The 1.3 million hectare agricultural project planned in Madagascar by South Korean company Daewoo Logistics exemplified the risks of large-scale land acquisition for local people, governments, and investors alike. It also highlighted issues associated with agricultural investments of this type in terms of economic growth, equity, and social cohesion. However, despite the failure of this project and the new political context in Madagascar, the flow of agricultural investments continues. What regulations are available to govern such projects? Madagascar's institutional framework presents some safeguards, but does not guarantee respect for the rights and interests of local communities or a fair share for them of the potential economic benefits. In order to renew this framework, a public debate on the role of such agricultural investments is required. This policy brief first offers an outline of the current situation. It then presents the issues that must be debated in order to renew the regulatory framework and to enable its implementation..