KT, led by CEO Koo Hyun-mo, made an announcement on Oct. 30 that it signed an MOU with Sri Lankan business development company Moeul at KT's Gwanghwamun office in Jongno-gu, Seoul, on "Business Cooperation to Build Smart City in Sri Lanka."
Park Yoon-young, head of KT's corporate division, and Kim Yong-wook, CEO of Moeul, attended the signing ceremony.
Through this agreement, the two companies agreed to cooperate in developing a new science and technology city based on 'Digital-X' such as AI, IoT and Big Data near Colombo, the capital, and developing the underdeveloped international airport as a residential and commercial area.
This was in line with the "Mid-to-long-term development plan for the western region," a wide-area development project that develops functional new towns such as science and technology, airport cities, transportation, tourism, and logistics in nearby areas, including Colombo.
The two companies decided to take the lead in exchange between Sri Lanka and domestic companies.
In particular, the two companies plan to cooperate in building a smart new city leading Sri Lanka by combining KT's smart city technologies such as high-tech intelligent mobility services, AI-based data hubs and drones, renewable energy to increase self-reliance on energy, and smart energy platforms based on IoT and big data and Moeul’s technology.
Park Yoon-young, CEO of KT's corporate division, said, "With the signing of the MOU, we will solidify the foundation for Korea's ICT advancement in Sri Lanka. We will strengthen Korea's positive image in Sri Lanka with the Korean Wave and the excellence of KT's smart city technology."
