Singapore fund inks deal to farm salmon in Brunei
The Strategic Development Capital Fund under Brunei’s Ministry of Finance and Economy has signed a memorandum of understanding (MoU) with Singapore-based private equity fund management 8F Asset Management Pte Ltd to build a 10,000 metric tons (MT) salmon farm in Brunei.
Under the MoU, the two sides intend to invest in a state-of-the-art-land-based farming facility for Atlantic salmon, using recirculating aquaculture system (RAS), in Brunei, The Star reported earlier this week.
The project is expected to generate 145 jobs once operational. Additionally, the facility will supply salmon products, such as fillets and smoked salmon, domestically and regionally.
The facility will be operated by Pure Salmon Pte Ltd, which is the global operating company for 8F’s investments.
“Brunei is leading by example, which is not only forward-looking and ahead of other countries in the region, when it comes to innovation and sustainable food production,” 8F CEO Karim Ghannam said, adding that the project is expected to serve as a model for other countries to follow.
The announcement follows a separate move by Vietnamese Dong Nam Investment and Technology Development Company to work with AquaMaof Aquaculture Technologies to investigate building a 10,000-MT salmon farm and processing plant in the central region of Vietnam, according to a report from Binh Dinh Investment Promotion Centre, which operates under Vietnam’s provincial government of Binh Dinh.
Logo courtesy of 8F Asset Management Pte Ltd