Korean smart city centre to support investment

Korean smart city centre to support investment

South Korea has set up a smart city cooperation centre in Bangkok to support Korean firms seeking to invest in smart city projects in Thailand.

Similar centres were also established in Hanoi, Jakarta and Istanbul.

The centres, which began operations in October, were launched by the Ministry of Land, Infrastructure and Transport of Korea (Molit), in partnership with Korea Overseas Infrastructure and Urban Development Corporation (Kind) and Korea Trade-Investment Promotion Agency (Kotra).

According to Molit's statement, the centre's primary role is to "provide support for Korean companies interested in overseas smart city projects".

The locations of the centres were selected based on surveys of demand inside and outside Korea, and a review by an expert panel.

The centres will share Korean companies' information about local projects and overseas expansion guidelines. They assist these firms in all stages, from project orders and bidding to follow-up support.

There will be Kotra officials at the centres to help gather project information and link Korean firms with authorities or companies in charge of smart city projects.

In Thailand, the centre plans to host Korea-Thailand Smart City Day in early December.

"Smart cities are an emerging area of expertise for Korea," said Jeong Chae-gyo, director of the urban policy division of Molit.

"Smart city cooperation centres will give Korea a valuable network to discover new projects and offer proactive support to Korean contractors bidding for smart city projects."

Molit launched K-City Network Global Cooperation Program last year, a government-to-government initiative for smart city development that provides financial and technical support for master plans, and feasibility study development for selected projects.

A total of 12 promising smart city projects have been discovered through the programme, he said.

One is in Thailand's northeastern province of Khon Kaen, which will develop a master plan for a smart city mobility system development project.

Khon Kaen was selected from 80 projects across the globe that sought support from the programme, according to the Digital Economy Promotion Agency (Depa).

Depa said it plans to turn 100 cities nationwide into smart cities in two years as part of a strategy to improve the economy and Thais' quality of life, in line with the government's 20-year national strategic plan.

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