Osan City and Hyundai Engineering Launch Smart City Development in Unam Valley

[Suwon Ilbo=Reporter Seo Dong-young] Osan City is accelerating cooperation with Hyundai Engineering to develop the Osan Unam Valley Complex as a smart city centered on smart education, smart mobility, and digital twin technology.

Osan Mayor Kwak Sang-wook and Hyundai Engineering CEO Kim Chang-hak signed a memorandum of understanding (MOU) for business cooperation on Unam Valley Smart City development at City Hall on the 15th.

Based on the MOU, the city and Hyundai Engineering agreed to establish a master plan for the Unam Valley Complex as a smart city centered on smart education, smart mobility, and digital twin. Both parties plan to maximize synergies for Unam Valley development through cooperation including mutual administrative support and sharing of technology and networks.

Hyundai Engineering was selected as the preferred negotiation partner for Unam Valley development in a private operator recruitment in July of last year. In November of the same year, the company signed an agreement to establish the Unam Valley Complex project, proceeding with full-scale business procedures.

The Unam Valley Complex project is being promoted through a public-private joint development method by establishing a special purpose company with 5 billion won in capital investment by Osan City and private operators in the eastern area of Osan City Hall. The project site has excellent transportation conditions adjacent to the Gyeongbu Expressway.

The city continues to hold discussions to develop the Unam Valley Complex as a smart city suitable for the Fourth Industrial Revolution era under the goal of achieving sustainable urban growth.

The city expects that once the Unam Valley Smart City is successfully established, urban issues such as educational disparity, traffic congestion, and energy shortage will be resolved, and citizens' quality of life will be dramatically improved.

Mayor Kwak Sang-wook said, "The Unam Valley Complex development is expected to greatly enhance Osan City's brand value and promote continuous regional development," and added, "We will actively cooperate with Hyundai Engineering, which possesses diverse business experience and technological expertise, to make Unam Valley Smart City a model case of private proposal-type smart cities."