A $15million State Government investment to ensure beef producers in the north of Western Australia can take better advantage of booming markets in Asia and the Middle East was announced at the Fitzroy Crossing bull sale last week by Agriculture and Food Minister Ken Baston.
Funded by Royalties for Regions, Mr Baston revealed the Northern Beef Futures would work throughout the entire beef supply chain, in order to support the cattle industry to build capacity and enhance trade relations to acquire emerging market opportunities, with a focus on Asia.
“A key strategy will be to encourage market expansion and diversification, to strengthen the beef supply chain so it can withstand risks such as market interruptions. Northern Beef Futures will invest from the ‘ground up’ in the development of the supply chain to assist the industry to meet the specifications and requirements of potential customers in key Chinese and South East Asian markets. This will include improving cattle breeding techniques and genetics, and changes to herd management practices, Mr Baston said.
Northern Beef Futures is expected to create an extra $127m of value over the life of the project investment, with follow-on benefits to the wider community of about $500m
“This is an exciting time for agriculture and food in Western Australia and this investment from the State Government will support the cattle industry to capitalise on new market opportunities and grow,” Mr Baston added.