15 April 2022, Seoul - A Development Cooperation MOU between the Philippines' Clark Development Corporation (CDC) and the Republic of Korea's Land and Housing Corporation (LH) was signed on 15 April 2022 in Songdo, Korea. CDC President Manuel Gaerlan led the CDC Delegation at the signing ceremony which was witnessed by Post's Economic Officer and Third Secretary Reisha Olavario and Commercial Counselor Jose Ma. Dinsay. Ambassador Ma. Theresa B. Dizon-De Vega also met with CDC Officials separately to discuss future PH-ROK cooperation projects and investment promotion for the Clark Freeport Zone.

Under the signed agreement with Clark Development Corporation (CDC), the Korea Land and Housing Corporation (LH) will build a smart city in the Clark Freeport Zone. The proposed smart city will be linked to the Clark International Airport and is envisioned to become a logistics hub city with infrastructure for tourism, recreation, and aviation maintenance. It will also use artificial intelligence and big data to process real-time information collected through sensors and allow city operators to make quick choices to resolve problems or analyze data for future plans. During the MOU signing, both sides looked forward to the closer cooperation of LH and CDC. CDC President Manuel Gaerlan looked forward to technology sharing through the MOU, especially the Korea Communications Technology network which will be used by LH Urban Development for the K-Smart City Development.

The CDC heralded the Smart City MOU as a leap forward in the Philippines' shift to the 4th Industrial Revolution. It is likewise a testament to the Philippines and the Republic of Korea's shared ideas on prosperity in the Asia Pacific and our increased economic cooperation. END

Photo Credit: Korea Land & Housing Corporation (LH)