Seocho-gu Signs Agreement with Swiss Canton Schwyz, a Leading Blockchain City

Business Agreement (MOU) Signed for Smart City Projects and Economic Revitalization... Seocho-gu to Accelerate Blockchain Talent Development Program for Youth

[Asia Economy Reporter Park Jong-il] Seocho-gu (Mayor Cho Eun-hee) signed a letter of intent for friendly cooperation (MOU) related to smart city projects and economic revitalization with the Swiss canton of Schwyz, one of the leading blockchain cities, via a video call in an on-tect format.

Through this MOU, Seocho-gu plans to benchmark Schwyz's excellent smart city administrative policies and strive to create opportunities for graduates of the district's Blockchain College to advance into overseas companies.

Additionally, Seocho-gu will serve as a foothold for blockchain, AI, and other 4th industrial revolution-related companies from Schwyz to enter the Korean market.

The district originally planned to visit Switzerland to hold the MOU signing ceremony, but due to the prolonged COVID-19 pandemic, the signing documents were exchanged by mail in advance, signed respectively, and the mutual cooperation projects and COVID-19 response strategies were shared through a video call.

The Swiss canton of Schwyz is the region from which the name of Switzerland originates, located in the center of Switzerland, and is also an area leading to economic hubs such as Zurich, Zug, and Lucerne.

It is also growing alongside the neighboring Zug canton’s Crypto Valley, known recently as a leading city in blockchain technology.

◇Crypto Valley: A nickname comparing Zug, Switzerland?the blockchain mecca?to Silicon Valley in the United States. Zug is a very small city with a population of 30,000 but hosts about 800 blockchain companies and more than 3,000 related jobs, making it a blockchain-specialized city. Crypto Valley, which started in Zug, has grown to form a concentric circle encompassing Zurich to the north and Schwyz to the south.

The relationship between Seocho-gu and Schwyz dates back to last year. In June of last year, at the Crypto Valley Conference, a meeting with the Director of Economic Support of Schwyz canton discussed projects linking Schwyz’s companies and environment with Seocho-gu’s human resources, marking the beginning of their connection.

Since then, both cities agreed to friendly exchanges in all fields, including smart city-related areas and benchmarking excellent administrative policies, and have been working toward signing an agreement this year.

Seocho-gu expects this MOU to accelerate the promotion of the Youth Blockchain College project. Since June last year, Seocho-gu’s Youth Blockchain College, the first of its kind initiated by a basic local government, has produced 72 graduates and was selected for a Ministry of Employment and Labor public project this year to continue the Blockchain College program.

The district plans to actively discuss launching overseas internship programs for youth in cooperation with Schwyz to provide various opportunities. Furthermore, it will benchmark smart city policies of both cities to firmly establish its status as a smart city.

Meanwhile, Seocho-gu is currently implementing various projects utilizing smart technologies such as blockchain and AI. AI robots have been deployed in 51 elementary, middle, and high schools in the district, and the district is building the nation’s first system combining crime prediction AI technology with CCTV. Smart care using AI robots, dementia prevention in senior welfare facilities, coding, and AI-based smart education have also begun.

Seocho-gu Mayor Cho Eun-hee said, “In response to the post-COVID era, we have newly signed an on-tect video MOU with Schwyz canton,” adding, “We will do our best to establish a continuous and substantial exchange and cooperation relationship through this MOU.”

This content was produced with the assistance of AI translation services.