KOTRA Holds the 2nd Smart Farm Overseas Expansion Council Meeting

Photo by KOTRA

[Asia Economy Reporter Kim Heung-soon] KOTRA, in collaboration with the Ministry of Agriculture, Food and Rural Affairs, announced on the 27th that it held the 2nd Smart Farm Overseas Expansion Council to support the overseas expansion of domestic small and medium-sized enterprises and mid-sized companies related to smart farms.

Through this council, KOTRA shared global smart agriculture trends and successful project acquisition cases with Korean companies. It also introduced smart farm market trends and entry strategies in regions such as the Netherlands, Canada, and Africa.

Furthermore, it announced this year’s business plans including ▲ smart farm webinars and video consultations targeting strategic countries such as the Middle East and Russia ▲ project discovery and acquisition support programs ▲ production of overseas marketing materials ▲ individual participation in exhibitions.

The global smart farm market has grown at an average annual rate of 9.4% since 2021 and is expected to reach $18.7 billion by 2027. The COVID-19 pandemic is expected to accelerate the digital transformation of agriculture in the long term, serving as a growth driver for the global smart farm market.

In particular, technologies such as blockchain covering the entire process from crop cultivation to distribution, drone-based sowing and farm management, and artificial intelligence (AI) related to agricultural water management and soil management are evaluated as promising technology fields for the future.

Kim Sang-mook, Head of KOTRA’s Innovation Growth Division, stated, "We will actively support the overseas expansion of our smart farm companies."

This content was produced with the assistance of AI translation services.