Wool research investment welcomed

Federated Farmers welcomes the added investment in wool industry research through a new wool research consortium.

“This $17.25 million dollar investment is a great opportunity for the industry. Any investment by Government or industry bodies to innovate and grow the sector is welcomed and the flow on effects would boost our economy enormously,” said Bruce Wills Federated Farmers Meat and Fibre Chairperson.

“Wool is a key part of New Zealand’s historical business identity. While the industry has fallen on hard times, there has been a boost in wool prices over the last 12 months and it still injects $600 million into our economy annually.

“The potential is definitely there to return the industry to its 1980’s heyday, which saw the equivalent of around $2.8 billion dollars, in today’s money, pumped into our economy annually.

“To put that kind of return in perspective, it equates to around six Hobbit movies worth of national income.

“I am intrigued by the relationship with New York based company Fahrenheit 212 and await more information about what ideas they plan to bring to the table. Wool farmers always welcome any new ideas for commercially viable wool-based products.

“Federated Farmers is always keen to see new markets being opened up through research and innovation in the wool sector,” Mr Wills concluded.