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