What does Singapore's '30 by 30' food security goal mean for businesses?
Today, Singapore is heavily reliant on the world for its food needs, with more than 90 percent of food currently imported. This makes Singapore highly vulnerable to the global and regional imbalances in food supply and demand. While Singapore ranks first on the Economist Intelligence Unit’s food security index, it falls to 12th place when climate-related and natural resource risks are considered.
In a bid to reduce its heavy reliance on imports and buffer impacts of supply disruptions, Singapore Food Agency announced a goal to transform Singapore’s agri-food industry into one that is highly productive, innovative and sustainable, to produce 30% of the nation’s nutritional needs locally by 2030. This ‘30 by 30’ goal starts with leveraging existing industry segments such as the production of vegetables, eggs and fish. While Singapore will not be able to produce all its food needs locally, it will continue to go beyond increasing local production, ramp up efforts to diversify the range of countries from which Singapore imports and encourage local farms to develop operations overseas with produce exported back to Singapore.
This report, prepared by Temasek in collaboration with AlphaBeta as part of Temasek’s Ecosperity Conversations series, details the strategies in place to realise the ’30 by 30′ goal, as well as the large opportunities for businesses to tap into, including in scaling existing production as well as producing ‘future foods’ such as alternative proteins.
Read the paper here or follow the link below for more.