Tuesday, April 17, 2012

Food industry e-procurement portal to launch by year's end

SINGAPORE: The Restaurant Association of Singapore (RAS) will launch an e-procurement portal by the end of this year to improve the procurement process in the food industry.

RAS is developing the e-procurement portal with support from SPRING Singapore and the Singapore Food Manufacturers' Association.

The e-procurement portal aims to provide an integrated solution to improve supply chain competitiveness and achieve savings for both buyers and sellers.

Three companies will pilot this initiative - Palm Beach Seafood Restaurant, Jumbo Group of Restaurants and Select Group.

Announcing the e-procurement portal at the opening ceremony of Food Asia 2012 on Tuesday, Second Minister for Trade and Industry, Mr S Iswaran, said Singapore's total food trade with the world increased by 16 per cent to reach almost S$25 billion in 2011.

But there is room to do more, he added.

Some reports have shown that the global food market value is expected to reach as much as US$4.3 trillion by 2015, Mr Iswaran added.

The growing middle class in markets like China, Indonesia and the Middle East, and their rising incomes and consumer spending present tremendous opportunities.

Demand for Halal and functional food products in particular are on the rise.

Mr Iswaran said these are areas that companies in the industry can leverage on.

- CNA/wm

View the original article here

Source From Channel News Asia

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