Singapore (VNA) – Singapore plans to pump 70 million SGD (55 million USD) over the next five years to help local farms expand production capacity and build capabilities, as the country steps up efforts to strengthen food resilience amid growing global uncertainties.
As reported by Channel News Asia, the new funding tranche under the Agri-Food Cluster Transformation (ACT) Fund was announced by Senior Minister of State for Sustainability and the Environment Zaqy Mohamad on March 4, as he laid out his ministry's spending plans this year.
Introduced in April 2021, the ACT Fund helps local farmers upgrade their operations, such as purchasing equipment and adopting technologies that improve productivity. With the extension, the scheme will be renamed ACT Fund 2.
The measure is part of the Singapore Food Story 2 strategy, unveiled in November last year, which aims to bolster food resilience through four pillars: diversifying imports, growing local, stockpiling and forging global partnerships.
Singapore currently imports more than 90% of its food. That heavy reliance leaves the country exposed to supply chain disruptions caused by climate change, disease outbreaks and geopolitical tensions – making stronger local production a priority./.
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