Seoul to export ‘Korean style New Town development’ to Latin America

Seoul to export ‘Korean style New Town development’ to Latin America. May. 28, 2016 07:43. by 김재영기자 redfoot@donga.com.

The Land, Transportation and Infrastructure Ministry is seeking measures to export Korean style new town development to five Latin American countries.

Minister Kang Ho-in held a consultative meeting on cooperation in the housing and urban development fields with ranking officials from five Central and South American countries, including Argentina, Mexico, Guatemala and Dominican Republic, as well as the minister of housing from Paraguay, at Westin Chosun Hotel in central Seoul on Friday.

At the meeting, the participants discussed ways of cooperation in urban and housing development in Latin America, and Korea’s export of "smart city" that incorporates Korean ICT. In the wake of the meeting, the Land, Transportation and Infrastructure Ministry plans to continue cooperation including pursuit of joint research with the Inter-American Development Bank on how to apply Korea’s experience in urban development to Latin America.

According to the ministry, the Latin American construction market has posted an annual average growth of 16.5 percent over the past five years, drawing attention as a major emerging market. After a similar meeting last year, the ministry participated in the development of a masterplan on hinterland New Town construction for Second El Dorado International Airport in Bogota, Colombia. The ministry also won a project contract to develop execution design for Bolivia's Santa Cruz New Town project in March this year.