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$800 bn investment needed for Asia's food security: Report
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IANS | 20 Nov, 2019
$800 billion additional investment in the next 10 years will be needed
to grow Asia's food and agriculture industry to a sustainable size and
to help Asia feed itself, according to a new report.
The report,
'The Asia Food Challenge Report: Harvesting the Future', was launched by
the major global companies -- PwC, Rabobank and Temasek -- during the
Asia-Pacific Agri-Food Innovation Week, here on Wednesday.
Around
$550 billion of this will enable key requirements around
sustainability, safety, health and convenience. The remaining $250
billion will help increase food production to feed the growing
population of Asia.
"Asia is at crossroads. On the one hand,
current lack of investment, slow development and low use of technology
across the food and agriculture supply chain have held us back and left
us dependent on others," said Richard Skinner, Asia Pacific Deals
Strategy and Operations Leader, PwC Singapore.
"On the other, we
can reverse that by being at the forefront of technological innovation,
disruption and use, transforming the industry and bringing benefits to
the consumer, returns to corporates and investors and value adding jobs
across Asia," Skinner said.
The investments will unlock market
growth of around 7 per cent per year, with the region more than doubling
its total spend on food to over $8 trillion by 2030. This presents a
huge opportunity for corporations and investors to invest in Asia's
agri-food industry by placing a stronger focus on promising high-impact
innovations.
As countries around the world grapple with food
shortage and effects of climate change, the report addresses the
challenges and opportunities that Asia's agri-food industry face.
The
region is urbanising rapidly. By 2030, it will be home to approximately
250 million more people with growing appetite for healthy food, that's
sourced sustainably and ethically.
According to Ping Chew, Asia
Head of RaboResearch Food & Agribusiness, Rabobank, Asia needs
innovation and technology to transform its agri-food system into one
that is ecologically and economically sustainable.
"Only through
working together with shared responsibility and acting now can Asia
feed itself while preserving the planet for future generations," Chew
said.
The report identifies technology as a critical enabler in
meeting these demands, which will require significant investments across
the industry.
According to the report, to overcome these
challenges, greater collaboration and shared responsibility between the
public and private sectors in the region must be established.
One
key way is to establish agri-food innovation centres to bring together
relevant market players in the ecosystem, such as Tel Aviv, St Louis,
San Francisco and Rotterdam.
These would involve the public
sector fostering a suitable environment for startups, corporations and
investors, and the private sector being a critical driving force.
Several
Asian cities, such as Beijing, Hong Kong, Mumbai, Singapore and Tokyo,
also have the potential to become agri-food innovation hubs.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
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