wayne swan predicts agri sector strenth

FED:Agriculture also set for boom, says Swan

SYDNEY, May 16 AAP - Australia's agricultural industry stands to
benefit from Asia's economic growth just as much as the booming
resources sector, Treasurer Wayne Swan says.
Mr Swan says the country's farmers will see a rise in demand
from developing economies across Asia.
The number of middle class consumers in Asia is expected to
increase by more than 1.2 billion by 2020, growth that will drive
the local resources sector, as well as other areas of the economy,
he says.
"Agriculture is also going to be one of those industries that is
going to be a significant beneficiary of the middle classing of
Asia," he told a NSW Business Chamber event in Sydney on Monday.
"Because essentially the demand that we see for iron ore and
coal is going to be replicated, maybe not at the same level, when
it comes to basic agricultural products.
"So demand is going to pick up."
The prospects for the domestic agricultural sector were mostly
ignored by local investors, but the strength of the industry was
recognised around the world, he said.
"I believe that we will see in the not-too-distant future much
more investment interest in agriculture in Australia, and we will
see that reflected in the health and the wealth of that sector," Mr
Swan said.
AAP dmc/evt