Technology can shape up agricultural system for food security: WEF

RIYADH, SAUDI ARABIA: A report published by the World Economic Forum emphasises the emerging technological solutions and strategies that are set to shape the global agricultural system and contribute to food security.

The report, titled "Agritech: Shaping Agriculture in Emerging Economies, Today and Tomorrow," offers insights into the integration of Fourth Industrial Revolution technologies within the agricultural sector.

The report also urges governments and the private sector to scale up solutions and ensure that technological transformation is inclusive.

"Scaling agritech necessitates emerging economies to establish a shared vision for an agritech ecosystem amongst all stakeholders," stated Sebastian Buckup, Head of Network and Partnership at the World Economic Forum.

He further added, "As the ecosystem evolves, it is crucial for the industry to address gaps on both the demand and supply side, such as unit economics for farmers to adopt technology, or building trust through a combination of physical and digital channels."

The report suggests that technologies - including augmented reality, artificial intelligence (AI) for weather prediction, traceability, smart logistics solutions, and the internet of things - are promising solutions that can bridge information gaps and better equip farmers to manage challenges.

These technologies are identified as crucial to transforming the agricultural sector to produce an additional 70% of food for 9.1 billion people by 2050. However, they have yet to achieve last-mile adoption, particularly by smallholders and women farmers, in Asia, Africa, and Latin America.

The report also underscores that challenges such as the impact of climate change, increased frequency of natural disasters, and soil degradation pose significant threats to global food production. Addressing these challenges requires every stakeholder in the agricultural sector to become more knowledgeable to facilitate informed decision-making.

"In the agricultural sector, emerging economies are facing common obstacles. Agritech has the transformative potential to empower farmers to better navigate climate shifts and alleviate pressure on valuable natural resources like water and soil," said Sanjeev Krishan, Chairperson of PwC India.

He added, "The key lies in fostering public-private partnerships that are not only scalable but also adaptable to the unique context of each country, ensuring widespread success and sustainable impact."

By RSS/ANI