Hyundai Engineering and Farm8 Sign MOU for 'Future Construction and Smart Farm Mutual Cooperation'

Collaboration with 'Farmate,' Holder of Korea's Largest Smart Farm, to Develop New Business Models Related to Smart Farms
Smart Farm Market Recognized as a New Business Sector with Expected Global Annual Growth of 16%
Expectations to Enhance Product Competitiveness through Development of Specialized Products Applying Smart Farm Technology

Kim Chang-hak, CEO of Hyundai Engineering (left), and Kang Dae-hyun, CEO of Farmate, are signing the agreement and posing for a commemorative photo at the "Business Agreement Ceremony for Mutual Cooperation in Future Construction and Smart Farm Sectors" held at Hyundai Engineering headquarters on the 6th.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering announced on the 6th that it has signed a Memorandum of Understanding (MOU) for mutual cooperation in future construction and smart farms with ‘Farmate,’ which owns the largest smart farm in Korea.

At the signing ceremony, Hyundai Engineering’s CEO Changhak Kim, Head of the Architecture Business Division Heonkyu Hwang, and Farmate’s CEO Daehyun Kang, along with other officials, attended and discussed various future cooperation plans related to smart farm technology and its applications.

A smart farm refers to a next-generation agricultural system that uses information and communication technologies (ICT) such as IoT (Internet of Things), big data, and artificial intelligence to properly maintain and manage the growth environment of crops and livestock, enabling remote automatic management. According to the Korea Institute for Advancement of Technology and Jobs, the domestic smart farm market size is expected to reach approximately 6 trillion KRW next year, and globally, it is estimated to grow to about 461 billion USD, approximately 520 trillion KRW, by 2023. Thus, smart farm technology is attracting attention as a highly promising industry sector.

Through this agreement, Hyundai Engineering will cooperate in developing new business models and utilization plans that link the construction industry with smart farm technology. By adding the eco-friendliness of smart farms to Hyundai Engineering’s residential products, they plan to develop specialized products that maximize resident satisfaction, thereby strengthening product competitiveness and further creating synergy through the application of construction and smart farm technologies.

A Hyundai Engineering official said, "Through mutual cooperation with Farmate, a leader in the domestic smart farm technology field, we expect to provide customers with more eco-friendly and comfortable living spaces," adding, "We will continue sustainable growth through active entry into various new business areas."