The governments of Ecuador and South Korea have signed an agreement that will enable the architectural design of Ecuador's first high-tech hub or Ciudad del Conocimiento, Ecuador's pre-investment institute INP said on its website.
The Yachay project will include a university specially focused on experimental and scientific research, as well as national and international research centers for high technology, among other facilities.
Focused on the knowledge-based industry, the initiative is part of Ecuador's strategic objectives and national plan for 2009-13.
South Korea will provide technical advice for the development of the Yachay project, while also working to transfer knowledge to the Ecuadorian team in charge of executing the initiative.
For Ecuador's President Rafael Correa, Yachay is a flagship project for the development of the country, because it focuses on the knowledge-based industry and includes the construction of a new university and several scientific research and high-tech institutes.