South Korean tech firm LG CNS Co. has been named the preferred bidder for a USD300 million deal to set up an intelligent transport system (ITS) in Bogota, Colombia, the transport ministry said Tuesday.
The deal calls for establishing the systems for bus management and the issuance and maintenance of prepaid bus cards by December 2012, according to the Ministry of Land, Transport and Maritime Affairs.
LG CNS, if it wins the deal, will operate the system for 15 years before transferring it to the Colombian city, the ministry told Yonhap news agency, adding that the company's successful bid indicates the start of overseas sales of the country's intelligent transport systems.
In June, a different South Korean company was awarded a USD2 million project to set up LED traffic light systems in Bogota.
"The ministry believes the successful bids of our companies for Colombia's ITS projects were the result of joint efforts by the government and private firms under its leadership," the ministry said in a press release.