Queensland To Accelerate Investment In Agriculture

Treasurer Curtis Pitt today announced that Queensland Investment Corporation, the Queensland Government's investment manager, is evaluating new opportunities and strategies to invest in the agriculture industry.

Mr Pitt, who this week attended the Northern Queensland Economic Summit in Cairns, said there were tremendous opportunities to further develop the State’s world class agricultural sector.

“The QIC agribusiness strategy is about growing the beef industry to meet new Asian demand,” Mr Pitt said.

“Meat exports are one of the Queensland economy’s great strengths.

“That’s why we’re keen to leverage further investment in agriculture to help grow the Queensland economy and generate more jobs.”

Mr Pitt said Asia was projected to account for 47 per cent of global beef exports by 2024 as its consumers seek high quality food - food that Queensland can supply.

“Queensland is perfectly positioned to meet the demands of the new middle class given our reputation for quality, the size of our industry and our geographic position close to the market,” he said.

“QIC's agribusiness strategy provides opportunities for Australian and overseas investors to buy into this growth story.”

Minister for Agriculture Bill Byrne said there was a bright future for Queensland beef exports.

“With strong global interest in quality beef, Queensland producers are well placed to meet the international demand for our products,” Mr Byrne said.

“This strategy would connect farmers to the end users by investing in the whole supply chain to improve integration and coordination.

“This is about boosting supply and increasing the ability to manage risks like drought by moving cattle around,” he said.

“It’s an opportunity that can accommodate hundreds of millions of dollars in new investment.

“Successfully executed, it will create more jobs for Queenslanders.”

Mr Pitt said the Northern Queensland Economic Summit was a unique chance to connect with institutional and strategic investors who want to invest in Queensland.

“Our pro-jobs, pro-growth policies along with our commitment to introducing no new fees, taxes or charges are giving businesses the incentive to invest and achieve even more growth,” he said.

“We highlighted to delegates that we have the initiatives to achieve even more export growth, particularly in areas such as agribusiness, tourism and renewable energy.”

Mr Pitt said Queensland’s open and competitive economy had all the right ingredients for even more growth.

“The State Accounts show the Queensland economy is growing faster than all the other Australian States and Territories, with growth of 1.3 per cent in the September quarter,” he said.

QIC is an ideal investment partner, with a strong history of investing in Queensland. Created in 1991 to manage the State's superannuation funds, QIC now has over $72 billion in funds under management for 90 clients.