SEOUL, July 4 (Bernama) -- South Korea is aiming to establish a presence in China's smart city market amid a steady decline in information and communications technology (ICT) exports, Yonhap news agency reported, quoting South Korea’s Ministry of Science and ICT Thursday.
At the 2019 Korea Smart City Inside China event held in the Chinese city of Xian, South Korea made clear it is seeking partnerships in such areas as communication, transportation, construction, smart manufacturing, environmental conservation management and development solutions, the Ministry of Science and ICT said.
The ministry said 13 South Korean companies are engaged in talks with around 90 Chinese counterparts at the one-day forum, with all sides touching on ways to share latest information on smart city building, and the exchange of relevant knowhow.
A smart city incorporates the latest advances in information technology to improve efficiency and productivity of urban areas and lead to better management of resources. The Chinese smart city-related market stood at around 1,000 trillion won (US$854 billion) in 2018 with the total expected to balloon to 4,200 trillion won (about US$3.5 trillion) in 2020, amid the country's rapid urbanisation drive.
"Playing a greater role in high-tech urban projects can help local companies overcome current trade challenges brought on by weak global demand for goods, and trade tensions between China and the United States," the ministry said.
It added that the building of smart cities can lead to the creation of new services and opportunities in China that can benefit South Korean firms.
The ministry said Seoul is committed to helping local companies advance into China by providing timely market information and laying the foundation for more bilateral business tie-ups.