The Korean government plans to invest 2.4 trillion won over the next three years to lay out an infrastructure for two pilot smart cities -Busan Eco-Delta City and Sejong 5-1 Living Community. The 3-year investment plan also aim to create an ecosystem for public and private smart city build-up projects.
On the way toward that goal, the government will rally private and public sectors behind forming a smart city convergence alliance - an industry consortium aimed at creating a next generation of bread basket. The plan is a sort of pump priming policy initiative not only to create new jobs, but also inject new vigor in the related industries.
The ministry of land, infrastructure, and transport on Dec. 26 unveiled a blueprint for the government-led smart city build-up project.
According to the blueprint, the ministry, the government-funded Korea Land & Housing Corporation, and local city or provincial governments in charge will invest collectively 2.4 trillion won in the two smart city build-up project over the next three years effective from 2019 not only to establish an infrastructure but also help innovate technologies for education, energy and healthcare and create an ecosystem for the industry.
Of the total, 1.45 trillion won will be poured into the build-up project for Busan Eco Delta City, while the remaining 950 billion won will be earmarked into the construction of the Sejong 5-1 Community.
The government has earmarked 26.5 billion won in its fiscal 2019 budget to partly finance the 2.4 trillion pilot start city build-up project, including 1.5 billion won for AI-and 3D-based data center data center build-ups.
Relaxation of various regulations is part of the project –an incentive program to attract private sectors to invest about 1.29 trillion won in the pilot project. To lure the private sector investment, the government will revise the smart city develop law and then has it passed at the National Assembly in the first half of next year. The revised law will come up with various incentive programs for private sectors, who will get engage into the projects for ride-sharing, renewable energy, and smart city planning