South Korea will seek to export its smart cities following the construction of two test-bed cities here, President Moon Jae-in said Wednesday, calling for all-out efforts to make the new cities a success.

"Our possibilities and capacities are enough. South Korean smart cities are globally recognized for the country's advanced information and communication technology, including the Internet of Things (IoT), and its experience in building many successful new cities," the president said.

Moon's remarks came at a ceremony held in Busan, 450 kilometers south of Seoul, to unveil plans for two new smart cities to be built in the port city and in Sejong, an administrative town located 120 kilometers south of Seoul.

The government will spend 3.7 trillion won (US$3.3 billion) to build the country's first smart cities by 2021.

They will employ the latest and most advanced technologies, such as IoT, 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.

According to Moon, those who live in the new smart cities will save up to 124 hours a year in time they spend commuting, waiting for administrative tasks to go through and waiting in lines at hospitals.

"It is an ambitious plan to build a new smart city that perfectly combines fourth industrial revolution technologies with cities from scratch, instead of remodeling or redeveloping an existing city," Moon told the ceremony.



The president highlighted the importance of success for the new smart cities, which he said will also be the world's first.

"While a smart city is a safe and future-oriented city, it is also a platform for innovative growth of the Republic of Korea," Moon said, referring to his country by its official name.

"It is also one of the areas whose global markets are expected to grow at the fastest rate," he added.

Moon promised full government support for the success of the new smart cities and efforts to export them.

"Once the test cities in Busan and Sejong succeed, the country will push for overseas projects with a leading business model that will offer the entire process of planning, design, construction and management of the city in a single package," the president said. (Yonhap)