S. Korea to spend $423M promoting local companies’ smart city projects
Korea launches systematic program for smart city model exports with a $423 mn fund
A smart city refers to a futuristic city that utilizes IoT technology to tackle various urban challenges including sustainable energy, transportation and more in order to improve the quality of life in citizens.
The government will also introduce a program to support small and medium companies to work together with large companies in partnership for overseas smart city •projects. Eligible companies will access borrowings with favorable market rates.
The government will select project themes and candidate companies in 2020 for the first round of the program.
By Sohn Il-seon and Minu Kim