VCI Global Limited Ventures Into AI-Based Smart Greenhouse Farming In Collaboration With Agroz Group
19 October 2023 - 11:00PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
today announced it will be collaborating with Agroz Group Sdn Bhd
to develop large scale, energy efficient artificial intelligence
(“AI”) based smart greenhouses to address food security issues.
Food security has always been on the top of most
countries’ agenda as global population continues to grow. From 8
billion in 2022, the United Nations has projected the world
population to reach almost 10 billion by 2050. Undesired climate
change, coupled with recent developments such as the Covid-19
pandemic and East European conflict, have increased countries'
concerns on food security, with Malaysia being no exception.
Department of Statistics Malaysia estimated that Malaysia's
dependency on food imports, rose by almost 8% to RM55.4 billion in
2020 from the year before. In 2021, the import value was RM63.6
billion and this continued to increase to RM75.6 billion in
2022.
AI-based smart greenhouse farming provides the
ideal solution to meet this inevitable significant leap in demand
for food from the expanding population. The yield per acre would be
higher than traditional farming as this type of farming extends
growing seasons while AI-aided controlled environment minimises
external threats to the crops, produces consistent quality of
yields and reduces nutrient wastage just to name a few advantages
of AI-based smart greenhouse farming.
Agroz is a vertically integrated agriculture
technology (AgTech) solutions and services company that improves
food security, food safety and sustainability. This is through its
controlled environment agriculture (CEA) technologies that create
superior agriculture growth effectiveness and efficiency to benefit
communities, partners, and more importantly the planet. Agroz in
fact is already building vertical farms and greenhouses across
Malaysia with its products available at major restaurants, cafes,
hotels, brand supermarkets, neighbourhood grocers and even direct
to consumers. Vertical farming incorporates controlled-environment
agriculture which includes soilless farming techniques utilising
hydroponics where crops are grown consistently in vertically
stacked layers to optimise plant yield without the use of any
pesticide, insecticide, fungicide or herbicide.
“We believe we can play more than our part by
offering our AI expertise in boosting food production. With space
being literally limited, the ideal way forward to increase
productivity is through CEA greenhouse farming where crops can be
produced all year round. This collaboration will also help
Malaysia’s reliance on food imports, easing the pressure on the
foreign exchange also,” said Dato’ Victor Hoo, Group Executive
Chairman and Chief Executive Officer of VCI Global.
“Combining VCI Global’s AI capabilities with our
expertise and agricultural technologies, this collaboration will
provide sustainable solutions to ease the pressure on food
production, distribution and access,” said Gerard Lim, founder and
Chief Executive Officer of Agroz Group.
About VCI Global Limited
VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log
on to https://v-capital.co/.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company's ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company's
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company's
products and the Company's customers' economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company's filings with the United States Securities and
Exchange Commission. The forward-looking statements contained in
this press release are made as of the date of this press release,
and the Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn
Bhd on behalf of VCI Global LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
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