The Australian Government has been trying to improve their cotton industry with a $692,456 grant. This grant will be utilized on development and implementation of a new strategy for market diversification. The cotton market is welcoming a revolution.
“This grant will establish a long-term strategy for market diversification for the entire cotton industry,” minister for agriculture and northern Australian David Littleproud said.
The grant for strategy will not only rebuild the market, but also make Australia cotton a fibre of choice for textile manufacturers. The minister also announced that the grant will establish a long- term strategy for the market and the entire cotton industry, which means the production and quality could rise together in the future.
Cotton Australia CEO Adam Kay said market diversification is crucial in the next two years. “We’re forecasting a good crop in 2021 and a huge crop in 2022—635,000 tonnes this year and 1 million tonnes next year,” Kay said.
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