and the private sector. The President said the food security effort which includes $3 billion in corporate pledges builds on a $20 million commitment made by the G8 in 2009 aimed at boosting farmers’ incomes and helping 50 million people lift themselves out of poverty over the next 10 years.

Monsanto says it is working on the development of corn which utilizes water more efficiently as well as building a dealer network on the continent. DuPont says it will invest more than $3 million to help small farmers over the next three years. Syngenta is developing seeds for African farmers and expects to build a $1 billion business over the next decade. AGCO says it will invest $100 million in distribution infrastructure, model farms and training sites.

While food security is (was) the focus on Friday, the Euro Zone economic crisis will take center stage on Saturday.