The historic agreement, involving the Japanese Ministry of Agriculture Forestry and Fisheries, will promote and progress research and development projects in agriculture and aquaculture in the Northern Territory while also developing supply-chain logistics into the Japanese and Southeast Asian markets.  Primary Industry and Resources Minister, Ken Vowles, said the memorandum would identify agriculture and aquaculture projects involving mutually beneficial trade and investment opportunities such as soybean and barramundi projects.

“In addition to opening doors for Territory businesses in Japan, the memorandum could ultimately see new agribusiness projects coming on line in the Territory. The likely first steps along this road are expected to be pilot projects. The Northern Territory is paving the way in North Australian development with the signing of this significant milestone agreement which has the potential to drive our economy, provide local jobs and push infrastructure opportunities."

“This is a wonderful opportunity for the Territory to target efforts to attract investment and develop new markets. It is also an exciting opportunity to develop a Japan-Northern Territory agribusiness infrastructure road map, including supply chain logistics.“

"The Northern Territory Government understands the significant agribusiness development potential presented by growing Asian markets and this agreement comes at an exciting time,” Vowles said. “

NT Farmer's Chief Executive Officer, Shenal Basnayake, said the potential for Northern Territory farmers to work with Japanese interests to identify specific plant based commodities and markets is an exciting step in the right direction. “I look forward to working collaboratively with both the Japanese and Northern Territory Governments on planned initiatives.”

“This has come to fruition through successful collaboration with industry stakeholders, strong support from Austrade and hard work from government representatives both in the Territory and Japan,” Vowles reported.