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ANZ backs red meat industry development initiative

4 February 2013

ANZ backs red meat industry development initiative

New Zealand’s red meat industry risks oblivion in the coming decades unless it adopts its recently proposed $65 million development programme, says the country’s biggest banker of the agricultural sector.

ANZ said today that the red meat industry development initiative was critical to the sector’s survival.

“The danger we face is that we are not alone in seeking to exploit the international market for red meat,” said Graham Turley, ANZ’s Managing Director Commercial and Agri.

“If we are serious about wanting to develop vibrant, globally dominant and highly profitable agricultural industries, we will need all stakeholders in the industry to work together to bring about change.

“If we don’t get our act together other countries will pass us in a matter of decades.”

The initiative announced last week will position New Zealand farmers, processors and exporters to take full advantage of growing global demand for beef and sheep meat. ANZ is one of the major private sector partners in the red meat sector’s new Collaboration for Sustainable Growth programme.

Under the programme the red meat industry has agreed to work closer together to adopt best practices on sheep and beef farms, develop technical and business skills across the industry, and provide tools and services to improve farm efficiency.

“ANZ is delighted to be part of an initiative that will help the red meat sector take advantage of rising demand for New Zealand beef and sheep meat, particularly in the growth economies of Asia.

“The meat industry has played a major role in the New Zealand economy since our bank funded the first shipment of frozen meat to Britain in 1882. While the red meat sector is an important part of the economy, it is still performing below its potential and this strategy can contribute to realising the great opportunities which exist.”

A recent report by ANZ found that New Zealand has the potential to capture $1.3 trillion more in agricultural exports between now and 2050 if targeted actions are taken and the red meat sector can play a major part in realising this potential.

“Our agricultural sectors need more investment to drive production growth and to support farm turnover,” Mr Turley said.

The full ANZ Insight report is available at www.anz.com/insight

ENDS

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