Call to recruit international farming rivals to invest in far north

A study says investors in competitor countries have the expertise, patience and financial heft to take on pioneering outback projects.

Australia should pursue competitor countries such as Argentina, Brazil and Canada for agricultural investment in its underdeveloped northern region.

A study says investors in those countries have the expertise, ­patience and financial heft to take on pioneering outback projects and are better suited to meeting Australia’s needs than even those from China.

The six-month study by the Co-operative Research Centre for Developing Northern Australia and consulting firm PwC examined strategies for developing the northern agricultural sector.

It recommended a more targeted approach based around an “overarching strategic framework that presents a consolidated vision for … agricultural investment in northern Australia”.

CRCNA chief scientist Allan Dale said countries such as ­Argentina, Brazil and Canada emerged as attractive partners because they were strong ­competitors.

“People in those nations have very similar investment context in their own countries,” he said.

“They are better matched to the investment opportunity.”

The study recommended identifying priority agricultural development areas and strengthening partnerships between governments and businesses.

It suggested that governments could develop co-funding models to prepare land for investment.