Singapore earmarks US$39.5M to boost aquaculture, agri innovation
The Singapore government is injecting fresh funds into the country’s aquaculture and agriculture sectors to adopt cutting edge technology to implement innovative practices geared towards sustainable production.
Enterprise Singapore recently announced that it is setting aside some S$55 million (US$39.5 million) to foster the growth of aquaculture and agriculture companies.
Enterprise Singapore or ESG is a government agency that champions enterprise development. It is a national standards body that works with local companies to build capabilities and encourage innovation.
“Modern technology in agriculture and aquaculture has enabled the development of climate-resilient, resource-efficient, and high-yield farming solutions, offering opportunities for food producers to grow more with less in densely built-up environments,” the agency said. “ESG has been supporting local food producers in their development and adoption of these technologies.”
ESG has five food technology and local life sciences accelerator programs focused on nurturing start-ups through fundraising, product development, commercialization, and helping companies reach an international market. ESG is helping about 150 start-up companies.
“‘We will also continue to support agrifood tech startups and the use of disruptive innovation to
future-proof food production in Asia,” said Ted Tan, deputy chief executive officer of ESG. “The current COVID-19 situation has underscored the importance of this, amidst the disruptions observed across the global food supply chain.”