Incheon plans to construct 'smart city'

Dubai Holding Chairman Mohammed Abdullah Al Gergawi, center, and Incheon Mayor Yoo Jeong-bok, second from right, press a button to celebrate the launch of a project to build a mega-sized self-sufficient town in Incheon in an event held at Dongdaemun Design Plaza in Seoul, Thursday. / Yonhap

By Kim Tae-gyu

Incheon joins hands with Dubai Holding of the United Arab Emirates (UAE) to build a large-sized self-sufficient industrial hub in the Geomdan area located between Incheon and Seoul.

The two held an event in Seoul this week to launch the multi-billion dollar project, which is titled SmartCity Korea and covers 4.7 square kilometers ― 1.6 times bigger than Yeouido.

Incheon Mayor Yoo Jeong-bok said the venture will provide a next-generation growth engine for the city.

“Dubai’s knowhow in the smart city business and the favorable conditions of Incheon will combine for success. This project is significant not only for Incheon but also for relations between the two countries,” Yoo said.

“Incheon and Dubai Holding have carried out negotiations in a serious and sincere manner. We expect that the talks will finish soon. Toward that end, we will do our utmost.”

Dubai Holding Chairman Mohammed Abdullah Al Gergawi, who doubles as Minister of Cabinet Affairs and The Future, also promised to spare no effort.

“This international initiative between the UAE and South Korea will contribute positively to the economies of South Korea and the region, and will play a vital role in furthering friendly relations between the two countries,” he said.

“Dubai Holding’s guiding philosophy is based on building a global network of sustainable smart cities interconnecting capitals of economic opportunity, and as incubators for science, technology and knowledge-based economy in various parts of the world, and providing opportunities for growth and prosperity for individuals, businesses and investors alike.”

While praising the strategic location of Incheon and the good info-tech infrastructure of Korea, Al Gergawi said that the new city would accommodate more than 150,000 residents and attract around 50 million visitors a year.

He also predicted that the new concept high-tech city would create hundreds of thousands of jobs.

Incheon and Dubai Holding started the smart city talks midway through last year by signing a memorandum of understanding. The two parties finished talks on land prices but discussions are still underway concerning other details.

Dubai Holding is expected to channel more than 10 trillion won into the smart city including 5 trillion won to procure the land.

The company, which is seeking to vitalize Dubai’s non-oil economy, has continued its efforts to establish smart cities ever since it set up the Dubai Internet City in 1999.

Thereafter, the state-backed conglomerate that has over 22,000 employees and operates in 24 countries has kept its focus on sustainable economic growth through diversifying investments into innovative segments such as high-tech areas.

This is not the first time that the two countries have cooperated on mega-sized projects.

At the end of 2009, the Korea Electric Power Corp. signed a $18.6 billion contract to build a four-reactor nuclear power plant in the UAE by 2020 after defeating favored contenders from France and the United States.