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  • Seoul Invests KRW 101.4 Billion in 2020 to Launch Smart City Initiative

  • Economy & Investment News SMG 1556

    This year, Seoul has plans to carry out a total of 1,158 informatization projects with a total budget of KRW 362.6 billion. Among these projects, the city will invest the large sum of KRW 101.4 billion (about 28%) in projects related to IoT, big data, and AI in order to usher in the age of a Smart City.

    For instance, 4,475 public wi-fi access points will be installed across the city through the “Public Wi-Fi Construction throughout Seoul” project (KRW 11.6 billion), dramatically improving the mobile accessibility of citizens. An IoT network will also be constructed to share and use data in real time from various fields, such as transportation, safety, and environment.

    Seoul will lead the innovation in administration by innovatively introducing core technologies of the Fourth Industrial Revolution. The city will conduct the “construction of private-public big data platform” to collectively utilize a combination of private big data and public data, build a drainpipe fault location system using AI, and apply a chatbot system in the public service reservation.

    Most projects will be conducted by private companies, which means they will vitalize the stagnant economy and create jobs. According to the employment inducement coefficient of the Bank of Korea, it is analyzed that 3,807 jobs for youths will be created as a result.

    In order to offer fair opportunities to take part in the projects for ICT SMEs, Seoul operates a website on the “Contract Information of 2020 Seoul Informatization Projects” (http://info.seoul.go.kr), where detailed business plans and order placement schedules of the informatization projects are introduced in advance to the related companies and citizens.