KT to Develop 'Smart City' in Sri Lanka's New Town

[Asia Economy Reporter Koo Chae-eun] KT has signed a Memorandum of Understanding (MOU) for business cooperation with Sri Lankan business development company Mo-eul to build a smart city in Sri Lanka.

Through this MOU signed on the 30th, both companies agreed to cooperate in developing a science and technology new city based on ‘Digital-X’ technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and Big Data near Colombo, the capital of Sri Lanka, and to promote projects to develop the underdeveloped international airport area into residential and commercial zones. This is part of the ‘Western Region Mid- to Long-term Development Plan,’ a large-scale development project to build functional new cities including science and technology, airport city, transportation, tourism, and logistics in Colombo and surrounding areas. The two companies also pledged to take the lead in exchanges between Sri Lankan and Korean companies going forward.

In particular, they plan to cooperate in building a leading smart new city in Sri Lanka by applying KT’s smart city technologies such as ▲ AI-based data hubs and intelligent mobility services based on advanced technologies like drones, ▲ renewable energy to increase energy self-sufficiency, and ▲ smart energy platforms based on IoT and Big Data.

Kim Yong-wook, CEO of Mo-eul Co., Ltd., said, “The cooperation between the two companies will be an opportunity to realize the future-oriented smart city dreamed of by world-class companies for the first time in the world.” Park Yoon-young, President of KT’s Enterprise Division, stated, “With this MOU signing, we will solidify the foundation for Korean ICT advancement in Sri Lanka,” adding, “We will ensure that the excellence of KT’s smart city technology further strengthens Korea’s positive image along with the Korean Wave.”