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KOSDAQ-listed company Udeumji Farm has established a subsidiary, Udeumji E&C, a smart farm specialized construction company, to actively export targeting the global smart farm market worth 450 trillion KRW, including Saudi Arabia.
The newly established Udeumji E&C will inherit Udeumji Farm's semi-enclosed glass and greenhouse design and construction technology, transfer advanced domestic agtech technology to Saudi Arabia, which is gaining attention as Neom City, and plans to expand its presence in the global smart farm sector, the company announced on the 21st.
In particular, it will take the lead in creating 20 smart farms each with an area of 10,000 pyeong domestically by 2025, including establishing a large-scale smart farm complex in Seosan, Chungnam, supported by the government and local governments.
The inaugural CEO of Udeumji E&C is Yoo Jun-hyun, the current CEO of Korea Selection Technology, an expert in AI, agricultural machinery, and smart farm construction.
Udeumji Farm currently operates a stable smart farm of 33,000 pyeong based on its semi-enclosed glass greenhouse construction technology and patents, and is also constructing a new semi-enclosed glass greenhouse optimized for European-style vegetables such as romaine and endive.
In April, Udeumji Farm formed the K-Smart Farm Consortium together with Shinhan A-Tech, an environment control company for smart farms, and Gwangjin Enterprise, a smart farm greenhouse construction specialist, to actively promote smart farm construction worth 150,000 pyeong domestically and 89 million USD overseas.
The global smart farm market size has continuously grown from 12.4 billion USD in 2020 to 17.4 billion USD last year, recording double-digit growth annually.
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Udeumji Farm emphasized, "With the establishment of Udeumji E&C, a comprehensive agricultural machinery and AI-based smart farm construction company, vertical integration of the food industry has progressed," and added, "We plan to rapidly expand smart farms constructed by Udeumji E&C and play a leading role in advanced agricultural sectors both domestically and internationally."
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