Singapore is ready to increase investments in aquaculture
With food self-sufficiency at only 10%, Singapore starts to worry about its dependence on food imports and looks for solutions to improve food production in the country. During the 2019 Budget Hearing, Finance Minister Heng Swee Keat declared that the government intends to open a Centre of Innovation in Aquaculture in one of the country's universities in order to improve and promote "high-tech marine farming".
Despite the fact that the country is set on an island, only 9% of the fish consumed by the locals is produced in Singapore, according to Agri-Food and Veterinary Authority (AVA).
Also, indoor vertical farms are seen as a solution to raise the rate of food self-sufficiency in the country, reports The Independent.
Start-ups in food are going to be supported through a venture between the government investment fund and 7 partners that will invest $90 million in this sector. "To tap on the demand for high-quality food, and to build on our progress, Enterprise Singapore’s investment arm, SEEDS Capital, has appointed seven partners to co-invest in Singapore-based agri-food start-ups, to catalyse more than $90 million of investments", announced minister Heng.
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