Indonesia's RNI plans Australian cattle market investment
JAKARTA (REUTERS) - State-owned PT Rajawali Nusantara Indonesia (RNI) plans to invest in Australian cattle estates and is targeting live imports of 120,000 heads per year from that country, its chief executive said.
RNI's plans come after Indonesia recently relaxed rules on beef and cattle imports and are part of an effort by South-east Asia's biggest economy to secure supplies and curb rising food inflation.
Shortages of beef caused domestic prices to rise last year and was blamed for a corruption scandal this year in Indonesia.
"We got the government green light on this a month ago and since then we have sent a team to Australia to explore the investment possibilities," RNI CEO Ismed Hasan Putro told Reuters on Thursday. "We are seeking 10,000 Australian cattle per month."