Minister says efforts made to support food industry

Azlan Othman

Several strategies have been identified for reducing gaps in the ecosystem and value chain of the food industry, including assisting specialised foreign direct investment (FDI) companies that have shown potentials for growth.

This was stated by Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah on the third day of the Legislative Council (LegCo) Meeting yesterday in view of the food industry being one of the main sectors enhancing investment activities in the country.

The minister said three aspects of the industry will be in focus: primary production through collaboration with the Ministry of Primary Resources and Tourism; secondary production to ensure overall potential value chains are maximised; and supporting industries such as logistics and cold storage.

On December 10, 2019, a memorandum of understanding (MoU) was signed between the Strategic Development Capital Funds, the Ministry of Finance and Economy with 8F Asset Management Pte Ltd, a private equity fund management company in Singapore to provide a framework for investment cooperation in an Atlantic salmon breeding facility using recirculating aquaculture system that has the capacity to produce 10,000 tonnes of fish a year. The facility is expected to generate 145 jobs and will supply fish products to local and regional markets.