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Asian Smart Cities and Innovation

Asian Smart Cities and Innovation

A city can be called ‘smart’ when its people, infrastructure, and operations drive sustainable growth.

At the current rate of growth, the population of the earth will be about seven times what is now by 2050 – in simpler terms this means that we are adding approximately seven New York cities per year. With all this growth and urbanization, we’ve come to focus on the cities labeled ‘smart’ – the ones that have taken sustainability and interspersed that with economic growth.

What’s in a Smart City?

Of the top 600 cities in the world, the ones in Asia account for many. Of the 136 cities that will enter the top 600 by 2025, all of them come from emerging markets. China will account for 100 and India 13. Population growth in these 600 top cities will grow 60% faster than the global population – which means these cities will require tremendous investments in urban infrastructure and housing. India alone is going to require $1.2 trillion in the next 20 years if it hopes to develop its cities successfully.

Opportunities for Investment and Growth in Asian Smart Cities

With all this projected growth it’s easy to see how an Asian ‘smart city’ can be a boon for investment and work opportunities for Western based Executives. Urbanization and social order will have a profound effect on the culture of developing smart cities. Real estate prices will rise along with issues regarding sustainable and affordable housing. Currently, Singapore is one Asian nation working toward becoming more sustainable – Executives should watch the nation carefully as chances for investment and introduction of more ‘green’ initiatives will occur in the future. Singapore was recently voted number one ‘greenest’ country of Asia and its focus on water management and biodiversity is one of the best in the world.

With all this development in smart cities, infrastructure will become stressed, if not flooded, with problems. Roads will need updating, healthcare will need to become better and more affordable, and there will be a need for strong social services programs to be put into place. Everywhere you look, there will be successful people, and those people will bring with them stronger diversity, competition, innovation, and new culture but the requirements to support a smart city and its people will grow heavy if it does not have the backing of executives willing to invest in infrastructure.

Executives in Smart Cities – potential for investment and social growth

What’s this all mean for the typical U.S. executive or investor? First, a focus on urban infrastructure and housing, as discussed previously, will be a top priority. Companies like IBM and Accenture have already begun to establish a market presence and other telecommunication companies are quickly moving in.

Another main selling point to lure Western based executives to Asian smart cities is the impact that the growing social order will have on the economy. Social inclusivity, income, and wealth equality will be the top priority in the future of smart cities. Opportunities for local political change are high as well, considering that a top goal of smart cities is to establish ways for its citizens to easily interact with their local governments.

The journey to establish the city of the future is well on its way. In order to make the journey a successful one, focus must be on convincing Western Executives and business to invest in the future of Asian smart cities in order to establish a successful infrastructure and maintain a green initiative.

Sources: 1, 2

 

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