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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.
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"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.
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Source: SMH.com.au