SINGAPORE - HIS wife and business associates say he's mad to
invest almost a million Singapore dollars in a fish farm, but
Singaporean property developer Eric Cheng does not mind a bit.
The 35-year-old city boy is confident his foray into aquaculture
will make money as seafood-loving, import-dependent Singapore
strives to boost local production and enhance its food
security.
Soaring food prices in 2008, driven by a global supply crunch,
reminded Singapore of its vulnerability and prompted the government
to take a fresh look at its agricultural policies and support
investors willing to go into farming. Cheng had zero experience
running a fish farm but carried out extensive research and spoke to
veterans in the trade before deciding to grow and sell garoupa, a
fleshy, succulent fish variety popular across Asia.
'They say I am crazy for going into uncharted territory since I
know nothing about fish farming, but my business instinct tells me
that there are plenty of opportunities,' Cheng said in an
interview.
'You look at Singapore...it produces less than five per cent of
its own consumption and if I can supply in sufficient quantities to
the local market, I can make it,' he told AFP.
The self-made Cheng is managing director of ECG Group, a
property-based concern also involved in car rental, finance and
technology. His new venture is one of 106 licensed coastal fish
farms in Singapore, which last December launched a Food Fund of $5
million to support entrepreneurs willing to venture into
farming.
While Singapore has a land area of only 710 square kilometres,
most people live in high-rise apartments and industries are
clustered together, leaving space available for technology-driven
farms. The port city is also surrounded by waters where floating
fish farms can thrive side-by-side with ocean-going vessels loaded
with electronics and petrochemicals destined for the world market.
-- AFP