Australia and Indonesia are planning to invest over $12m from the Indonesia-Australia Partnership on Food Security in the red meat and cattle sector, in projects that are likely to be beneficial for both the countries.
Industries and governments in both nations will work together to enhance the productivity, sustainability and competitiveness of the red meat and cattle sector in Indonesia, and to further bolster their bilateral trade relationship.
Australian minister for agriculture Barnaby Joyce, and chairman of the Indonesia Investment Coordinating Board (BKPM) Franciscus Sibarani announced the agreement.
Established in 2013, the partnership was focused on how both Indonesia and Australia could play a joint role in the global supply of beef and cattle.
Joyce said: "The partnership's third meeting today was a great opportunity for both nations, as neighbours working together to forge stronger relations in agricultural investment and skills.
"The $12m will be used to promote sustainable commercial-scale beef cattle breeding in Indonesia, the continuation of the Indonesian Skills Development Programme for 2016 and 2017, and further beef processing training."
The partnership, which is comprised of a $60m fund provided by the Australian Government and memberships from senior industry representatives and government officials from both the countries, will last for ten years.
"Australian beef cattle producers have a vital role to play in assisting Indonesia to achieve food security as suppliers of high-quality cattle in the years ahead. Two-way trade with Indonesia was worth more than $3.8bn in 2014.
"Agriculture is important to our bilateral relationship, to our economies, and to the livelihoods of farmers in both nations. Indonesia and Australia have a long history of working cooperatively on agricultural trade issues and capacity building projects. Regular, consistent and open communication remains a priority for both governments."
