Sarawak takes bold step in sustainable agriculture with launch of RM100 mln AgriFoodTech Sustainability Impact Fund

Mak (fourth left) presents a memento to Uggah at the Sarawak AgriFoodTech Sustainability Impact Fund launch ceremony at a hotel in Kuching on Aug 21, 2024. Screenshot: Sarawak Public Communications Unit (Ukas)/Facebook Live

By DayakDaily Team

KUCHING, Aug 21: Sarawak is taking a bold step towards becoming a global leader in sustainable agriculture with the launch of the RM100 million Sarawak AgriFoodTech Sustainability Impact Fund.

According to a press handout, this groundbreaking effort, established in collaboration with Borneo Ventures Link (BVL) and First Frontier Ventures (FFV), under the auspices of the Ministry of International Trade, Industry, and Investment, represents a key milestone in Sarawak’s pursuit of sustainable food and agriculture.

“The launch of the Sarawak AgriFoodTech Sustainability Impact Fund, with a total size of RM100 million, marks a significant milestone in our mission to lead in sustainable food production.

“This fund is not merely a financial investment but a strategic initiative aimed at revolutionising our agrifood sector and solidifying Sarawak’s position as a global leader in innovation,” said Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

Abang Johari’s speech text was read out by Sarawak Deputy Premier Datuk Amar Douglas Uggah Embas, who represented him to officiate at the Sarawak AgriFoodTech Sustainability Impact Fund launch ceremony today at a local hotel here.

“The Sarawak AgriFoodTech Sustainability Impact Fund, the first of its kind in Malaysia, stands as a pioneering force exclusively dedicated to advancing agrifoodtech, scaling viable solutions for food security, nutrition, and economic growth.

“As a catalyst, Sarawak proudly leads the charge in revolutionising food systems,” Abang Johari said.

He further emphasised the fund’s crucial role in addressing global and regional food security challenges.

“In an era of unpredictable climate conditions and rising food demands, our commitment to leveraging innovation and collaboration is vital.

“The RM100 million fund will provide the necessary capital to scale agrifoodtech ventures in Sarawak, enhance food production capabilities, and secure our food future,” he added

Meanwhile, BVL founder and chief executive officer (CEO) Datuk Dr Wan Khalik Wan Muhammad shared his enthusiasm for the initiative, stating: “The Sarawak AgriFoodTech Sustainability Impact Fund represents a transformative leap in the agrifood sector.

“With a substantial fund size of RM100 million, our partnership with First Frontier Ventures will facilitate the adoption of groundbreaking technologies and support a new generation of agripreneurs committed to sustainable growth and innovation.”

Furthermore, FFV founding partner Sean Mak highlighted the fund’s broader impact: “With RM100 million at its disposal, the Sarawak AgriFoodTech Sustainability Impact Fund is about more than just technology.

“It is about creating economic opportunities, empowering local communities, and promoting environmental sustainability. This fund will be a catalyst for meaningful and transformative change in Sarawak’s agrifood sector.”

The fund will facilitate the creation of 30 new startups in Sarawak, with RM50 million in matching investment from FFV.

The Borneo Venture Studio, a newly established incubator, will support these startups in addressing local challenges with innovative agrifoodtech solutions.

“The 30 selected startups will be honoured with investment awards at the upcoming International Agrifoodtech Festival, scheduled for Nov 11-13, 2024 at the Hikmah Exchange.

“The festival, organised by Impact Circle, will showcase Sarawak’s initiatives and achievements in modernising its food and agriculture sectors, positioning the region as a pioneering force in agrifoodtech transformation,” read the handout.

Abang Johari further remarked: “Our vision is to create a thriving, sustainable Sarawak that provides opportunities for all.

“The Sarawak AgriFoodTech Sustainability Impact Fund is a cornerstone of this vision, and I am confident it will drive transformative change and position Sarawak as a leader in agrifood innovation and sustainability.”

The establishment of BVL, a private vehicle in partnership with the Land Custody and Development Authority (LCDA), comes at a critical time to drive food system transformation in Sarawak.

LCDA’s extensive knowledge and experience in land management and agricultural development will be invaluable in guiding these efforts and ensuring the success of the Sarawak AgriFoodTech Sustainability Impact Fund.

This initiative aligns with the broader vision of advancing agrifoodtech and addressing regional food security challenges.

The event was attended by various dignitaries and officials, including Sarawak Deputy Minister for Food Industry, Commodity, and Regional Development, Datuk Dr Abdul Rahman Ismail; Sarawak Deputy Minister for Food Industry, Commodity, and Regional Development, Datuk Maclaine@Martin Ben; and Sarawak Deputy Minister for Urban Planning, Land Administration, and Environment, Datuk Len Talif Salleh.

FFV’s key investment partners, including Yi Xing Capital Partners, MW Ventures, Thai Union Group PCL, Artem Ventures, Investible, Pitchin, and Ata Plus, were also in attendance. — DayakDaily