Mayor of Seoul Park Won-soon announced "Seoul Digital Plan 2020" to promote the digital industry on Tuesday.
Under the plan, the government is set to invest around 460 billion won for the next five years in relevant policies and industries.
The government plans to set up Seoul Digital Institute in May where it runs programs to promote fintech and startups by 2020 to create 30 companies.
Seoul also plans to create 330,000 jobs in Gaepo Digital Innovation Park, 1,240 employment in Internet of Things in G-Valley to foster 243 promising technologies by 2020.
The government also plans to allow free WiFi in all the public places including subway and bus station by 2017 and to set up 100 IoT test beds where users can get various information via IoT.
Park said, "We will create digital economy in Seoul where the population keeps falling."
Alongside the plan, Seoul City also coined a term Diginomics, which is a combination of digital and economics.
However, some industry watchers said the plan may end up wasting budget without concrete plans.
