INVESTMENT

IFEZ and SK Telecom
Conclude MOU to Develop Globally Leading Smart City Infrastructure

IFEZ and SK Telecom concluded an MOU in April for cooperation on the development of Startup Venture Polis and globally leading smart city infrastructure for autonomous vehicles. This MOU encompasses agreements to develop Startup Venture Polis, push ahead with the construction of infrastructure for autonomous vehicles and other related projects through private-public cooperative ventures, and promote 5G-based services and technologies. SK Telecom’s participation is expected to add greater momentum to the IFEZ-led Startup Venture Polis project and create jobs in Incheon powered by private technologies. Startup Venture Polis Project is designed to take advantage of Incheon’s strengths to build smart city infrastructure, share data, and develop programs for fostering startups and venture companies in terms of capital, policies, and technology.

Organizations participating in the project include universities located in Incheon such as Yonsei University, Incheon National University, and Inha University, as well as Incheon Technopark, Incheon Center for Creative Economy and Innovation, government institutions such as KAIA, and private accelerators. The construction of globally leading smart city infrastructure for autonomous vehicles is a private-public cooperative project led by IFEZ and SK Telecom that involves the pilot application of ultra-precision electronic maps (HD maps), 5G services, and data hubs. Ultra-precision electronic maps are designed to provide centimeter-specific information about the location of objects to ensure the safety of autonomous vehicles, while data hubs enable the systematic management and analysis of floating population data in Songdo, Cheongna, and Yeongjong. Once these technologies for autonomous vehicles are applied, transportation policies such as expanding public transport networks can be more efficiently drawn up and improved based on floating population data. It is also expected that this will play a part in upgrading transportation infrastructure and services in the old downtown area.