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Make Inroads into Chinese Smart (Intelligent) City Market (July 4)

- Korea-China smart city forum and consultative meeting 2019 held

The Ministry of Science and ICT (MSIT) stated that it hosted Korea-China smart city forum and consultative meeting 2019 on July 4, in Xian, Shaanxi, China as part of efforts to support domestic ICT companies to advance into Chinese intelligent city market.

The event was held as part of measures to implement MoU signed last April in an effort to strengthen cooperation with local hubs of MSIT. It was held as a joint project between Beijing IT support center and KIC (Korea Innovation Center) China. In the event, 13 Korean companies, major Chinese companies placing orders and relevant agencies (around 90) participated.

Participating companies took part in Korea-China smart city forum, a venue to introduce representative businesses of the two countries and one on one investment consultative meeting to discuss how businesses of the two countries can work together towards the goal of facilitation of winning contracts.

Amid the recent trend where export of ICT items has been on the decline, exports to China have particularly stagnated for a prolonged time. As this has been the case, there are high hopes for the strategy to enter into the Chinese market in the field of smart (intelligent) city to become the solution in overcoming the recent crisis.

The scale of smart (intelligent) city market of China is expected to rapidly increase from 7.9 trillion yuan in 2018 (approximately 1,000 trillion won) to 25 trillion yuan (approximately 4,200 trillion won) in 2020, thanks to acceleration of urban construction.

In particular, Xian, where this event was held is at the center of developing mainland China and relevant projects are going well in this area as can be illustrated by Baidu, a large company in China, recently making decision to develop AI intelligent city in Xian. This makes it a favorable environment for Korean companies to proactively advance into the Chinese market.

In the event, Director Chu Xiao Cheng of Ministry of Industry and Information Technology of China who introduced the current status of building smart (intelligent) city in Shaanxi and future plans encouraged Korean companies with outstanding technologies to actively take part in the project by saying, “the local government of Shaanxi would like to focus on improving urban environment by increasing investment to projects for building smart (intelligent) cities.”

In the investor relations and one on one investment consultative meeting that followed, specific cooperative measures in winning contracts were discussed. The measures include sharing plans to develop smart (intelligent) city in China and plans for technological cooperation between domestic and local companies.

MSIT said, “we plan to proactively support creation of emerging services and relevant companies to go global by selecting smart (intelligent) city as one of the core services of 5G+strategy. We hope this has been a venue for increasing understanding on the development plan of China and forging partnership with local companies, as this could help Korean companies in advancing into the Chinese market.”

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