Singapore’s Homegrown Farming Dream Is Beginning to Fade
“Do I still want to be a farmer? Yes. Do I still want to be a farmer in Singapore? No.”
By Audrey Wan and Low De Wei
BNN Bloomberg
July 23, 2024
Excerpt:
Rajan is one of a small number of entrepreneurs attempting to farm in a country smaller than New York City. Like most of his peers, he’s facing an uncertain future as funding runs dry, with investments in homegrown agricultural startups cratering over the past few years. Since the start of 2023, at least half a dozen large farms have shut down or scaled back operations.
The result is a significant setback for the Singapore government’s ambitious campaign to create a high-tech agricultural sector that can meaningfully reduce the country’s heavy reliance on food imports. In 2019, the Asian financial hub announced a plan to produce about one-third of its nutritional needs by the end of this decade — dubbed “30 by 30”. Now about halfway to the deadline, it’s harvesting less than 10% of its seafood and vegetables, two out of three food sources closely tracked by officials.
“It’s a vicious cycle because costs are currently high and avenues to scale are limited,” said Rajan, 46, a business consultant for nearly two decades before venturing into farming. Within the next six months, he must secure $10 million in funding or exit the market. “Investors get the sense that ‘30 by 30’ is dead.”
Singapore’s experience, including its struggle with the limits of technology and a tiny domestic market, is becoming a cautionary tale for smaller nations hoping to improve food security at a time when geopolitical tensions and a changing climate pose a constant threat to supply chains. It has also exposed what urban farming can — and can’t — do.
Read the complete article here.
Source: https://cityfarmer.info/singapores-homegrown-farming-dream-is-beginning-to-fade/
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