Korea’s first AgTech unicorn ‘Tridge’ has signed ‘Data Exchange’ and ‘Import-Export Promotion’ agreements with African representative agricultural and food organizations. 

Tridge is leading the global expansion of the ‘Data-based Marketplace’ by preemptively signing partnerships with major organizations in African countries that are global agricultural and food production powerhouses and have great growth potential.

According to Tridge on the 3rd June, Tridge recently signed a Memorandum of Understanding (MoU) for data exchange and data-based export and import promotion with the US-Africa Trade Commission (USAFriTC), the Pan African Chamber of Commerce (PACCI), and the Federation of West African Chambers of Commerce & Industry (FEWACCI), and is currently in the process of signing follow-up contracts.

Previously, Tridge signed partnership agreements with the Chamber of Agriculture of Ivory Coast and the Chamber of Aquaculture Ghana on each national level.

USAfriTC is a non-profit corporate organization that promotes trade, tourism, and investment between the United States and Africa. It provides a platform for business networking through various private partners such as Tridge. PACCI is the largest chamber of commerce in Africa, established in 2009 by more than 50 African chambers, and supports regional companies to strengthen their capabilities. FEWACCI is a federation established in 1976 by 15 West African chambers of commerce, and plays a pivotal role in promoting trade and investment in the West African region through various private cooperation initiatives.

Under this partnership, Tridge plans to provide a ‘data-based marketplace’ solution to partner organizations. In addition to their own resources, partner organizations are preparing to apply for support to multilateral development banks (MDBs), such as the World Bank and the African Development Bank for officially adopting the solution.

The goal is to jointly explore ways to formalize the Tridge solution as an international organization program. Tridge has also continued to communicate and invest in this area. This year, Tridge has met the head of the agri-food sector at IFC Group, and a delegation from the World Bank regional office. Tridge introduced the data-based marketplace and received a great response.

Africa has the world's largest producers of agricultural and food products, but it has not been actively engaged in trade with Korea due to geographical conditions. Making the most out of the agri-foods trading know-hows and local human networks accumulated in the region, Tridge was able to enter the market and build partnerships in a relatively short period of time.

For example, Tridge is conducting a trading business that sources cashews from Tanzania, the world's largest producer of cashews, and exports them to various countries such as India and Vietnam. Only local companies can participate in the cashew auction hosted by the Cashew Board of Tanzania, but Trdge participates in the auction through a strong presence in Tanzania with its active local corporation.

Tridge aims to strengthen partnerships with African agricultural and food-related organizations and expand data-based agricultural businesses to contribute to the high added value of local agriculture and the establishment of a sustainable foundation.

“African countries will play a key role in the global agrifood supply chain in the near future,” said a Tridge official. “Tridge will strengthen the locally-optimized data intelligence solutions to become a part of that shift”