Monthly Market Reports
Monthly insights into economic, finance and trade issues affecting global demand for wool, and what this means for the Australian wool industry.
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At its Annual General Meeting (AGM) today, Australian Wool Innovation (AWI) reported on a positive year of delivering research, development and marketing for woolgrowers and signaled a stronger digital future.
Addressing the meeting and via webcast, AWI CEO Stuart McCullough referenced the 2016/19 Strategic Plan the company now works to. He outlined how the industry enjoys a strong position, buoyed by increased demand at retail and new fabric designs and innovations.
Allowing woolgrowers to grow their flock through increased productivity, better reproductive performance, genetic advancement while protecting it from issues such as wild dog predation and flystrike remain top investment priorities as set by woolgrowers.
After an exhaustive two-phase, two-year program of consultation, review and discussion of the wool selling system, the Wool Exchange Portal Working Group (WEP-WG) reported to the AWI Annual General Meeting via its Chairman Will Wilson. The group had been asked to provide the Board of Australian Wool Innovation (AWI) with a clear yes or no decision on whether to pursue the establishment of a Wool Exchange Portal.
The WEP-WG voted unanimously to support the development of a Wool Exchange Portal at its final meeting. Subsequently, the AWI Board thanked the Chairman of the WEP-WG for its exploration of the subject and has asked Mr Wilson to return to the AWI Board in April 2017 a costing, timing and business case model for funding approval of a Wool Exchange Portal.
The WEP-WG in the next phase will be engaging a number of different parties and industry groups and will require specialist skill sets and expertise in the area of digital exchange platform construction.
"We live in an age of extraordinary digital opportunities. As an organisation that seeks innovation we must explore and embrace the opportunities this offers on farm through Agri-Tech, off farm through new fabrics and processing, in our marketing and communication work. The development of an online Wool Exchange Portal is a natural extension of this exciting era," AWI CEO Stuart McCullough added.
The AWI AGM is available to watch from Monday morning at www.wool.com/agm/
Australian Wool Innovation, Corporate Communications
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