President Moon Jae-in has reaffirmed the government's intent to create world-leading smart cities in Busan and Sejong while highlighting the need to secure leadership in the global smart city market.
At a ceremony in Busan to unveil plans for the two new smart cities Wednesday, Moon said the success of the smart cities will help the South Korean economy to become one that sets the pace.
Once the test cities succeed, the president said the government will push to export the business model of planning, design, construction and management of the cities in one package.
The government, together with the private sector, will inject three-point-seven trillion won to build the country's first smart cities by 2021.
They will employ the latest and most advanced technologies, such as Internet of Things, to collect data and supply information that will not only help better manage the cities but also allow them and their residents to use their time and resources more efficiently.
Moon's visit to Busan was the sixth in his tour of regions around the nation aimed at boosting the economy.