Australia invests in Indonesia's cows
After more than four years of wooing, the Indonesian cattle industry has successfully acquired much needed love from Australia.
In a recent agreement to disburse a total of Aus$50 million or US$55 million, the Australian investment market finally made a move to invest in the beef and cattle industry of Indonesia. It has been four years since the continent-country signed the free trade agreement with ten ASEAN countries. Other countries in the region like the Philippines and Thailand have partnered with the Oceanian investors.
The announcement was made during a bilateral talk among top government officials of Indonesia and Australia. President Susilo Bambang Yudhoyono and Prime minister of Australia Kevin Rudd talked at the Bogor Presidential Palace located in West Java, Indonesia.
"Demand for beef and live cattle will continue to rise because our number of beef consumers is growing. Our calculation is that we will still face shortages even though we've intensified our production capacity efforts all across Indonesia," said the Indonesian president.