BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Busan Metropolitan City established a special committee on the fourth industrial revolution to create policies to prepare for the fourth industrial revolution.

The Mayor of Busan held the inauguration ceremony at the city hall on November 19 and had the first meeting.

The special committee will be joined by experts in various fields, including companies (ICT, marine), academia (ICT, law, environmental science, society), public organizations (economy, marine, finance, venture) and research institutions (ICT, marine) related to the fourth industrial revolution.

It will serve as control tower to coordinate and support relevant policies.

Oh Geo-don, the Mayor of Busan made a presentation on the vision and strategy of Busan's Smart City.

Busan has plans to invest KRW 1.51 trillion to foster 1,000 startups and create 18,061 innovative jobs for the next five years.

The city is expecting to generate economic ripple effects sparking KRW 3 trillion worth of production in total.

Busan will also install free Wi-Fi zone across the city to reduce communications costs of the households and create the optimum foundation to realize a smart city.

"The vision and strategies of Busan Smart City will offer a big picture to react to the fourth industrial revolution and create the new growth engine," said the Mayor. "We will develop Busan as a global brand city."

joseph@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (November 19, 2018)