Two major Korean corporations are investing multimillion-dollar sums in Queensland’s beef sector.
Over the next five years, Lotte International and CJ CheilJedang will extend their beef holdings in Dalby and Toowoomba.
Cameron Dick, Queensland’s Minister for Trade and Investment, said the investments were “very welcome news” for the state’s beef sector.
“Our longstanding trading partnership with Korea and the investment that comes from it is crucial for our state and its current economic recovery,” Mr Dick said.
“Queensland is the second-largest beef export market to Korea, with exports valued at $1.1 billion in 2020-21.
“Lotte International and CJ CheilJedang together employ more than 50 Queenslanders, and deals like this will create more Queensland jobs.
“Investment attraction is a main cog in our Queensland Beef Processing Strategy 2019-22 and our government thanks both companies for continuing to choose Queensland.”
Minister for Rural Communities Mark Furner said Lotte International would spend up to 50 million to develop Wagyu cattle farms and upgrade the 17,000 head Sandalwood feedlot at Dalby, paving the way for increased exports of grain-fed Queensland beef to Korea.
CJ CheilJedang, meanwhile, has committed $2 million to expand its production of value-added beef and beef bone extracts by 30% in 2022 at Toowoomba’s CJ NutraCon.
“Lotte International has invested around $50 million into Queensland since purchasing its Sandalwood feedlot in 2019, while CJ NutraCon’s total annual exports from Queensland in 2020 were valued at $17.5 million,” the Minister continued.
“Investments like these underline how essential agriculture is to our state, and why the sector is a vital part of Queensland’s COVID-19 Economic Recovery Plan.”