Korea Land and Housing Corp. (LH) will develop a smart city at an airport site in Peru, placing the groundwork for Korean companies to enter Peru.
LH has signed a memorandum of understanding (MOU) with the Peruvian city of Cuzco for the development of smart cities and the overall cooperation in the development of the Astete International Airport site, the company said on Oct. 27.
Astete International Airport, which serves as a gateway to the world's most popular tourist destination, is set to be relocated to the New International Airport in 2025. The city of Cusco is pushing to develop a smart city at the existing airport site that will be relocated.
Cuzco is aiming to develop the Astete airport site into a smart city. Under the pact, the city of Cuzco and LH will work together to develop the Astete airport site into a smart city, and establish a cooperative relationship for the discovery and joint promotion of Cuzco City development projects in the future.
"As the consortium of Korea Airports Corporation is also carrying out the project to manage the Chinchero New International Airport Project, an alternative airport to Astete Airport, LH's participation in the Cuzco smart city development project is expected to serve as a catalyst for Korean companies to expand their presence in Peru," an LH official said.