Busan Signs MOU with Cisco and SK Telecom to Build "Smart City"
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On October 30, the City of Busan signed an MOU with Cisco and SK Telecom for an IoT-based smart city project at BEXCO. The mayor of Busan Suh Byung-soo as well as Irving Tan, President of Cisco Asia Pacific & Japan and Park In-sik, President of SK telecom Network Business Operations attended the signing.
The three partners will build infrastructure to explore and manage IoT-based public and private sector service provisions. A joint TF team has been formed and outlined the necessary steps for establishing Information and Communication Technologies (ICT) infrastructure in two stages.
The first stage of the agreement calls for the development of a project master plan which will include service model designs to be applied in IoT, surveys to determine service needs, and a project schedule.
The agreement also includes economic stimulus measures that require the global companies of Cisco and SK Telecom to create jobs in local firms through collaborative efforts while also training talented individuals in Busan.
The second stage of the project will focus on a feasibility analysis - project cost estimates, sales, scale of service, and the establishment of an enforcement plan.
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