Technology adaptation can boost farmers' income by 30-40%: Agri experts

Highlights: 

• Productivity can increase by 20-30% through technology adaptation.
• Technology can reduce water usage in irrigation by 30%.
• Fertiliser costs can be reduced by up to 40% using technology.
• Use of technology can potentially increase farmers' income by 30-40%.

If smart agricultural management can be created through adaptation of technology, it is possible to increase farmers' income by 30 to 40% by enhancing productivity through the reduction of costs, according to experts at a seminar.

The view was shared at the seminar titled "Smart Agriculture: Issues and Challenges in Value Chain Development," organised by the Dhaka Chamber of Commerce and Industry (DCCI) today (30 May), where the speakers emphasised the transformative potential of technological adoption in agriculture.

State Minister for Commerce Ahsanul Islam Titu was present as the chief guest at the event which was moderated by DCCI President Ashraf Ahmed.

A keynote paper titled "Opportunity of Frontier Technologies for Climate Adaptive and Smart Agro Value Chain in Bangladesh" was presented at the seminar which highlighted that using technology in agriculture can reduce water usage by 30% and fertiliser costs by 40%, in turn increasing productivity.

DCCI President Ashraf Ahmed said, "By using smart technology in agriculture, productivity can be increased by 20-30%, overall production costs can be reduced by 20%, and farmers' income can be boosted by 30-40%."

However, State Minister Titu pointed out that technology providers in Bangladesh often develop solutions before considering farmers' needs. He stressed the importance of creating agriculture-friendly technologies tailored to farmers' requirements for successful adoption. 

"Farmers are very smart; if the technology is not designed to suit their needs, they will not adopt it," he added.

Addressing the issue of farmers not getting the price for produced goods, the minister said payment must be made directly to the farmers which will ensure they no longer face issues with receiving the proper price for their products.

"Farmers need money in hand to avoid selling their crops quickly at low prices to cover immediate expenses like water, fertiliser, and labour. If they have funds, they can wait for better prices," he further said.

Fahad Ifaz, co-founder and CEO of iFarmer, during his keynote paper presentation, said, "According to Mackenzie & Company data, frontier technologies will contribute about $500 billion to the global GDP by 2030, so policy support and an effective ecosystem are essential for the development of the sector."

Mohammad Saqib Khaled, senior manager (programs) of SwissContact, while presenting another keynote paper titled the same as the seminar, discussed the significant impact of climate change on agriculture and the necessity of effective initiatives to combat these challenges.

"Local investment in the livestock sector has increased and will double in the next 10 years. So improving supply chain efficiency and post-harvest loss management are now critical," he added.

Later, DCCI president Ashraf Ahmed pointed out several current issues in the agriculture sector, including inadequate supply chains, limited market access, and lagging value addition of produced goods. 

"To overcome the existing situation, modernisation of agricultural machinery and enhancing the capacity of farmers to use new technologies should be given importance along with increasing investment in the agricultural research sector," he said

"The formulation of necessary supporting policies and the introduction and implementation of effective value chain systems should also be given importance." 

DCCI to establish full-service help desk, RJSC to automate by year-end

Meanwhile, State Minister Titu announced that the DCCI would soon set up a full-fledged help desk to facilitate importers and exporters in obtaining IRC and ERC certificates.

Additionally, the Registrar of Joint Stock Companies and Firms (RJSC) will automate all services by the end of this year to simplify business processes, he added.

"Each trade organisation will have a dedicated desk where IRC and ERC certificates can be easily obtained, reducing the hassle for businesses," he said. 

"With RJSC's automation, businesses will no longer need to go through brokers, saving time and effort. All tasks can be completed easily from any location," the state minister added