NongHyup Establishes 53 Billion KRW AgTech Win-Win Innovation Fund to Foster Agricultural Digital Innovation Companies

[Asia Economy Sejong=Reporter Kim Hyewon] The National Agricultural Cooperative Federation (NACF) has decided to establish an AgTech Win-Win Innovation Fund worth approximately 53 billion KRW to discover and nurture digital innovation companies in the agricultural sector.

The NACF Digital Innovation Office announced on the 24th that it made this decision during the "2022 3rd Pan-NACF Digital Innovation Committee" held on the 23rd at the headquarters in Jung-gu, Seoul.

At the meeting, which was attended by 15 committee members including Lee Jaesik, Vice Chairman of NACF (Chairman), they discussed agenda items for company-wide digital innovation promotion such as ▲creating an investment ecosystem for AgTech win-win innovation ▲plans for building the next-generation system for mutual finance KOK Bank ▲and differentiated marketing strategies for 'Nonghyup Bank × NH Members.'

Compared to other industries, agriculture is a latecomer in digital innovation. To nurture digital innovation companies in this sector, NACF decided to establish an AgTech Win-Win Innovation Fund worth approximately 53 billion KRW through shared investments by business divisions. Vice Chairman Lee said, "We will continue to promote digital innovation to secure future growth engines for agriculture, rural areas, and NACF, and also strive to discover and nurture innovative companies in the agricultural sector by utilizing NACF’s business infrastructure such as production and distribution."

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