Korean industrial and chemicals group Noroo Holdings is set to make Singapore its global agriculture solutions hub. Parked under its Noroo Singapore arm, the hub will drive innovation in the food sector through food-solutions and agritech offerings, the company announced on August 4.
Noroo Singapore has been in existence for less than a year, and it has already secured over $1 million in revenue from its projects. This includes making hard-to-reach food items from around the world, “consistently available” in Asia.
One of its key contracts sees it bringing European Union-certified food items such as high-quality vegetables and meat from food producers in Ukraine to Singapore, at a low cost.
The company acknowledges that this agreement was made possible by the Ukraine embassy which facilitated business relationships and aided negotiations for competitive prices.
H.E Senike Dmytro, Ukraine’s Ambassador to Singapore calls this agreement a milestone for trade relations between Singapore and Ukraine.
“There is a real opportunity for Southeast Asia to benefit from Ukraine’s role in the global food supply chain,” says Dmytro who is also Ukraine’s Ambassador to Brunei Darussalam and New Zealand.
“We can lay the foundation for an ongoing partnership that is of mutual interest to Ukraine, Singapore and ASEAN”.
Looking ahead, Noroo Singapore’s agri-solutions hub intends to build up its agri-tech arm. Through this, it will provide Southeast Asian farmers with access to its high-quality seeds – for crops such as for melons, tomatoes and peppers - which reduces the need for crop protection measures like fertilizers and chemicals.
Noroo Singapore will also bring farmers’ produce to the market – bypassing middlemen – such that cost savings can be enjoyed by farmers and consumers.
Aside from this, it is looking at other areas of innovation. For starters, it plans to increase its investment in indoor vertical farms and the plant-based protein scene.
Says Yip Hon Mun, CEO of Noroo Singapore, “We have a timely window to tackle the structural issues surrounding food security by leveraging the right systems, infrastructure and technology”.
“Singapore has proven itself to be a global frontrunner in this, which makes it the best strategic point to leapfrog Noroo's agri-solutions for the region."
