KOTRA Supports Domestic Smart City Companies' Expansion into Latin America

2-Week Webinar and Video Consultation Event Held

Photo by KOTRA

[Asia Economy Reporter Kim Heung-soon] KOTRA announced on the 5th that it will hold the 'Latin America Smart City Cooperation Week' online for two weeks starting from the 6th to support the entry of domestic smart city companies into the Latin American market.

This event is jointly hosted by seven KOTRA overseas trade offices in the Latin American region and consists of webinars and online consultation meetings. The webinars held from the 6th to the 10th will introduce Korean smart city operation cases and service examples in fields such as transportation, water treatment, environment, and e-government.

From the 6th to the 17th, the online consultation meetings will involve 55 domestic companies related to smart cities, conducting about 110 consultations with 36 local clients and buyers.

According to the global market research firm MarketsandMarkets, the Latin American smart city market size is expected to grow from $23.2 billion in 2020 to $48.8 billion in 2025, with an average annual growth rate of 16.1%. In particular, there is significant demand for smart citizen services such as e-government and public safety, as well as smart transportation solutions including automatic toll collection and traffic management.

Kim Sang-mook, Head of KOTRA's Innovation Growth Division, said, "We will expand our business to enter the Latin American market focusing on various smart city solutions where Korea has strengths."

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