Korean Smart City Opportunities for Foreign and Domestic Companies Doing Business in Korea

The Korean government’s “2020 Smart Challenge” is officially rolling out with the Act on the Promotion of Smart City Development and Industry of Korea. The Act is coming into effect on Feb. 27, 2020. The Korean government is, specifically, launching three separate projects called: Korean City Challenge Open to large, SMEs and startup companies. Intended to encourage creative and technological solutions to problems in cities. Smart-mobility may be a large focus of the governments initiative. Korean Town Challenge Open to large, SMEs and startup companies. Intended to encourage businesses to create localized solutions to issues facing towns. Korean Solution Challenge Open to large, SMEs and startup companies. Intended to encourage the creation of smart solutions to issues facing towns and cities. such as smart crosswalks, smart playgrounds and other one-off solutions to issues. This 2020 Smart Challenge initiative shall be under a regulatory sandbox (an enclosed environment, supported by a

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