South Korea launches smart city project in Busan with ASEAN leaders

• 26 November 2019
• Property Focus
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South Korea said they will build the country’s first “smart city” in Busan by 2024, where the infrastructure facilities and massive data collection will be controlled and maintained by the internet of things sensors, according to the Yonhap News Agency, on 24 November.

President Moon Jae-in attended the ground-breaking ceremony for the Busan Eco Delta Smart City, along with several ASEAN leaders before the opening of the ASEAN-Republic of Korea Commemorative Summit in the city.

“(The intention) is to lay out new future cities to resolve urban problems and serve as a platform for innovative growth on the basis of the fourth industrial revolution technology,” he said in a speech.

South Korea has signed agreements with Indonesia, Malaysia, Singapore and Thailand and is in talks with Brunei and Cambodia for the “smart city” project, the source added.

During the 25-26 November meeting, Cambodia and the Republic of Korea signed five important documents, including; (1) agreements on the elimination of some certain taxes (2) Treaty on mutual assistance in the legal sector (3) Memorandum of Understanding (MoU) Cooperation on Agricultural (4) Memorandum of Understanding Cooperation in the field of Information and Communication Technology (5) Free Trade Agreement between the two countries, according to AKP.

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