The Queensland-Korea trading relationship has been further strengthened with two leading Korean companies making new multimillion-dollar investments in Queensland's beef industry.
Lotte International and CJ CheilJedang will expand their beef interests in Dalby and Toowoomba over the next five years.
Minister for Trade and Investment Cameron Dick said the investments are very welcome news for Queensland's beef industry and will help grow jobs and increase exports.
"Our longstanding trading partnership with Korea and the investment that comes from it is crucial for our state and its current economic recovery," Mr Dick said.
"Queensland is the second-largest beef export market to Korea, with exports valued at $1.1 billion in 2020-21.
"Lotte International and CJ CheilJedang together employ more than 50 Queenslanders, and deals like this will create more Queensland jobs.
"Investment attraction is a main cog in our Queensland Beef Processing Strategy 2019-22 and our government thanks both companies for continuing to choose Queensland."
These announcements were made during a virtual trade mission attended by Minister for Agricultural Industry Development and Fisheries and Minister for Rural Communities Mark Furner.
The three-day trade mission with Korea is a vital part of the Palaszczuk Government's efforts to drive agricultural trade and investment in key markets.
Mr Furner said Lotte International and CJ CheilJedang's recommitment to Queensland's beef industry is a big tick of approval for the state's high standards of quality from paddock to plate.
"Lotte International will spend $40-50 million to develop Wagyu cattle farms and upgrade the 17,000 head Sandalwood feedlot at Dalby, paving the way for increased exports of grain-fed Queensland beef to Korea," Mr Furner said.
"CJ CheilJedang, meanwhile, has committed $2 million to expand its production of value-added beef and beef bone extracts by 30 per cent in 2022 at Toowoomba's CJ NutraCon.
"Lotte International has invested around $50 million into Queensland since purchasing its Sandalwood feedlot in 2019, while CJ NutraCon's total annual exports from Queensland in 2020 were valued at $17.5 million.
"Investments like these underline how essential agriculture is to our state, and why the sector is a vital part of Queensland's COVID-19 Economic Recovery Plan."
Korea is Queensland's third-largest goods trading partner, with a relationship valued at $10 billion in 2020-21.
This is a fourfold increase in trade over the past 20 years, from $2.4 billion in 2000-01, and is the highest trade value of any Australian state or territory with Korea.
Queensland's total agricultural exports to Korea were valued at $1.23 billion in 2020-21, more than double its $535 million value in 2010-11.
