A South Korean consortium clinched a $9.6 million urban development deal in Bolivia, the country’s Land Ministry said Tuesday, paving the way for the export of city planning services in the Latin American market.
Under the deal, the consortium of Sunjin Engineering & Architecture and Pyunghwa Engineering Consultants will join the project to build a new city in Bolivia covering 58 square kilometers near Santa Cruz, which is known as the economic capital of Bolivia.
Korea’s Ministry of Land, Infrastructure and Transport said the consortium will be in charge of planning the city’s utility, communications and traffic infrastructure.
“Once the construction begins, South Korean firms are expected to reap in some 1.5 trillion won in business from the project,” an official from the ministry said, adding it will support local companies to export local models of city planning. (Yonhap)