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Graincorp’s Limited (ASX:GNC) Chief Executive Alison Watkins has warned Australia risks losing its edge in fast-growing Asian agricultural export markets by failing to invest in infrastructure and new technologies.
Ms Watkins told media GrainCorp had driven significant productivity gains for the sector through investment in supply chain infrastructure, but that governments also needed to prioritise investment to be competitive in global markets.
She says while the Australian agricultural sector has almost doubled yields over the last 40 years, productivity gains had flattened in the last decade.
Ms Watkins says Australia needs to embrace new technologies to increase yield and reduce costs, including genetically modified crops.
Graincorp’s net profit narrowed to $88.2 million in the first half the 2013 financial year.
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