In addition to two highly publicized projects by Daewoo Logistics and Malibya, several large-scale agricultural projects have been announced in Madagascar and in Mali, especially in the Office du Niger (ON) area. This paper describes the nature of projects that have actually been implemented and presents a comparison of current investment dynamics in the two countries. It then analyzes the modes of regulation for such investments, examining those implemented by each State and administration, and the reactions of politicians and local residents.