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Economic growth is slowing down (due to “low-cost” China and “high-tech” Japan…as well as the global credit crunch), but South Korea is placing its hope on Songdo to reinvigorate it.

Songdo is strategically located in the Incheon Free Enterprise Zone…so there will great financial incentives for businesses from overseas to relocate. Songdo could potential transform South Korea into a regional business hub for north-east Asia.

As for as technology goes, Songdo will be on the edge. According to the BBC News:

“To attract that sort of business, Songdo has been designed as a so-called ubiquitous city, with wireless networks and radio-frequency identification linking all major information systems - residential, business, medical and governmental.

The new city will become reality by 2015.

Residents will have smart phones they can use to pay their bills, access medical records or just open their doors.

And if all goes according to plan, they will be able to time their commute outside with the changing walk signals on the street 50 stories below their apartments.”

With $200 billion put into developing the city, there is a lot at stake, but things look very promising for this city. If what South Korea envisions for this city comes to reality, it’ll definitely be a city of the future.

Link to the BBC News article here.

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