Monday, June 29, 2020

"Singapore government commits $40m to growing ag and aquaculture startups"

There is something going on in Singapore with agricultural investment that may make sense for Hong Kong to look at.
From AgFunder News:
Enterprise Singapore, the city-state’s startup agency, is earmarking S$55 million ($39.5 million) to help accelerate “promising” agriculture and aquaculture companies.
Koh Poh Koon, the country’s senior minister for trade and industry, announced the fund while visiting local indoor farming startup Singrow last week.

[Disclosure: Singrow is an investee of AgFunder, which is AFN‘s parent company.]

“We see agritech as a promising industry sector to develop for the longer [term], not just because of Covid-19. Using agritech can help to make our food supplies more resilient by building a bigger margin of local food capacity,” Koh said during his visit.

“The overall market size for agritech will continue to grow as the world now looks at trying to fulfill its needs for food, and using technology to multiply production capacity, doing more with less, is one of the areas where Singapore can play to its strengths” in areas such as biotech, chemical engineering, and advanced manufacturing, he added. 

AFN understands that the $39.5 million will be distributed by Enterprise Singapore in the form of grants to companies that successfully apply via the government’s Business Grants Portal.
The grant “builds on Enterprise Singapore’s ongoing efforts to develop a vibrant agrifoodtech ecosystem […] to meet evolving needs,” the agency said in a statement....

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Why Is Singapore Becoming A Hub of Next Generation Agriculture?
I've mentioned that we keep tabs on Temesek because they "don't make headlines, just money."
But at $225 billion assets they can't really do much with the smaller companies so we watch that stuff separately, with one source being AgFunder.
And recently there have been a lot of stories in and about Singapore: