Speech By Minister for Finance Heng Swee Keat at the Food Industry Asia (Fia) Food for the Future Summit 2018 at The Grand Hyatt Hotel

Mr. Ehab AbouOaf

President of Food Industry Asia

Mr. Matt Kovac

Executive Director of Food Industry Asia

Members of Food Industry Asia

Distinguished guests

Ladies and Gentlemen

Introduction

1. Good afternoon. Thank you for inviting me to join you for the inaugural “Food for the Future” Summit 2018. I know many of you travelled some distances to be with us today, and particularly, happy to welcome Her Royal Highness Princess Viktoria to Singapore.
   
    
   
   Future of the Food Industry
   
    

2. The theme of today’s summit, “Innovation Disruption in the Food Industry”, is timely.
   
    
   
    

3. In light of these trends, food manufacturers will need to find ways to increase food production with a smaller environmental footprint. They will also have to know their consumers anew and seek ways to meet changing demands.
   
    
   
    

4. Indeed, innovation is one of the pillars of the future economy we want to build for Singapore in the coming years. I am therefore encouraged to see that within our shores, we are already seeing innovations emerge on various fronts in this sector.
   
    
   
    
   
   Accelerating our Innovation Efforts Together through FoodInnovate
   
    

5. The food manufacturing industry plays a significant role in our economy. In 2017, the industry contributed S$4.3 billion to Singapore’s GDP, roughly 1.1%, and employed over 48,000 workers.
   
    
   
    
   
    

6. The industry has built a strong reputation for food quality and safety, with a diversified base of food manufacturers exporting 50% of their output to countries all over the world.For a country with no extensive land or agricultural resources, this is a commendable base, for us to build on and grow.
   
    
   
    

7. Yet, while companies may see the need for change and innovation, we recognise that many of them face common challenges such as high cost, limited access to food technologies and expertise, as well as regulatory hurdles for new food products and ingredients.
   
    

8. Therefore, today, I am happy to announce FoodInnovate, a multi-agency initiative led by Enterprise Singapore to equip companies with the knowledge and resources to create food for the future. FoodInnovate will seek to address the challenges companies face in pursuing innovation through a four-pronged approach.
   
    

9. First, providing physical infrastructure to facilitate access to technologies and commercialisation.
   
    

10. Second, equipping companies with food science knowledge and market insights.
    
     
    
     

11. Third, creating platforms to incubate ideas and drive co-innovation.
    
     
    
     
    
     

12. Fourth, promoting the adoption of disruptive technologies by building a base for agri-food tech startups in Singapore.
    
     
    
     

13. Finally, putting this altogether, we need to ensure that our regulations support food innovation.
    
     
    
     
    
     
    
    Built on our Earlier Investments in Science and Technology R&D
    
     

14. Today, we are able to catalyse innovation in the food manufacturing industry, because of the R&D investments that we have been making.In our last Research, Innovation and Enterprise 2015 plan, from 2011 to 2015, the research agencies and our private sector have invested over S$200 million, in areas ranging from basic research with potential applications, such as the control of viruses and microbial, to new strains of fish and rice that grow better in our climate.
    
      

15. In December last year, I announced the investment of S$40 million in a R&D programme on Disruptive & Sustainable Technologies for Agricultural Precision (DiSTAP).
    
     
    
     
    
    Conclusion
    
     

16. Our efforts in transforming the food manufacturing industry is part of our effort to deepen Singapore’s position as a Global-Asia Node of Technology, Innovation and Enterprise,
    
     
    
     

17. Today’s Summit is a springboard to start the dialogue on the Future of Food for Asia. With your support and active participation, we are that much closer to becoming Asia’s food and innovation hub.
    
     

18. I wish you a fruitful Summit ahead. Thank you.