Borneo Ventures Link, First Frontier Ventures ink MoU for Sarawak Sustainability Impact Fund

KUCHING (July 4): Borneo Ventures Link and First Frontier Ventures signed a memorandum of understanding (MoU) yesterday to establish the Sarawak Sustainability Impact Fund.

The fund aims to support the development of agrifoodtech startups and initiatives that align with Sarawak’s sustainability goals, focusing on integrating cutting-edge technologies, fostering sustainable practices, and nurturing local agrifoodtech startups to advance commercial agriculture, boost economic growth, and enhance food and nutrition security.

Deputy Premier Datuk Amar Awang Tengah Ali Hasan witnessed the signing ceremony in conjunction with the Future of Food and Agriculture International Conference 2024 held at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur.

“Today marks a significant milestone in our journey towards advancing Sarawak’s agricultural landscape. Through our partnership with First Frontier Ventures, we are proud to introduce the Sarawak AgriFoodTech Sustainability Impact Fund, aimed at catalysing innovation and sustainability in our local agrifoodtech sector,” said Borneo Ventures Link founder and chief executive officer Datuk Dr Wan Khalik Wan Muhammad in a press release.

He said the initiative underscores their commitment to integrating cutting-edge technologies and fostering sustainable practices, thereby enhancing commercial agriculture, boosting economic growth, and fortifying food and nutrition security in Sarawak.

“Together with Comexposium, we look forward to leveraging global networks to elevate Sarawak’s food and agricultural products onto the international stage, opening doors for impactful collaborations and market expansion,” he added.

The Future of Food and Agriculture International Conference 2024 was held in conjunction with Food and Drinks Malaysia by Salon International de l’Alimentation Network, a leading global trade expo organiser with operations spanning over 22 countries.

In his keynote address, Awang Tengah emphasised the goal of transforming Sarawak into a leader in sustainable, technology-driven agriculture rooted in innovation, sustainability, and inclusivity.

He asserted that food security is not just about having enough to eat, but also about always having access to safe, nutritious, and sufficient food.

“The global food and beverages market is projected to grow by 5.8 per cent per annum from US$17.8 trillion (RM79.03 trillion) last year to US$25.5 trillion (RM113 trillion) in 2030, presenting huge opportunities for those in agriculture, especially food production. Sarawak is currently embarking on an agricultural transformation.

“Under our Post Covid-19 Development Strategy (PCDS) 2030, agriculture has been identified as one of the key economic sectors. This sector will be driven by technology to ensure food security and safety,” he said.

Awang Tengah also spoke about Sarawak’s adoption of modern technologies such as mechanisation, digital applications, and best agricultural practices, aiming for commercialisation and modernisation of the agriculture sector.

By capitalising on smart farming and global partnerships, Sarawak aims to accelerate production supporting higher value-added downstream food processing, particularly for export markets.

The press release said private sector participation is actively promoted to expedite the adoption of modern agricultural practices.

The complete agriculture supply chain is being developed to ensure the industry’s sustainability, with significant investments in research and development enhancing resource efficiency and minimising environmental impact through innovative technologies like precision agriculture tools, biodegradable packaging, and renewable energy solutions.

The conference, which ends today, serves as a prelude to a larger regional initiative, including the official launch of the Sarawak Sustainability Impact Fund next month and the awarding of the investment fund, culminating in the International Agrifoodtech Festival here in November.