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Australia has announced an investment of 36 million Australian dollars ($35.3 million) to cater to the growing Asian food market, essentially dominated by China.
The National Food Plan, announced by agriculture minister Joe Ludwig, is poised to aid Australian food producers to exploit the opportunities brought by a fast-growing Asia.
The plan also entails a multi-million dollar research fund to understanding Asian appetites.
“By 2050 world food consumption is expected to be 75 per cent higher than in 2007, and almost half of this increased demand will come from China alone,” Ludwig said.
Australia has set a goal to increase its agriculture and food- related exports by 45 percent by 2025, according to the plan published on the department’s website.
The plan mapped out the future for the Australian food businesses as the main player in the “Asian dinning boom” by exploiting its own advantages and expertise.
Australia exports about 55 per cent of its food production and the country is eager to have a globally recognised safe and high- quality food brand.
The government is planning to invest $28.5 million in a special Asian Food Markets Research Fund.
In 2012 the Australian government published a White Paper on ‘Australia in the Asian Century’ explaining Australia’s pivot towards growth engines like India and China.
With inputs from Agencies