A Chinese public-private partnership is going to invest $3 billion in Australia’s agriculture industry, according to an announcement at the Australia Dairy Farm Investment forum in Victoria on Monday
Beijing Agricultural Investment Fund, a government-owned entity, and Yuhu Agriculture Investment, part of the Yuhu Group, announced the creation of the Beijing Australia Agricultural Resource Cooperative Development Fund at a signing ceremony after a speech from Andrew Robb, the Australian trade minister.
The joint venture will invest in dairy, beef, lamb, seafood and other agricultural products.
“The Fund will supply excellent Australian agriculture products and services to the people of China. It will reinforce foreign investments between the two nations and provide a new stage for its cooperative trade opportunities,” according to a statement released by the two parties.
Beijing Agricultural Investment Fund was founded in 2009 as the first professional investment fund for the sector in China and was created by state-owned Beijing Capital Group. It is invested into eight agriculture operations in China including supplying milk to dairy manufacturers Yili Group, Mengniu Group, and state-owned Sanyuan Group.
Yuhu Agriculture is the foreign subsidiary of Yuhu Group, the Shenzhen-based investment company focused on property development and management.
Yuhu and Beijing Agricultural Investment Fund were not reachable for comment.