MNC Land has signed a Memorandum of Understanding (MoU) with the Korea Agency for Infrastructure Technology Advancement and a Consulting Agreement with INDAKO to support the infrastructure development for the first Smart City in Indonesia.
PT MNC Land Tbk (“KPIG” or "the Company"), a leading property company in Indonesia under the MNC Group, has inked an MoU with the Korea Agency for Infrastructure Technology Advancement (“KAIA”) and a Consulting Agreement with PT INDAKO Finance & Development (“INDAKO”) through its subsidiary, PT Lido Nirwana Parahyangan (“LNP”) to jointly support the development for the smart city infrastructure in Lido, Bogor that will promote the harmony of innovation, advanced technology and environmental care. KAIA is the only government agency in the Republic of Korea that has completed technology developments for 160 Smart City projects with total investments of more than 900 billion won. INDAKO is a company that represents the state-owned enterprises (SOEs) of the Republic of Korea.
The MoU and Consulting Agreement were signed by Mr. Hary Tanoesoedibjo, the CEO of MNC Group, Mr. Kim Byung-Soo, the Chairman of the Korea Agency for Infrastructure Technology Advancement and Mr. Ki Young-Lee, the CEO of INDAKO on Friday, 11th March 2016 in Jakarta, Indonesia.
The signing of the multilateral agreements aims not only to commence the design and planning process to develop the smart infrastructure in Lido, but also to secure the commitment from the Republic of Korea to support the funding of the Lido project in the form of project financing with multi-year repayment scheme.
Hary Tanoesoedibjo said, “Based on our vision for Lido to create an ultimate sense of pride and belonging in the most iconic, live, work and play destination in Indonesia and beyond, this cooperation agreement with the Korean institutions, KAIA and INDAKO, symbolises the ambitious plans of MNC Land to bring world-class infrastructure into Indonesia by developing an unprecedented Smart City concept, unseen in this region.”
Meanwhile, the CEO of Korea Agency for Infrastructure Advancement, Kim Byung-Soo said, “Nowadays, Smart City has become a hot topic worldwide. The Lido project in Indonesia aims to build a resort destination and world-class environmentally friendly city using Smart City technology. With our vast development experiences, KAIA will provide our best efforts in consulting technology for the success of Indonesia’s Smart City. Reflecting on this day, with the future success of the Lido project, the present and future Smart City institutions in Korea can be a driving force to participate in projects related to the development of other cities in Indonesia.”
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