The government is set to implement a comprehensive plan for “smart cities” incorporating new technologies. The primary focus is accelerating the entry into foreign markets through the restructuring of the “K-City Network” project. This initiative aims to strengthen the global competitiveness of Korean-style smart cities by providing extensive support to expand the international cooperation network of private construction companies.
The Ministry of Land, Infrastructure, and Transport plans to hold a public hearing on the comprehensive plan for smart cities at the Korea Research Institute for Human Settlements on Jan. 25 and aims to establish the “4th Comprehensive Smart City Plan” by March.
The Comprehensive Smart City Plan, a medium to long-term legal plan established every five years, is based on the “Act on the Creation of Smart Cities and Promotion of Industries.” It outlines the basic direction for smart city construction, implementation strategies, and the development of smart infrastructure. The draft of this comprehensive plan includes four strategies: expanding smart cities overseas, creating new smart cities, advancing smart cities, and promoting private-led smart cities.
To stimulate the overseas expansion of smart cities, the government intends to strengthen the international cooperation network of private construction companies. Last year, the government selected Indonesia, Ukraine, Egypt, Azerbaijan, Bangladesh, Vietnam, and Türkiye for the “K-City Network” project, supporting overseas smart city initiatives.
The global smart city market is growing rapidly at an average annual rate of 18.4%, projected to reach approximately 2.400 quadrillion won by 2025. In response, the government plans to provide comprehensive support, including financial assistance, for overseas construction orders in smart cities. Additionally, the government is pursuing the discovery of new smart city business models, enhancing smart cities based on urban data, and establishing a private-led smart city industry ecosystem.
Following the public hearing this month, the Ministry plans to gather opinions from related ministries next month. In March, the plan will undergo deliberation by the National Smart City Committee and be finalized.